ProShare Advisors LLC Purchases 46,667 Shares of Middlesex Water Company $MSEX

Key Points

• ProShare Advisors increased its Middlesex Water stake by 35.6% in the third quarter, adding 46,667 shares to hold 177,733 shares, worth about $9.4 million. Institutional investors and hedge funds collectively own 79.52% of the company.
• Middlesex Water reported quarterly EPS of $0.95, beating the $0.82 consensus estimate, while revenue of $60.21 million slightly exceeded expectations.
• The company raised its quarterly dividend from $0.36 to $0.38 per share, equivalent to $1.52 annually and a 2.6% yield. Analysts’ consensus rating remains “Hold,” with a $60.75 price target.

ProShare Advisors LLC grew its position in shares of Middlesex Water Company (NASDAQ:MSEX - Free Report) by 35.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 177,733 shares of the utilities provider's stock after acquiring an additional 46,667 shares during the quarter. ProShare Advisors LLC owned about 0.94% of Middlesex Water worth $9,415,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. bought a new position in shares of Middlesex Water in the 2nd quarter worth $25,000. Parallel Advisors LLC grew its position in Middlesex Water by 68.6% in the 1st quarter. Parallel Advisors LLC now owns 521 shares of the utilities provider's stock valued at $27,000 after purchasing an additional 212 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Middlesex Water during the 2nd quarter valued at $27,000. Integrated Wealth Concepts LLC bought a new stake in Middlesex Water during the 2nd quarter valued at $28,000. Finally, Western Wealth Management LLC bought a new stake in Middlesex Water during the 1st quarter valued at $33,000. 79.52% of the stock is owned by institutional investors and hedge funds.

Middlesex Water Stock Performance

Shares of Middlesex Water stock opened at $57.64 on Wednesday. Middlesex Water Company has a 52 week low of $48.19 and a 52 week high of $59.80. The company has a quick ratio of 0.42, a current ratio of 0.51 and a debt-to-equity ratio of 0.72. The business has a 50 day moving average price of $55.47 and a 200-day moving average price of $54.24. The company has a market cap of $1.10 billion, a PE ratio of 20.81 and a beta of 0.71.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last announced its earnings results on Thursday, October 29th. The utilities provider reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.13. Middlesex Water had a return on equity of 10.08% and a net margin of 24.50%. The company had revenue of $60.21 million for the quarter, compared to analysts' expectations of $59.90 million.

Middlesex Water Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Monday, November 16th will be paid a dividend of $0.38 per share. This is a boost from Middlesex Water's previous quarterly dividend of $0.36. The ex-dividend date is Monday, November 16th. This represents a $1.52 annualized dividend and a yield of 2.6%. Middlesex Water's dividend payout ratio (DPR) is 51.99%.

Insiders Place Their Bets

In other Middlesex Water news, VP Lorrie Ginegaw sold 615 shares of Middlesex Water stock in a transaction on Friday, August 7th. The shares were sold at an average price of $57.61, for a total transaction of $35,430.15. Following the transaction, the vice president directly owned 3,978 shares of the company's stock, valued at $229,172.58. The trade was a 13.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.92% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Weiss Ratings upgraded shares of Middlesex Water from a "hold (c)" rating to a "hold (c+)" rating in a report on Monday, October 12th. New Street Research set a $64.00 price objective on shares of Middlesex Water in a report on Thursday, July 9th. Robert W. Baird set a $66.00 target price on shares of Middlesex Water in a research report on Friday, July 31st. Finally, Freedom Broker boosted their target price on shares of Middlesex Water from $56.00 to $58.00 and gave the stock a "hold" rating in a research report on Monday. Two analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, Middlesex Water presently has a consensus rating of "Hold" and a consensus price target of $60.75.

Middlesex Water Company Profile

Middlesex Water Company NASDAQ: MSEX is a regulated water and wastewater utility that owns and operates systems serving residential, commercial, industrial and municipal customers. Its services include the production, treatment, distribution and sale of potable water, as well as wastewater collection and treatment.

Founded in 1897, the company primarily serves communities in New Jersey and Delaware through its regulated utility operations. Its New Jersey service area includes portions of Middlesex, Union, Somerset and Mercer counties, while its Delaware operations serve customers through the Tidewater Utilities subsidiary.

Middlesex Water also provides contract operations, maintenance and related services for municipal and other public water and wastewater systems.

Want to see what other hedge funds are holding MSEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Middlesex Water Company (NASDAQ:MSEX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.