Vanguard Group Inc. Boosts Stock Holdings in Middlesex Water Company $MSEX

Key Points

• Vanguard Group Inc. increased its stake in Middlesex Water Company by 1.5% in Q1, owning approximately 7.88% or $90.53 million worth of shares.
• Middlesex Water's stock reported a dividend of $0.34 per share, with an annualized yield of 2.5% and a dividend payout ratio of 56.20%.
• The company's recent earnings report showed an EPS of $0.60, falling short of analysts' expectations of $0.68, with revenue also missing targets at $49.32 million.

Vanguard Group Inc. grew its stake in shares of Middlesex Water Company (NASDAQ:MSEX - Free Report) by 1.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,412,377 shares of the utilities provider's stock after purchasing an additional 20,876 shares during the quarter. Vanguard Group Inc. owned about 7.88% of Middlesex Water worth $90,533,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sterling Capital Management LLC lifted its position in Middlesex Water by 771.9% during the fourth quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider's stock worth $26,000 after acquiring an additional 440 shares during the last quarter. CX Institutional acquired a new stake in Middlesex Water during the 1st quarter worth approximately $38,000. Nisa Investment Advisors LLC boosted its stake in Middlesex Water by 128.3% in the 1st 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 acquired a new position in Middlesex Water in the 1st quarter valued at $50,000. Finally, Meeder Asset Management Inc. bought a new position in Middlesex Water during the 1st quarter worth $203,000. Institutional investors own 79.52% of the company's stock.

Analyst Ratings Changes

MSEX has been the topic of several recent research reports. 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 cut Middlesex Water from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. One research 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 stock. According to MarketBeat, Middlesex Water presently has an average rating of "Moderate Buy" and a consensus price target of $61.00.

Middlesex Water Trading Up 1.1%

MSEX traded up $0.61 during trading on Wednesday, reaching $53.83. 24,489 shares of the stock traded hands, compared to its average volume of 144,819. The stock's 50-day moving average is $54.01 and its 200 day moving average is $57.07. Middlesex Water Company has a 12 month low of $48.18 and a 12 month high of $70.73. 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 stock has a market capitalization of $969.93 million, a PE ratio of 22.24, a P/E/G ratio of 3.70 and a beta of 0.81.

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

Middlesex Water Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.36 annualized dividend and a dividend yield of 2.5%. Middlesex Water's dividend payout ratio is currently 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.