Versor Investments LP Buys New Shares in Middlesex Water Company $MSEX

Key Points

• Versor Investments LP has acquired a new stake in Middlesex Water Company, purchasing 5,600 shares valued at approximately $359,000 in the first quarter.
• The company reported $0.60 earnings per share (EPS) for the latest quarter, missing the consensus estimate of $0.68, with total revenue of $49.32 million.
• Middlesex Water announced a quarterly dividend of $0.34, which equates to an annualized dividend yield of 2.6% and will be distributed on September 2nd.

Versor Investments LP bought a new stake in shares of Middlesex Water Company (NASDAQ:MSEX - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 5,600 shares of the utilities provider's stock, valued at approximately $359,000.

Other institutional investors and hedge funds also recently 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 valued at $26,000 after purchasing an additional 440 shares in the last quarter. CX Institutional purchased a new position in shares of Middlesex Water in the first quarter valued at about $38,000. Nisa Investment Advisors LLC lifted its position in shares of 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 acquiring an additional 372 shares in the last quarter. Costello Asset Management INC purchased a new position in shares of Middlesex Water in the first quarter valued at about $50,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of Middlesex Water in the first quarter valued at about $203,000. 79.52% of the stock is currently owned by hedge funds and other institutional investors.

Middlesex Water Trading Down 0.2%

Shares of MSEX stock opened at $53.11 on Thursday. Middlesex Water Company has a 12-month low of $48.18 and a 12-month high of $70.73. The company has a current ratio of 0.41, a quick ratio of 0.35 and a debt-to-equity ratio of 0.77. The stock's 50-day moving average price is $54.23 and its 200-day moving average price is $56.93. The stock has a market capitalization of $957.04 million, a price-to-earnings ratio of 21.95, a price-to-earnings-growth ratio of 3.68 and a beta of 0.81.

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 (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.08). Middlesex Water had a return on equity of 9.67% and a net margin of 22.15%.The firm had revenue of $49.32 million during the quarter, compared to the consensus estimate of $52.60 million. Equities research analysts predict that Middlesex Water Company will post 2.34 EPS for the current fiscal year.

Middlesex Water Announces Dividend

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 2.6%. The ex-dividend date of this dividend is Friday, August 15th. Middlesex Water's payout ratio is 56.20%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MSEX shares. Janney Montgomery Scott upgraded Middlesex Water from a "neutral" rating to a "buy" rating and set a $66.00 price objective on the stock in a research report on Monday, May 12th. Wall Street Zen downgraded 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 issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average 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.

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