Corient Private Wealth LLC Has $1.05 Million Stake in Middlesex Water (NASDAQ:MSEX)

Corient Private Wealth LLC cut its stake in shares of Middlesex Water (NASDAQ:MSEX) by 15.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 19,942 shares of the utilities provider’s stock after selling 3,648 shares during the quarter. Corient Private Wealth LLC’s holdings in Middlesex Water were worth $1,050,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Allworth Financial LP boosted its holdings in Middlesex Water by 1,136.4% in the fourth quarter. Allworth Financial LP now owns 544 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 500 shares during the last quarter. Victory Capital Management Inc. bought a new stake in shares of Middlesex Water in the 3rd quarter valued at $230,000. Intech Investment Management LLC acquired a new stake in shares of Middlesex Water during the third quarter worth $271,000. Inspire Investing LLC raised its stake in Middlesex Water by 20.8% during the fourth quarter. Inspire Investing LLC now owns 7,633 shares of the utilities provider’s stock worth $402,000 after buying an additional 1,315 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its holdings in Middlesex Water by 16.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 8,313 shares of the utilities provider’s stock valued at $438,000 after buying an additional 1,186 shares during the period. Institutional investors own 79.52% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MSEX shares. StockNews.com raised Middlesex Water from a “sell” rating to a “hold” rating in a research report on Wednesday, March 19th. Robert W. Baird upgraded 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. Bank of America started coverage on Middlesex Water in a report on Wednesday, December 11th. They set an “underperform” rating and a $56.00 price target on the stock. Finally, Baird R W upgraded shares of Middlesex Water from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 3rd.

Middlesex Water Stock Up 1.6 %

MSEX stock opened at $61.53 on Thursday. The stock’s 50 day simple moving average is $54.39 and its 200 day simple moving average is $59.10. The company has a market cap of $1.10 billion, a P/E ratio of 26.75, a price-to-earnings-growth ratio of 1.50 and a beta of 0.85. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.65. Middlesex Water has a fifty-two week low of $45.42 and a fifty-two week high of $70.73.

Middlesex Water (NASDAQ:MSEX) last issued its earnings results on Friday, February 28th. The utilities provider reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.13. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. The company had revenue of $47.11 million for the quarter, compared to analyst estimates of $45.00 million. During the same period in the prior year, the firm earned $0.32 earnings per share. On average, 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 disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date was Tuesday, February 18th. Middlesex Water’s dividend payout ratio is currently 55.06%.

Insider Transactions 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 transaction, the director now owns 52,112 shares in the company, 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 the SEC website. 1.86% of the stock is currently owned by 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.