Invesco Ltd. Trims Stake in Middlesex Water (NASDAQ:MSEX)

Invesco Ltd. trimmed its stake in shares of Middlesex Water (NASDAQ:MSEX - Free Report) by 10.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 255,391 shares of the utilities provider's stock after selling 28,891 shares during the quarter. Invesco Ltd. owned approximately 1.43% of Middlesex Water worth $13,441,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MSEX. Allworth Financial LP grew its holdings in shares of Middlesex Water by 1,136.4% during the fourth quarter. Allworth Financial LP now owns 544 shares of the utilities provider's stock worth $27,000 after purchasing an additional 500 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Middlesex Water by 1,006.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520 shares of the utilities provider's stock worth $27,000 after acquiring an additional 473 shares during the last quarter. Crowley Wealth Management Inc. bought a new position in shares of Middlesex Water during the fourth quarter valued at $37,000. Pictet Asset Management Holding SA raised its stake in shares of Middlesex Water by 31.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 5,009 shares of the utilities provider's stock valued at $264,000 after acquiring an additional 1,192 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Middlesex Water during the fourth quarter worth $302,000. Institutional investors own 79.52% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MSEX. Janney Montgomery Scott restated a "neutral" rating on shares of Middlesex Water in a research report on Friday, April 4th. StockNews.com raised shares of Middlesex Water from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. Baird R W upgraded shares of Middlesex Water from a "hold" rating to a "strong-buy" rating in a report on Monday, March 3rd. Finally, Robert W. Baird upgraded Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 price target for the company in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $58.50.

Middlesex Water Stock Performance

Shares of MSEX traded down $0.54 on Friday, reaching $61.44. 85,112 shares of the company's stock traded hands, compared to its average volume of 131,547. The stock's 50 day simple moving average is $60.17 and its two-hundred day simple moving average is $58.85. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80. The stock has a market cap of $1.10 billion, a PE ratio of 26.71, a PEG ratio of 1.50 and a beta of 0.80. Middlesex Water has a 52-week low of $48.18 and a 52-week high of $70.73.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last issued its quarterly earnings results on Friday, February 28th. The utilities provider reported $0.49 EPS for the quarter, beating analysts' consensus estimates of $0.36 by $0.13. The firm had revenue of $47.11 million for the quarter, compared to analysts' expectations of $45.00 million. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. During the same quarter in the prior year, the firm earned $0.32 EPS. On average, analysts forecast that Middlesex Water will post 2.34 earnings per share for the current fiscal year.

Middlesex Water Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.21%. Middlesex Water's dividend payout ratio is presently 55.06%.

Insider Activity at Middlesex Water

In other Middlesex Water news, Director Dennis W. Doll sold 4,067 shares of Middlesex Water stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $60.05, for a total transaction of $244,223.35. Following the completion of the sale, the director now owns 52,112 shares of the company's stock, valued at $3,129,325.60. The trade was a 7.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.86% of the stock is owned by corporate insiders.

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.