Middlesex Water Company $MSEX Stock Purchased by ProShare Advisors LLC

ProShare Advisors LLC grew its position in shares of Middlesex Water Company (NASDAQ:MSEX) by 35.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 177,733 shares of the utilities provider’s stock after buying an additional 46,667 shares during the quarter. ProShare Advisors LLC’s holdings in Middlesex Water were worth $9,415,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MSEX. State of Wyoming purchased a new stake in shares of Middlesex Water during the third quarter valued at approximately $65,000. Oppenheimer & Co. Inc. lifted its holdings in Middlesex Water by 5.0% during the third quarter. Oppenheimer & Co. Inc. now owns 29,066 shares of the utilities provider’s stock worth $1,540,000 after acquiring an additional 1,374 shares during the period. Madrona Financial Services LLC bought a new stake in Middlesex Water during the third quarter worth $473,000. TSP Capital Management Group LLC boosted its position in Middlesex Water by 5.0% in the third quarter. TSP Capital Management Group LLC now owns 221,590 shares of the utilities provider’s stock worth $11,738,000 after purchasing an additional 10,553 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Middlesex Water in the third quarter worth $1,107,000. Hedge funds and other institutional investors own 79.52% of the company’s stock.

Insiders Place Their Bets

In other Middlesex Water news, VP Lorrie Ginegaw sold 615 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $57.61, for a total transaction of $35,430.15. Following the completion of the transaction, the vice president directly owned 3,978 shares of the company’s stock, valued at approximately $229,172.58. This represents a 13.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.92% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MSEX. Weiss Ratings upgraded Middlesex Water from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, October 12th. Robert W. Baird set a $66.00 target price on Middlesex Water in a research note on Friday, July 31st. New Street Research set a $64.00 target price on Middlesex Water in a research note on Thursday, July 9th. Finally, Freedom Broker boosted their price target on shares of Middlesex Water from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Monday. Two analysts have rated the stock with a Hold rating. According to data from MarketBeat, Middlesex Water has an average rating of “Hold” and an average target price of $60.75.

Middlesex Water Stock Down 1.2%

MSEX opened at $57.64 on Wednesday. Middlesex Water Company has a twelve month low of $48.19 and a twelve month high of $59.80. The company’s 50-day moving average price is $55.47 and its two-hundred day moving average price is $54.24. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 20.81 and a beta of 0.71. The company has a quick ratio of 0.42, a current ratio of 0.51 and a debt-to-equity ratio of 0.72.

Middlesex Water (NASDAQ:MSEX) last issued its quarterly earnings results on Thursday, October 29th. The utilities provider reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.13. The company had revenue of $60.21 million during the quarter, compared to analyst estimates of $59.90 million. Middlesex Water had a net margin of 24.50% and a return on equity of 10.08%.

Middlesex Water Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Monday, November 16th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.6%. This is a positive change from Middlesex Water’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Monday, November 16th. Middlesex Water’s dividend payout ratio is currently 51.99%.

About Middlesex Water

Middlesex Water Company (NASDAQ:MSEX) is a regulated water and wastewater utility that owns and operates systems serving residential, commercial, industrial and municipal customers. Its services include the production, treatment, distribution and sale of potable water, as well as wastewater collection and treatment.

Founded in 1897, the company primarily serves communities in New Jersey and Delaware through its regulated utility operations. Its New Jersey service area includes portions of Middlesex, Union, Somerset and Mercer counties, while its Delaware operations serve customers through the Tidewater Utilities subsidiary.

Middlesex Water also provides contract operations, maintenance and related services for municipal and other public water and wastewater systems.