Wedge Capital Management L L P NC boosted its position in shares of Middlesex Water (NASDAQ:MSEX) by 15.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,522 shares of the utilities provider’s stock after acquiring an additional 1,290 shares during the period. Wedge Capital Management L L P NC’s holdings in Middlesex Water were worth $533,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Trust Co. of Vermont bought a new stake in shares of Middlesex Water during the fourth quarter valued at approximately $25,000. Quantamental Technologies LLC bought a new stake in shares of Middlesex Water during the fourth quarter valued at approximately $41,000. ClariVest Asset Management LLC bought a new stake in shares of Middlesex Water during the fourth quarter valued at approximately $73,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Middlesex Water by 95.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,376 shares of the utilities provider’s stock valued at $77,000 after buying an additional 673 shares during the last quarter. Finally, Advisory Services Network LLC bought a new stake in shares of Middlesex Water during the fourth quarter valued at approximately $93,000. Institutional investors own 55.34% of the company’s stock.
Shares of Middlesex Water stock traded up $0.72 on Thursday, hitting $61.17. 300 shares of the company traded hands, compared to its average volume of 49,568. The stock has a market cap of $1.02 billion, a P/E ratio of 31.14 and a beta of 0.43. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.32 and a quick ratio of 0.26. Middlesex Water has a 52 week low of $40.08 and a 52 week high of $63.67.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 15th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.57%. The ex-dividend date is Tuesday, May 14th. Middlesex Water’s dividend payout ratio is presently 48.98%.
Several equities research analysts have recently issued reports on MSEX shares. BidaskClub cut shares of Middlesex Water from a “buy” rating to a “hold” rating in a research report on Friday, February 8th. Zacks Investment Research upgraded shares of Middlesex Water from a “hold” rating to a “strong-buy” rating and set a $68.00 price objective on the stock in a research report on Friday, May 10th. Finally, Janney Montgomery Scott upgraded shares of Middlesex Water from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $58.00 to $66.00 in a research report on Wednesday, May 8th.
In other Middlesex Water news, VP Bernadette M. Sohler sold 500 shares of Middlesex Water stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $57.85, for a total transaction of $28,925.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dennis W. Doll sold 2,000 shares of Middlesex Water stock in a transaction on Friday, March 22nd. The stock was 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. Insiders sold 6,353 shares of company stock worth $377,218 in the last 90 days. 3.49% of the stock is currently owned by company insiders.
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Middlesex Water Profile
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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