Middlesex Water (NASDAQ:MSEX) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC trimmed its stake in Middlesex Water (NASDAQ:MSEX) by 5.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 17,321 shares of the utilities provider’s stock after selling 974 shares during the quarter. HighTower Advisors LLC’s holdings in Middlesex Water were worth $912,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in MSEX. Daiwa Securities Group Inc. lifted its holdings in Middlesex Water by 16.6% in the 4th quarter. Daiwa Securities Group Inc. now owns 8,313 shares of the utilities provider’s stock valued at $438,000 after purchasing an additional 1,186 shares in the last quarter. Amundi raised its position in shares of Middlesex Water by 7.4% in the fourth quarter. Amundi now owns 128,526 shares of the utilities provider’s stock valued at $6,470,000 after buying an additional 8,848 shares during the last quarter. Jackson Creek Investment Advisors LLC purchased a new position in shares of Middlesex Water during the fourth quarter valued at approximately $1,246,000. Raymond James Financial Inc. acquired a new stake in Middlesex Water during the fourth quarter worth approximately $522,000. Finally, Proficio Capital Partners LLC purchased a new stake in Middlesex Water in the 4th quarter worth approximately $1,595,000. Institutional investors and hedge funds own 79.52% of the company’s stock.

Insiders Place Their Bets

In other news, Director Dennis W. Doll sold 4,067 shares of the business’s stock in a transaction on Friday, March 21st. The shares were 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 approximately $3,129,325.60. The trade was a 7.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.86% of the stock is currently owned by insiders.

Middlesex Water Stock Performance

Shares of NASDAQ:MSEX opened at $61.95 on Friday. The business has a 50-day moving average of $54.60 and a two-hundred day moving average of $59.12. The firm has a market capitalization of $1.11 billion, a PE ratio of 26.93, a P/E/G ratio of 1.50 and a beta of 0.85. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.65 and a quick ratio of 0.57. Middlesex Water has a 12 month low of $45.42 and a 12 month high of $70.73.

Middlesex Water (NASDAQ:MSEX) last posted its quarterly earnings results on Friday, February 28th. The utilities provider reported $0.49 EPS for the quarter, beating the consensus estimate of $0.36 by $0.13. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. The firm had revenue of $47.11 million for the quarter, compared to analyst estimates of $45.00 million. During the same quarter last year, the firm posted $0.32 earnings per share. As a group, research analysts forecast that Middlesex Water will post 2.34 earnings per share for the current year.

Middlesex Water Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a $0.34 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.36 annualized dividend and a yield of 2.20%. Middlesex Water’s dividend payout ratio is currently 55.06%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MSEX shares. StockNews.com raised Middlesex Water from a “sell” rating to a “hold” rating in a research note on Wednesday, March 19th. Baird R W upgraded Middlesex Water from a “hold” rating to a “strong-buy” rating in a report on Monday, March 3rd. Robert W. Baird raised shares of Middlesex Water from a “neutral” rating to an “outperform” rating and set a $61.00 price objective for the company in a research note on Monday, March 3rd. Finally, Bank of America started coverage on shares of Middlesex Water in a research report on Wednesday, December 11th. They issued an “underperform” rating and a $56.00 target price on the stock.

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.