Nuveen LLC Invests $3.31 Million in Middlesex Water Company $MSEX

Key Points

• Nuveen LLC has invested approximately $3.31 million in Middlesex Water Company, acquiring 51,575 shares in the first quarter, increasing its ownership to about 0.29% of the company.
• Middlesex Water's stock has received mixed ratings, with a consensus rating of "Moderate Buy" and an average price target of $61.00, following recent reports from various analysts.
• The company declared a quarterly dividend of $0.34 per share, representing an annualized yield of 2.5%, with the payment scheduled for September 2nd to stockholders of record on August 15th.

Nuveen LLC bought a new position in Middlesex Water Company (NASDAQ:MSEX - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 51,575 shares of the utilities provider's stock, valued at approximately $3,306,000. Nuveen LLC owned approximately 0.29% of Middlesex Water at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Middlesex Water by 1.5% during the first quarter. Vanguard Group Inc. now owns 1,412,377 shares of the utilities provider's stock valued at $90,533,000 after buying an additional 20,876 shares during the period. Invesco Ltd. grew its position in Middlesex Water by 18.8% during the first quarter. Invesco Ltd. now owns 303,463 shares of the utilities provider's stock valued at $19,452,000 after buying an additional 48,072 shares during the period. Northern Trust Corp grew its position in Middlesex Water by 11.6% during the fourth quarter. Northern Trust Corp now owns 223,361 shares of the utilities provider's stock valued at $11,755,000 after buying an additional 23,289 shares during the period. GAMMA Investing LLC grew its position in Middlesex Water by 6,702.0% during the first quarter. GAMMA Investing LLC now owns 139,033 shares of the utilities provider's stock valued at $8,912,000 after buying an additional 136,989 shares during the period. Finally, ProShare Advisors LLC grew its position in Middlesex Water by 13.5% during the fourth quarter. ProShare Advisors LLC now owns 133,629 shares of the utilities provider's stock valued at $7,033,000 after buying an additional 15,878 shares during the period. Institutional investors own 79.52% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on MSEX. Janney Montgomery Scott upgraded shares of Middlesex Water from a "neutral" rating to a "buy" rating and set a $66.00 price target for the company in a research report on Monday, May 12th. Wall Street Zen lowered shares of Middlesex Water from a "hold" rating to a "sell" rating in a research 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 given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $61.00.

Middlesex Water Price Performance

Shares of NASDAQ:MSEX opened at $53.98 on Thursday. The company has a quick ratio of 0.35, a current ratio of 0.41 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $972.72 million, a PE ratio of 22.31, a P/E/G ratio of 3.68 and a beta of 0.81. Middlesex Water Company has a twelve month low of $48.18 and a twelve month high of $70.73. The company has a 50-day moving average price of $53.97 and a two-hundred day moving average price of $57.05.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last issued its 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 business had revenue of $49.32 million for 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%. Equities analysts forecast that Middlesex Water Company will post 2.34 EPS for the current year.

Middlesex Water Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend 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.

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