Millennium Management LLC Makes New $2.22 Million Investment in Middlesex Water (NASDAQ:MSEX)

Millennium Management LLC purchased a new position in shares of Middlesex Water (NASDAQ:MSEX - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 42,260 shares of the utilities provider's stock, valued at approximately $2,224,000. Millennium Management LLC owned approximately 0.24% of Middlesex Water as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MSEX. Barclays PLC increased its position in Middlesex Water by 349.4% in the 3rd quarter. Barclays PLC now owns 29,919 shares of the utilities provider's stock valued at $1,952,000 after acquiring an additional 23,262 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Middlesex Water during the fourth quarter valued at approximately $1,595,000. Principal Financial Group Inc. increased its holdings in shares of Middlesex Water by 3.0% in the fourth quarter. Principal Financial Group Inc. now owns 86,640 shares of the utilities provider's stock valued at $4,560,000 after purchasing an additional 2,544 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in Middlesex Water in the 4th quarter worth approximately $379,000. Finally, WINTON GROUP Ltd acquired a new position in Middlesex Water during the 4th quarter worth $1,025,000. Institutional investors and hedge funds own 79.52% of the company's stock.

Middlesex Water Trading Up 0.3%

Shares of NASDAQ:MSEX traded up $0.20 during midday trading on Tuesday, hitting $57.40. The company had a trading volume of 82,510 shares, compared to its average volume of 132,962. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80. Middlesex Water has a 12 month low of $48.18 and a 12 month high of $70.73. The firm has a fifty day simple moving average of $60.71 and a 200 day simple moving average of $57.61. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of 24.96, a PEG ratio of 1.50 and a beta of 0.88.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last issued its earnings results on Thursday, May 1st. The utilities provider reported $0.53 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.55 by ($0.02). The company had revenue of $44.30 million for the quarter, compared to the consensus estimate of $43.79 million. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. On average, analysts predict that Middlesex Water will post 2.34 EPS for the current year.

Middlesex Water Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.37%. The ex-dividend date was Thursday, May 15th. Middlesex Water's payout ratio is presently 56.43%.

Insider Buying and Selling at Middlesex Water

In other Middlesex Water news, Director Dennis W. Doll sold 4,067 shares of the business's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $60.05, for a total value of $244,223.35. Following the completion of the transaction, the director now directly owns 52,112 shares of the company's stock, valued at approximately $3,129,325.60. The trade was a 7.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.32% of the company's stock.

Analysts Set New Price Targets

MSEX has been the subject of several research reports. Robert W. Baird raised Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 target price for the company in a research note on Monday, March 3rd. Wall Street Zen cut Middlesex Water from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Janney Montgomery Scott raised Middlesex Water from a "neutral" rating to a "buy" rating and set a $66.00 price objective for the company in a report on Monday, May 12th. Finally, Baird R W raised shares of Middlesex Water from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $61.00.

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.