Penn Capital Management Company LLC Sells 8,574 Shares of Middlesex Water (NASDAQ:MSEX)

Penn Capital Management Company LLC trimmed its holdings in Middlesex Water (NASDAQ:MSEX - Free Report) by 10.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 74,082 shares of the utilities provider's stock after selling 8,574 shares during the quarter. Penn Capital Management Company LLC owned 0.42% of Middlesex Water worth $3,899,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Sterling Capital Management LLC boosted its holdings 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 buying an additional 440 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Middlesex Water by 1,006.4% in 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. Allworth Financial LP raised its position 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 period. Crowley Wealth Management Inc. purchased a new stake in shares of Middlesex Water during the fourth quarter valued at $37,000. Finally, Pictet Asset Management Holding SA boosted its position in shares of Middlesex Water by 31.2% in the 4th quarter. Pictet Asset Management Holding SA now owns 5,009 shares of the utilities provider's stock valued at $264,000 after purchasing an additional 1,192 shares during the period. Institutional investors own 79.52% of the company's stock.

Insiders Place Their Bets

In related news, Director Dennis W. Doll sold 4,067 shares of Middlesex Water stock in a transaction on Friday, March 21st. The shares were sold at an average price of $60.05, for a total value of $244,223.35. Following the completion of the sale, the director now owns 52,112 shares of the company's stock, valued at approximately $3,129,325.60. The trade was a 7.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.86% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on MSEX shares. Robert W. Baird upgraded shares of Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 target price for the company in a report on Monday, March 3rd. Baird R W upgraded shares of Middlesex Water from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 3rd. StockNews.com raised Middlesex Water from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. Finally, Janney Montgomery Scott reissued a "neutral" rating on shares of Middlesex Water in a research report on Friday, April 4th. One 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. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $58.50.

Middlesex Water Stock Up 1.9 %

MSEX stock traded up $1.18 during midday trading on Tuesday, reaching $62.63. The company had a trading volume of 17,393 shares, compared to its average volume of 155,840. The company has a 50 day moving average of $60.39 and a two-hundred day moving average of $58.78. The company has a market capitalization of $1.12 billion, a P/E ratio of 27.23, a PEG ratio of 1.50 and a beta of 0.80. Middlesex Water has a 1 year low of $48.18 and a 1 year high of $70.73. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last released its quarterly earnings data on Friday, February 28th. The utilities provider reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.13. The firm had revenue of $47.11 million during 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 last year, the firm earned $0.32 earnings per share. On average, equities research analysts expect that Middlesex Water will post 2.34 earnings per share for the current fiscal year.

Middlesex Water Announces Dividend

The firm 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 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date is Thursday, May 15th. Middlesex Water's dividend payout ratio (DPR) is presently 55.06%.

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.