Penn Capital Management Company LLC Grows Stock Holdings in Middlesex Water Company $MSEX

Penn Capital Management Company LLC boosted its holdings in shares of Middlesex Water Company (NASDAQ:MSEX) by 28.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,956 shares of the utilities provider’s stock after purchasing an additional 11,251 shares during the quarter. Penn Capital Management Company LLC’s holdings in Middlesex Water were worth $2,569,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Legal & General Group Plc raised its stake in Middlesex Water by 2.3% during the fourth quarter. Legal & General Group Plc now owns 388,546 shares of the utilities provider’s stock valued at $19,590,000 after purchasing an additional 8,784 shares in the last quarter. Abacus Wealth Partners LLC purchased a new stake in Middlesex Water during the fourth quarter valued at approximately $609,000. Oregon Public Employees Retirement Fund raised its position in Middlesex Water by 5.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,214 shares of the utilities provider’s stock valued at $212,000 after purchasing an additional 200 shares during the period. International Assets Investment Management LLC purchased a new stake in Middlesex Water during the fourth quarter valued at approximately $128,000. Finally, Oppenheimer & Co. Inc. raised its position in Middlesex Water by 2.2% during the fourth quarter. Oppenheimer & Co. Inc. now owns 27,366 shares of the utilities provider’s stock valued at $1,380,000 after purchasing an additional 601 shares during the period. Hedge funds and other institutional investors own 79.52% of the company’s stock.

Insider Buying and Selling at Middlesex Water

In other Middlesex Water news, Director Robert N. Hoglund purchased 2,000 shares of Middlesex Water stock in a transaction dated Friday, February 27th. The shares were purchased at an average cost of $54.31 per share, for a total transaction of $108,620.00. Following the completion of the acquisition, the director owned 2,000 shares in the company, valued at $108,620. This represents a ? increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.92% of the company’s stock.

Wall Street Analysts Forecast Growth

MSEX has been the topic of a number of recent research reports. Wall Street Zen upgraded Middlesex Water from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings downgraded Middlesex Water from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, May 18th. Finally, Loop Capital set a $55.00 price objective on Middlesex Water in a research report on Wednesday, February 25th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $56.67.

Middlesex Water Trading Down 0.1%

Shares of NASDAQ MSEX opened at $52.08 on Wednesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.32 and a current ratio of 0.39. The business’s 50 day moving average price is $52.12 and its 200-day moving average price is $52.29. Middlesex Water Company has a fifty-two week low of $44.17 and a fifty-two week high of $62.17. The company has a market cap of $969.94 million, a price-to-earnings ratio of 21.70 and a beta of 0.78.

Middlesex Water (NASDAQ:MSEX) last issued its quarterly earnings results on Thursday, April 30th. The utilities provider reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57. Middlesex Water had a return on equity of 9.08% and a net margin of 22.07%.The firm had revenue of $48.71 million for the quarter, compared to the consensus estimate of $49.75 million.

Middlesex Water Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, May 15th. Middlesex Water’s dividend payout ratio is presently 60.00%.

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.