BNP Paribas Financial Markets Lowers Stake in Middlesex Water (NASDAQ:MSEX)

BNP Paribas Financial Markets decreased its position in Middlesex Water (NASDAQ:MSEX) by 49.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,293 shares of the utilities provider’s stock after selling 7,058 shares during the quarter. BNP Paribas Financial Markets’ holdings in Middlesex Water were worth $476,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. CWM LLC lifted its stake in Middlesex Water by 65.1% during the 2nd quarter. CWM LLC now owns 1,306 shares of the utilities provider’s stock worth $68,000 after acquiring an additional 515 shares in the last quarter. GAMMA Investing LLC grew its position in Middlesex Water by 66.2% in the 3rd quarter. GAMMA Investing LLC now owns 2,046 shares of the utilities provider’s stock valued at $133,000 after acquiring an additional 815 shares in the last quarter. Crestwood Advisors Group LLC purchased a new stake in Middlesex Water during the third quarter worth about $210,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Middlesex Water during the third quarter worth about $225,000. Finally, Everence Capital Management Inc. purchased a new position in shares of Middlesex Water in the third quarter valued at approximately $230,000. 79.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MSEX has been the topic of several recent research reports. Bank of America began coverage on shares of Middlesex Water in a research note on Wednesday. They set an “underperform” rating and a $56.00 target price on the stock. Robert W. Baird upped their price objective on Middlesex Water from $58.00 to $61.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st.

Middlesex Water Stock Down 0.2 %

MSEX stock opened at $59.42 on Friday. Middlesex Water has a fifty-two week low of $45.42 and a fifty-two week high of $73.47. The company’s 50 day moving average price is $64.51 and its 200 day moving average price is $61.23. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.65. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 25.83 and a beta of 0.82.

Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings data on Thursday, October 31st. The utilities provider reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.13. The company had revenue of $55.10 million for the quarter, compared to the consensus estimate of $50.00 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. During the same period in the prior year, the firm posted $0.56 EPS. On average, equities research analysts anticipate that Middlesex Water will post 2.34 EPS for the current fiscal year.

Middlesex Water Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 15th were paid a $0.34 dividend. The ex-dividend date was Friday, November 15th. This is a boost from Middlesex Water’s previous quarterly dividend of $0.33. This represents a $1.36 dividend on an annualized basis and a yield of 2.29%. Middlesex Water’s dividend payout ratio (DPR) is currently 59.13%.

Middlesex Water 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.