State of New Jersey Common Pension Fund D Has $2.57 Million Stake in Middlesex Water (NASDAQ:MSEX)

State of New Jersey Common Pension Fund D lifted its stake in shares of Middlesex Water (NASDAQ:MSEX) by 19.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,230 shares of the utilities provider’s stock after purchasing an additional 6,391 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.22% of Middlesex Water worth $2,574,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Middlesex Water by 36.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,786 shares of the utilities provider’s stock worth $251,000 after purchasing an additional 1,015 shares during the period. Inspire Investing LLC acquired a new stake in Middlesex Water in the third quarter worth $308,000. TIAA Trust National Association acquired a new stake in Middlesex Water in the third quarter worth $242,000. Daiwa Securities Group Inc. raised its holdings in Middlesex Water by 138.3% in the third quarter. Daiwa Securities Group Inc. now owns 2,903 shares of the utilities provider’s stock worth $192,000 after purchasing an additional 1,685 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in Middlesex Water by 34.8% in the third quarter. Victory Capital Management Inc. now owns 9,344 shares of the utilities provider’s stock worth $619,000 after purchasing an additional 2,411 shares during the period. 79.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Robert W. Baird cut their target price on shares of Middlesex Water from $69.00 to $59.00 and set an “outperform” rating on the stock in a report on Friday, March 1st.

Middlesex Water Stock Up 2.5 %

Shares of MSEX stock opened at $52.00 on Thursday. The firm has a fifty day moving average of $50.23 and a 200-day moving average of $58.47. The company has a quick ratio of 0.98, a current ratio of 1.05 and a debt-to-equity ratio of 0.85. Middlesex Water has a 12-month low of $45.42 and a 12-month high of $84.38. The company has a market capitalization of $926.12 million, a price-to-earnings ratio of 29.55 and a beta of 0.74.

Middlesex Water (NASDAQ:MSEX) last issued its quarterly earnings data on Thursday, February 29th. The utilities provider reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.14). Middlesex Water had a return on equity of 7.61% and a net margin of 18.96%. The company had revenue of $38.60 million for the quarter, compared to the consensus estimate of $41.00 million. As a group, equities research analysts predict that Middlesex Water will post 2.28 earnings per share for the current fiscal year.

Middlesex Water Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.325 per share. This represents a $1.30 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend is Tuesday, May 14th. Middlesex Water’s dividend payout ratio is 73.86%.

Insider Transactions at Middlesex Water

In related news, Director James F. Jr. Cosgrove acquired 1,600 shares of the stock in a transaction dated Wednesday, March 6th. The stock was bought at an average price of $51.70 per share, with a total value of $82,720.00. Following the completion of the transaction, the director now directly owns 9,342 shares of the company’s stock, valued at $482,981.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.86% of the stock is owned by insiders.

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.