Northstar Asset Management Inc. Buys New Shares in Middlesex Water Company $MSEX

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 stake in Middlesex Water Company (NASDAQ:MSEX - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of MSEX. GAMMA Investing LLC lifted its stake in Middlesex Water by 6,702.0% in the 1st quarter. GAMMA Investing LLC now owns 139,033 shares of the utilities provider's stock worth $8,912,000 after acquiring an additional 136,989 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in Middlesex Water by 9.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,471,404 shares of the utilities provider's stock worth $77,440,000 after acquiring an additional 126,732 shares in the last quarter. Jane Street Group LLC lifted its stake in Middlesex Water by 751.4% in the 4th quarter. Jane Street Group LLC now owns 91,530 shares of the utilities provider's stock worth $4,817,000 after acquiring an additional 80,779 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Middlesex Water by 187.2% in the 4th quarter. JPMorgan Chase & Co. now owns 92,560 shares of the utilities provider's stock worth $4,871,000 after acquiring an additional 60,337 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Middlesex Water in the 1st quarter worth about $3,306,000. 79.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MSEX shares. Wall Street Zen downgraded Middlesex Water from a "hold" rating to a "sell" rating in a research note 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 research note on Monday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.00.

Middlesex Water Stock Down 0.2%

Shares of Middlesex Water stock traded down $0.11 during trading on Wednesday, hitting $53.11. 77,135 shares of the stock traded hands, compared to its average volume of 145,756. Middlesex Water Company has a twelve month low of $48.18 and a twelve month high of $70.73. The company has a fifty day moving average price of $54.31 and a two-hundred day moving average price of $56.96. 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 cap of $957.04 million, a P/E ratio of 21.95, a PEG ratio of 3.61 and a beta of 0.81.

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

Middlesex Water Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders 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 dividend yield of 2.6%. The ex-dividend date is Friday, August 15th. Middlesex Water's payout ratio is presently 56.20%.

Middlesex Water 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.