Russell Investments Group Ltd. Purchases 20,844 Shares of Middlesex Water Company $MSEX

Key Points

• Russell Investments Group Ltd. significantly increased its holdings in Middlesex Water Company by 260.8% in the first quarter, now owning 28,835 shares valued at approximately $1.85 million.
• Middlesex Water recently reported earnings of $0.60 per share, falling short of the consensus estimate of $0.68, with revenues of $49.32 million compared to expectations of $52.60 million.
• The company announced a quarterly dividend of $0.34 per share, reflecting an annualized dividend of $1.36 with a yield of 2.6%.

Russell Investments Group Ltd. boosted its holdings in shares of Middlesex Water Company (NASDAQ:MSEX - Free Report) by 260.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,835 shares of the utilities provider's stock after purchasing an additional 20,844 shares during the period. Russell Investments Group Ltd. owned about 0.16% of Middlesex Water worth $1,848,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. HighTower Advisors LLC increased its holdings in Middlesex Water by 12.1% during the 1st quarter. HighTower Advisors LLC now owns 19,412 shares of the utilities provider's stock valued at $1,244,000 after purchasing an additional 2,091 shares during the period. Public Sector Pension Investment Board increased its holdings in Middlesex Water by 26.9% during the 1st quarter. Public Sector Pension Investment Board now owns 56,620 shares of the utilities provider's stock valued at $3,629,000 after purchasing an additional 11,996 shares during the period. Nuveen LLC purchased a new position in Middlesex Water during the 1st quarter valued at about $3,306,000. Invesco Ltd. increased its holdings in Middlesex Water by 18.8% during the 1st quarter. Invesco Ltd. now owns 303,463 shares of the utilities provider's stock valued at $19,452,000 after purchasing an additional 48,072 shares during the period. Finally, Vanguard Group Inc. increased its holdings in Middlesex Water by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 1,412,377 shares of the utilities provider's stock valued at $90,533,000 after purchasing an additional 20,876 shares during the period. Hedge funds and other institutional investors own 79.52% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MSEX shares. Janney Montgomery Scott upgraded Middlesex Water from a "neutral" rating to a "buy" rating and set a $66.00 price target on the stock in a report on Monday, May 12th. Wall Street Zen downgraded Middlesex Water from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Middlesex Water presently has an average rating of "Moderate Buy" and an average target price of $61.00.

Middlesex Water Stock Down 0.5%

Shares of Middlesex Water stock traded down $0.28 during midday trading on Friday, hitting $53.54. The company had a trading volume of 146,190 shares, compared to its average volume of 117,868. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.35 and a current ratio of 0.41. The stock has a market capitalization of $964.79 million, a P/E ratio of 22.12, a P/E/G ratio of 3.72 and a beta of 0.81. The company has a 50 day moving average of $53.87 and a 200 day moving average of $57.10. Middlesex Water Company has a 52-week low of $48.18 and a 52-week high of $70.73.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.08). The business had revenue of $49.32 million during the quarter, compared to the consensus estimate of $52.60 million. Middlesex Water had a net margin of 22.15% and a return on equity of 9.67%. On average, equities analysts predict that Middlesex Water Company will post 2.34 earnings per share for the current fiscal year.

Middlesex Water Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, August 15th. Middlesex Water's dividend payout ratio is presently 56.20%.

Middlesex Water Company Profile

Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in Regulated and Non-Regulated segments. The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers, as well as provides regulated wastewater systems in New Jersey and Delaware.