15,503 Shares in Middlesex Water Company $MSEX Purchased by Magellan Asset Management Ltd

Magellan Asset Management Ltd purchased a new stake in Middlesex Water Company (NASDAQ:MSEX) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,503 shares of the utilities provider’s stock, valued at approximately $871,000. Magellan Asset Management Ltd owned about 0.08% of Middlesex Water as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Middlesex Water in the 2nd quarter valued at approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Middlesex Water during the second quarter worth approximately $27,000. Parallel Advisors LLC increased its stake in shares of Middlesex Water by 68.6% in the first quarter. Parallel Advisors LLC now owns 521 shares of the utilities provider’s stock worth $27,000 after buying an additional 212 shares during the last quarter. Western Wealth Management LLC bought a new stake in shares of Middlesex Water in the first quarter worth $33,000. Finally, Versant Capital Management Inc raised its holdings in Middlesex Water by 328.9% in the second quarter. Versant Capital Management Inc now owns 682 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 523 shares in the last quarter. Institutional investors and hedge funds own 79.52% of the company’s stock.

Insider Activity at Middlesex Water

In other Middlesex Water news, VP Lorrie Beth Ginegaw sold 615 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president owned 3,978 shares in the company, valued at approximately $229,172.58. This trade 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 can be accessed through this link. Insiders own 1.92% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Weiss Ratings upgraded shares of 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 report on Saturday, May 9th. New Street Research set a $64.00 target price on Middlesex Water in a report on Thursday, July 9th. Finally, Robert W. Baird set a $66.00 target price on Middlesex Water in a research report on Friday, July 31st. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Middlesex Water has a consensus rating of “Moderate Buy” and an average target price of $61.67.

Middlesex Water Stock Performance

Shares of MSEX opened at $58.26 on Monday. Middlesex Water Company has a 1 year low of $44.17 and a 1 year high of $62.17. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 22.49 and a beta of 0.75. 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 firm has a fifty day moving average of $56.18 and a 200-day moving average of $53.88.

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

Middlesex Water Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be given a $0.36 dividend. The ex-dividend date is Monday, August 17th. This represents a $1.44 annualized dividend and a yield of 2.5%. Middlesex Water’s dividend payout ratio is 55.60%.

About Middlesex Water

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.