NFJ Investment Group LLC Buys New Position in Middlesex Water Company $MSEX

Key Points

• NFJ Investment Group LLC has acquired 50,127 shares of Middlesex Water Company, investing approximately $3.2 million, which represents a 0.28% ownership stake in the firm.
• Recent analyst ratings for Middlesex Water Company indicate a moderate buy consensus, with one analyst giving a "strong buy," while another downgraded it from "hold" to "sell."
• The company announced a quarterly dividend of $0.34 per share, reflecting an annual yield of 2.5%, with a dividend payout ratio of 56.20%.

NFJ Investment Group LLC bought a new position in Middlesex Water Company (NASDAQ:MSEX - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 50,127 shares of the utilities provider's stock, valued at approximately $3,213,000. NFJ Investment Group LLC owned 0.28% of Middlesex Water as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of MSEX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Middlesex Water by 8.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,921 shares of the utilities provider's stock valued at $892,000 after acquiring an additional 1,058 shares during the period. Dark Forest Capital Management LP purchased a new position in Middlesex Water during the 1st quarter valued at $3,357,000. Cramer Rosenthal Mcglynn LLC boosted its holdings in Middlesex Water by 45.5% during the 1st quarter. Cramer Rosenthal Mcglynn LLC now owns 148,947 shares of the utilities provider's stock valued at $9,548,000 after acquiring an additional 46,562 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in Middlesex Water by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,481,298 shares of the utilities provider's stock valued at $94,952,000 after acquiring an additional 9,894 shares during the period. Finally, Quantbot Technologies LP purchased a new position in Middlesex Water during the 1st quarter valued at $524,000. Hedge funds and other institutional investors own 79.52% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered Middlesex Water from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Middlesex Water presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.00.

Middlesex Water Stock Up 0.1%

Shares of MSEX traded up $0.08 during trading hours on Thursday, hitting $53.05. The company had a trading volume of 28,607 shares, compared to its average volume of 145,144. The company has a market capitalization of $955.87 million, a PE ratio of 21.98, a price-to-earnings-growth ratio of 3.67 and a beta of 0.83. The company has a current ratio of 0.41, a quick ratio of 0.35 and a debt-to-equity ratio of 0.77. Middlesex Water Company has a one year low of $48.18 and a one year high of $70.73. The company's fifty day moving average price is $53.50 and its two-hundred day moving average price is $57.24.

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

Middlesex Water Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th were given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, August 15th. Middlesex Water's payout ratio is presently 56.20%.

About Middlesex Water

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.