Rhumbline Advisers cut its holdings in shares of Middlesex Water (NASDAQ:MSEX) by 1.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,266 shares of the utilities provider’s stock after selling 258 shares during the quarter. Rhumbline Advisers owned 0.13% of Middlesex Water worth $1,191,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Quantamental Technologies LLC acquired a new stake in shares of Middlesex Water in the 4th quarter worth $41,000. ClariVest Asset Management LLC acquired a new stake in shares of Middlesex Water in the 4th quarter worth $73,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Middlesex Water by 95.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,376 shares of the utilities provider’s stock worth $77,000 after acquiring an additional 673 shares during the period. Advisory Services Network LLC acquired a new stake in shares of Middlesex Water in the fourth quarter valued at about $93,000. Finally, Legal & General Group Plc lifted its stake in shares of Middlesex Water by 10.4% in the fourth quarter. Legal & General Group Plc now owns 2,892 shares of the utilities provider’s stock valued at $154,000 after purchasing an additional 273 shares during the period. Institutional investors and hedge funds own 54.61% of the company’s stock.
MSEX traded up $0.11 during midday trading on Monday, reaching $59.36. 88,900 shares of the company’s stock were exchanged, compared to its average volume of 54,610. The company has a quick ratio of 0.26, a current ratio of 0.32 and a debt-to-equity ratio of 0.62. The firm has a market cap of $975.76 million, a PE ratio of 30.29 and a beta of 0.35. The company’s 50-day moving average price is $60.24. Middlesex Water has a 1-year low of $41.76 and a 1-year high of $63.67.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th were paid a dividend of $0.24 per share. The ex-dividend date was Tuesday, May 14th. This represents a $0.96 annualized dividend and a yield of 1.62%. Middlesex Water’s dividend payout ratio is currently 48.98%.
In other news, CEO Dennis W. Doll sold 3,127 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $61.33, for a total transaction of $191,778.91. Following the transaction, the chief executive officer now directly owns 59,011 shares of the company’s stock, valued at $3,619,144.63. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO A Bruce Oconnor sold 1,700 shares of the business’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $61.06, for a total transaction of $103,802.00. Following the transaction, the chief financial officer now directly owns 19,155 shares in the company, valued at $1,169,604.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,632 shares of company stock valued at $343,813. 3.49% of the stock is owned by insiders.
Several brokerages recently commented on MSEX. BidaskClub cut shares of Middlesex Water from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. Janney Montgomery Scott upgraded shares of Middlesex Water from a “neutral” rating to a “buy” rating and raised their price objective for the company from $58.00 to $66.00 in a research note on Wednesday, May 8th. Finally, Zacks Investment Research upgraded shares of Middlesex Water from a “hold” rating to a “strong-buy” rating and set a $68.00 target price for the company in a research report on Friday, May 10th.
Middlesex Water Company Profile
Middlesex Water Company, together with its subsidiaries, owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment engages in collecting, treating, and distributing water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers in parts of New Jersey, Delaware, and Pennsylvania.
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