Raymond James Financial Inc. Takes $522,000 Position in Middlesex Water (NASDAQ:MSEX)

Raymond James Financial Inc. acquired a new position in shares of Middlesex Water (NASDAQ:MSEX) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 9,919 shares of the utilities provider’s stock, valued at approximately $522,000.

A number of other institutional investors and hedge funds have also bought and sold shares of MSEX. Allworth Financial LP increased its position in Middlesex Water by 1,136.4% in the 4th 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 period. Inspire Investing LLC grew its stake in shares of Middlesex Water by 20.8% in the fourth quarter. Inspire Investing LLC now owns 7,633 shares of the utilities provider’s stock worth $402,000 after purchasing an additional 1,315 shares during the last quarter. FMR LLC grew its stake in shares of Middlesex Water by 9.7% in the third quarter. FMR LLC now owns 7,018 shares of the utilities provider’s stock worth $458,000 after purchasing an additional 618 shares during the last quarter. Illinois Municipal Retirement Fund increased its holdings in Middlesex Water by 10.6% in the fourth quarter. Illinois Municipal Retirement Fund now owns 10,513 shares of the utilities provider’s stock valued at $553,000 after purchasing an additional 1,009 shares during the period. Finally, Oppenheimer & Co. Inc. raised its position in Middlesex Water by 1.0% during the 4th quarter. Oppenheimer & Co. Inc. now owns 19,863 shares of the utilities provider’s stock worth $1,045,000 after purchasing an additional 202 shares during the last quarter. Institutional investors and hedge funds own 79.52% of the company’s stock.

Middlesex Water Stock Performance

NASDAQ MSEX opened at $61.62 on Tuesday. The firm has a market cap of $1.10 billion, a P/E ratio of 26.79, a price-to-earnings-growth ratio of 1.50 and a beta of 0.80. 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’s 50 day moving average is $56.52 and its 200-day moving average is $58.98. Middlesex Water has a 12-month low of $45.42 and a 12-month high of $70.73.

Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings results on Friday, February 28th. The utilities provider reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.13. The firm had revenue of $47.11 million during the quarter, compared to analyst estimates of $45.00 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. During the same period in the previous year, the business earned $0.32 EPS. Sell-side analysts predict that Middlesex Water will post 2.34 earnings per share for the current 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 $0.34 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.21%. Middlesex Water’s payout ratio is 55.06%.

Insider Activity

In other Middlesex Water news, Director Dennis W. Doll sold 4,067 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $60.05, for a total value of $244,223.35. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.86% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on MSEX. Baird R W upgraded Middlesex Water from a “hold” rating to a “strong-buy” rating in a report on Monday, March 3rd. StockNews.com upgraded shares of Middlesex Water from a “sell” rating to a “hold” rating in a research report on Saturday, March 29th. Janney Montgomery Scott reissued a “neutral” rating on shares of Middlesex Water in a research note on Friday. Bank of America started coverage on shares of Middlesex Water in a research report on Wednesday, December 11th. They set an “underperform” rating and a $56.00 price target on the stock. Finally, Robert W. Baird raised Middlesex Water from a “neutral” rating to an “outperform” rating and set a $61.00 price objective for the company in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $58.50.

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.