19,347 Shares in Middlesex Water Company $MSEX Acquired by Northstar Asset Management Inc.

Key Points

• Northstar Asset Management Inc. recently invested approximately $1.24 million in Middlesex Water Company by acquiring 19,347 shares, bringing its ownership to about 0.11% of the company's stock.
• Multiple institutional investors have increased their stakes in Middlesex Water, with Russell Investments Group Ltd. raising its stake by 260.8% in the first quarter.
• Middlesex Water Company announced a quarterly dividend of $0.34, representing a yield of 2.6%, and will be paid on September 2nd to investors of record on August 15th.

Northstar Asset Management Inc. purchased a new position in Middlesex Water Company (NASDAQ:MSEX - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 19,347 shares of the utilities provider's stock, valued at approximately $1,240,000. Northstar Asset Management Inc. owned 0.11% of Middlesex Water at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Sterling Capital Management LLC lifted its holdings in Middlesex Water by 771.9% in the fourth quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider's stock valued at $26,000 after acquiring an additional 440 shares during the period. CX Institutional acquired a new position in Middlesex Water in the first quarter valued at approximately $38,000. Nisa Investment Advisors LLC increased its position in shares of Middlesex Water by 128.3% in the first quarter. Nisa Investment Advisors LLC now owns 662 shares of the utilities provider's stock valued at $42,000 after buying an additional 372 shares in the last quarter. Costello Asset Management INC purchased a new stake in shares of Middlesex Water in the first quarter valued at approximately $50,000. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Middlesex Water in the first quarter valued at approximately $203,000. Institutional investors and hedge funds own 79.52% of the company's stock.

Analyst Ratings Changes

MSEX has been the subject of a number of recent analyst reports. Wall Street Zen cut Middlesex Water from a "hold" rating to a "sell" rating in a research 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 target on the stock in a research note on Monday, May 12th. One investment 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's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $61.00.

Middlesex Water Trading Up 3.3%

Middlesex Water stock traded up $1.75 during trading on Friday, reaching $54.56. 35,598 shares of the company were exchanged, compared to its average volume of 144,698. Middlesex Water Company has a 52-week low of $48.18 and a 52-week high of $70.73. The company has a market capitalization of $983.01 million, a P/E ratio of 22.55, a PEG ratio of 3.67 and a beta of 0.81. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.41 and a quick ratio of 0.35. The stock's 50 day simple moving average is $54.14 and its two-hundred day simple moving average is $56.95.

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

Middlesex Water Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be given a dividend of $0.34 per share. The ex-dividend date is Friday, August 15th. This represents a $1.36 dividend on an annualized basis and a yield of 2.5%. Middlesex Water's dividend payout ratio (DPR) 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.