Northstar Asset Management Inc. Sells 10,270 Shares of Middlesex Water Company $MSEX

Northstar Asset Management Inc. reduced its stake in shares of Middlesex Water Company (NASDAQ:MSEX) by 26.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 27,967 shares of the utilities provider’s stock after selling 10,270 shares during the period. Northstar Asset Management Inc. owned approximately 0.15% of Middlesex Water worth $1,571,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. acquired a new position in Middlesex Water in the 2nd quarter worth $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Middlesex Water during the 2nd quarter worth about $27,000. Parallel Advisors LLC raised its stake in shares of Middlesex Water by 68.6% in the 1st quarter. Parallel Advisors LLC now owns 521 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 212 shares during the period. Western Wealth Management LLC acquired a new stake in shares of Middlesex Water in the 1st quarter valued at about $33,000. Finally, Versant Capital Management Inc raised its stake in shares of Middlesex Water by 328.9% in the 2nd quarter. Versant Capital Management Inc now owns 682 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 523 shares during the period. 79.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Middlesex Water

In related news, VP Lorrie Beth Ginegaw sold 615 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $57.61, for a total value 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 trade represents a 13.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.92% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Robert W. Baird set a $66.00 price objective on Middlesex Water in a research report on Friday, July 31st. Weiss Ratings upgraded Middlesex Water from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 4th. Wall Street Zen raised Middlesex Water from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, New Street Research set a $64.00 price target on shares of Middlesex Water in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $61.67.

Middlesex Water Price Performance

NASDAQ:MSEX opened at $58.49 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.41 and a current ratio of 0.50. The stock’s 50-day simple moving average is $56.81 and its 200 day simple moving average is $54.10. The company has a market cap of $1.10 billion, a P/E ratio of 22.58 and a beta of 0.75. Middlesex Water Company has a 52-week low of $44.17 and a 52-week high of $62.17.

Middlesex Water (NASDAQ:MSEX) last released its earnings results on Thursday, July 30th. The utilities provider reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.13. The business had revenue of $56.36 million for the quarter, compared to analyst estimates of $54.51 million. Middlesex Water had a return on equity of 9.59% and a net margin of 23.26%.

Middlesex Water Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be paid a dividend of $0.36 per share. The ex-dividend date is Monday, August 17th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.5%. Middlesex Water’s dividend payout ratio is currently 55.60%.

Middlesex Water Profile

Middlesex Water Company is a regulated utility specializing in the provision of potable water and wastewater collection services to residential, commercial and industrial customers. The company operates through its wholly owned subsidiaries, supplying treated water and effectively managing sewage collection systems under state and local regulatory frameworks. Its core mission centers on delivering safe, reliable water while complying with stringent environmental and public health standards.

Founded in 1897 and headquartered in Iselin, New Jersey, Middlesex Water has grown from a local water works enterprise into a multi?state utilities group.