Middlesex Water (NASDAQ:MSEX – Get Rating)’s share price was down 6.8% during trading on Tuesday after Robert W. Baird lowered their price target on the stock from $88.00 to $85.00. The stock traded as low as $67.64 and last traded at $67.64. Approximately 17,362 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 154,785 shares. The stock had previously closed at $72.59.
Separately, StockNews.com assumed coverage on Middlesex Water in a research report on Thursday, March 16th. They issued a “sell” rating for the company.
Hedge Funds Weigh In On Middlesex Water
Several hedge funds and other institutional investors have recently modified their holdings of MSEX. State Street Corp grew its position in Middlesex Water by 7.4% in the third quarter. State Street Corp now owns 1,986,258 shares of the utilities provider’s stock worth $153,339,000 after acquiring an additional 137,713 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Middlesex Water by 2.7% during the third quarter. Vanguard Group Inc. now owns 1,399,160 shares of the utilities provider’s stock worth $108,016,000 after buying an additional 37,115 shares during the period. Invesco Ltd. lifted its holdings in Middlesex Water by 17.6% during the first quarter. Invesco Ltd. now owns 396,210 shares of the utilities provider’s stock worth $41,669,000 after buying an additional 59,297 shares during the period. Morgan Stanley lifted its holdings in Middlesex Water by 33.8% during the fourth quarter. Morgan Stanley now owns 332,055 shares of the utilities provider’s stock worth $26,123,000 after buying an additional 83,843 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Middlesex Water by 3.4% during the fourth quarter. Geode Capital Management LLC now owns 330,261 shares of the utilities provider’s stock worth $25,981,000 after purchasing an additional 11,006 shares in the last quarter. 67.27% of the stock is owned by institutional investors.
Middlesex Water Stock Performance
Middlesex Water (NASDAQ:MSEX – Get Rating) last released its earnings results on Friday, February 24th. The utilities provider reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.09). Middlesex Water had a net margin of 26.12% and a return on equity of 10.87%. The firm had revenue of $38.82 million during the quarter, compared to analyst estimates of $39.00 million. As a group, sell-side analysts forecast that Middlesex Water will post 2.31 earnings per share for the current year.
Middlesex Water Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Friday, May 12th will be given a dividend of $0.313 per share. This represents a $1.25 annualized dividend and a yield of 1.80%. The ex-dividend date is Thursday, May 11th. Middlesex Water’s dividend payout ratio is currently 52.52%.
About Middlesex Water
Middlesex Water Co owns and operates regulated water utility and wastewater systems. The firm’s services include water production, treatment, & distribution, full service municipal contract operations, wastewater collection and treatment. It operates through two segments: Regulated and Non-Regulated.
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