Raymond James Financial Inc. Buys Shares of 9,919 Middlesex Water (NASDAQ:MSEX)

Raymond James Financial Inc. purchased a new position in Middlesex Water (NASDAQ:MSEX - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,919 shares of the utilities provider's stock, valued at approximately $522,000. Raymond James Financial Inc. owned approximately 0.06% of Middlesex Water at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of MSEX. Allworth Financial LP grew its holdings in shares of Middlesex Water by 1,136.4% during the 4th quarter. Allworth Financial LP now owns 544 shares of the utilities provider's stock worth $27,000 after acquiring an additional 500 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Middlesex Water by 1,006.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520 shares of the utilities provider's stock valued at $27,000 after purchasing an additional 473 shares in the last quarter. Crowley Wealth Management Inc. purchased a new position in shares of Middlesex Water during the fourth quarter valued at approximately $37,000. 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 worth $264,000 after purchasing an additional 1,192 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Middlesex Water in the 4th quarter worth approximately $302,000. 79.52% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MSEX has been the topic of several analyst reports. Baird R W raised Middlesex Water from a "hold" rating to a "strong-buy" rating in a report on Monday, March 3rd. Robert W. Baird upgraded shares of Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 price target on the stock in a research note on Monday, March 3rd. Janney Montgomery Scott upgraded shares of Middlesex Water from a "neutral" rating to a "buy" rating and set a $66.00 price objective for the company in a research note on Monday. Finally, StockNews.com raised shares of Middlesex Water from a "sell" rating to a "hold" rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $61.00.

Middlesex Water Stock Down 2.0%

Shares of Middlesex Water stock traded down $1.10 on Wednesday, reaching $55.15. The company's stock had a trading volume of 53,248 shares, compared to its average volume of 151,758. Middlesex Water has a 52 week low of $48.18 and a 52 week high of $70.73. The firm's fifty day simple moving average is $61.79 and its two-hundred day simple moving average is $58.49. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $988.29 million, a price-to-earnings ratio of 23.98, a P/E/G ratio of 1.50 and a beta of 0.88.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last issued its earnings results on Thursday, May 1st. The utilities provider reported $0.53 earnings per share for the quarter, missing analysts' consensus estimates of $0.55 by ($0.02). The business had revenue of $44.30 million during the quarter, compared to analysts' expectations of $43.79 million. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. Equities analysts anticipate that Middlesex Water will post 2.34 earnings per share for the current year.

Middlesex Water Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Thursday, May 15th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.36 dividend on an annualized basis and a yield of 2.47%. Middlesex Water's dividend payout ratio (DPR) is 56.43%.

Insider Buying and Selling

In other news, Director Dennis W. Doll sold 4,067 shares of the stock in a transaction on Friday, March 21st. The stock was sold at an average price of $60.05, for a total transaction of $244,223.35. Following the transaction, the director now directly owns 52,112 shares of the company's stock, valued at $3,129,325.60. This represents a 7.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.32% of the stock is currently owned by corporate insiders.

Middlesex Water Company 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.