Millennium Management LLC Trims Stake in Middlesex Water (MSEX)

Millennium Management LLC cut its stake in shares of Middlesex Water (NASDAQ:MSEX) by 47.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 9,449 shares of the utilities provider’s stock after selling 8,589 shares during the quarter. Millennium Management LLC’s holdings in Middlesex Water were worth $504,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the company. Legal & General Group Plc increased its position in shares of Middlesex Water by 10.4% during the fourth quarter. Legal & General Group Plc now owns 2,892 shares of the utilities provider’s stock worth $154,000 after acquiring an additional 273 shares during the period. Trust Co. of Vermont purchased a new position in shares of Middlesex Water during the fourth quarter worth approximately $25,000. ETF Managers Group LLC increased its position in shares of Middlesex Water by 15.7% during the fourth quarter. ETF Managers Group LLC now owns 3,551 shares of the utilities provider’s stock worth $189,000 after acquiring an additional 483 shares during the period. Quantamental Technologies LLC purchased a new position in shares of Middlesex Water during the fourth quarter worth approximately $41,000. Finally, PNC Financial Services Group Inc. increased its position in shares of Middlesex Water by 8.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 13,011 shares of the utilities provider’s stock worth $695,000 after acquiring an additional 1,000 shares during the period. 55.07% of the stock is currently owned by institutional investors and hedge funds.

Shares of MSEX stock opened at $57.94 on Tuesday. The company has a market cap of $951.37 million, a P/E ratio of 29.56 and a beta of 0.43. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.27 and a current ratio of 0.33. Middlesex Water has a 52-week low of $40.08 and a 52-week high of $60.48.

Middlesex Water (NASDAQ:MSEX) last issued its quarterly earnings data on Friday, March 8th. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.01. The company had revenue of $33.27 million for the quarter, compared to analyst estimates of $33.00 million. Middlesex Water had a net margin of 23.48% and a return on equity of 13.50%. Sell-side analysts anticipate that Middlesex Water will post 2.05 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 15th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend is Tuesday, May 14th. Middlesex Water’s payout ratio is 48.98%.

In related news, VP Lorrie Beth Ginegaw sold 720 shares of Middlesex Water stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $56.21, for a total transaction of $40,471.20. Following the transaction, the vice president now directly owns 6,445 shares of the company’s stock, valued at $362,273.45. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Dennis W. Doll sold 2,000 shares of Middlesex Water stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $57.85, for a total transaction of $115,700.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,226 shares of company stock worth $185,439. 3.49% of the stock is currently owned by corporate insiders.

A number of equities analysts have recently commented on the stock. BidaskClub raised shares of Middlesex Water from a “sell” rating to a “hold” rating in a research report on Friday, April 26th. Zacks Investment Research lowered shares of Middlesex Water from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 8th.

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About Middlesex Water

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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Want to see what other hedge funds are holding MSEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Middlesex Water (NASDAQ:MSEX).

Institutional Ownership by Quarter for Middlesex Water (NASDAQ:MSEX)

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