Middlesex Water Company $MSEX Shares Purchased by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its stake in Middlesex Water Company by 26.9%, owning 56,620 shares valued at approximately $3.63 million as of the end of the last quarter.
• Middlesex Water missed earnings expectations, reporting $0.60 per share against a consensus estimate of $0.68, with revenue of $49.32 million compared to predictions of $52.60 million.
• The company announced a quarterly dividend of $0.34 per share, yielding 2.6%, with a payment date set for September 2nd.

Public Sector Pension Investment Board grew its position in Middlesex Water Company (NASDAQ:MSEX - Free Report) by 26.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,620 shares of the utilities provider's stock after buying an additional 11,996 shares during the quarter. Public Sector Pension Investment Board owned 0.32% of Middlesex Water worth $3,629,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of MSEX. Sterling Capital Management LLC boosted 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 purchasing an additional 440 shares during the period. CX Institutional purchased a new position in Middlesex Water in the first quarter valued at $38,000. Nisa Investment Advisors LLC boosted its holdings in 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 purchasing an additional 372 shares during the period. Costello Asset Management INC purchased a new position in Middlesex Water in the first quarter valued at $50,000. Finally, Meeder Asset Management Inc. purchased a new position in Middlesex Water in the first quarter valued at $203,000. 79.52% of the stock is owned by institutional investors and hedge funds.

Middlesex Water Stock Up 3.3%

MSEX stock traded up $1.75 during midday trading on Friday, reaching $54.56. 179,384 shares of the company were exchanged, compared to its average volume of 125,446. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.35 and a current ratio of 0.41. Middlesex Water Company has a 1-year low of $48.18 and a 1-year high of $70.73. The stock's 50-day simple moving average is $54.10 and its 200 day simple moving average is $57.07. The company has a market cap of $983.17 million, a price-to-earnings ratio of 22.55, a price-to-earnings-growth ratio of 3.77 and a beta of 0.81.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last released its quarterly earnings data 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). 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 analyst estimates of $52.60 million. On average, equities analysts forecast that Middlesex Water Company will post 2.34 earnings per share for the current year.

Middlesex Water Dividend Announcement

The company also recently announced 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 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, August 15th. Middlesex Water's payout ratio is presently 56.20%.

Analyst Upgrades and Downgrades

MSEX has been the subject of a number of recent research reports. Janney Montgomery Scott upgraded Middlesex Water from a "neutral" rating to a "buy" rating and set a $66.00 target price for the company in a report on Monday, May 12th. Wall Street Zen lowered Middlesex Water from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Middlesex Water has an average rating of "Moderate Buy" and a consensus price target of $61.00.

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.