Oppenheimer & Co. Inc. Has $1.28 Million Stake in Middlesex Water (NASDAQ:MSEX)

Oppenheimer & Co. Inc. lowered its stake in shares of Middlesex Water (NASDAQ:MSEX) by 1.0% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 19,661 shares of the utilities provider’s stock after selling 195 shares during the period. Oppenheimer & Co. Inc. owned approximately 0.11% of Middlesex Water worth $1,283,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in MSEX. Duff & Phelps Investment Management Co. acquired a new position in Middlesex Water during the 2nd quarter valued at about $2,016,000. Assenagon Asset Management S.A. boosted its stake in Middlesex Water by 89.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 74,946 shares of the utilities provider’s stock valued at $4,889,000 after purchasing an additional 35,282 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Middlesex Water by 12.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 219,119 shares of the utilities provider’s stock valued at $11,451,000 after purchasing an additional 24,400 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in Middlesex Water during the 3rd quarter valued at about $1,392,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of Middlesex Water in the 1st quarter worth approximately $1,113,000. Institutional investors and hedge funds own 79.52% of the company’s stock.

Middlesex Water Price Performance

Shares of NASDAQ MSEX opened at $65.80 on Tuesday. 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 has a market capitalization of $1.17 billion, a PE ratio of 28.61 and a beta of 0.79. The stock’s 50 day moving average price is $65.05 and its 200-day moving average price is $60.31. Middlesex Water has a twelve month low of $45.42 and a twelve month high of $73.47.

Middlesex Water (NASDAQ:MSEX) last posted its quarterly earnings results on Thursday, October 31st. The utilities provider reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.13. The company had revenue of $55.10 million for the quarter, compared to analysts’ expectations of $50.00 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. During the same quarter in the previous year, the firm posted $0.56 EPS. On average, equities analysts anticipate that Middlesex Water will post 2.34 EPS for the current year.

Middlesex Water Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date is Friday, November 15th. This is a boost from Middlesex Water’s previous quarterly dividend of $0.33. Middlesex Water’s payout ratio is 59.13%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on MSEX shares. Robert W. Baird boosted their target price on Middlesex Water from $58.00 to $61.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Baird R W downgraded Middlesex Water from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 5th.

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.