HighTower Advisors LLC Reduces Stake in Middlesex Water (NASDAQ:MSEX)

HighTower Advisors LLC decreased its holdings in shares of Middlesex Water (NASDAQ:MSEX) by 5.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,321 shares of the utilities provider’s stock after selling 974 shares during the quarter. HighTower Advisors LLC owned approximately 0.10% of Middlesex Water worth $912,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. grew its holdings in shares of Middlesex Water by 1.0% during the fourth quarter. Oppenheimer & Co. Inc. now owns 19,863 shares of the utilities provider’s stock worth $1,045,000 after purchasing an additional 202 shares during the last quarter. Allworth Financial LP boosted its position in shares of Middlesex Water by 1,136.4% in the 4th quarter. Allworth Financial LP now owns 544 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 500 shares during the period. FMR LLC grew its stake in Middlesex Water by 9.7% during the 3rd quarter. FMR LLC now owns 7,018 shares of the utilities provider’s stock worth $458,000 after buying an additional 618 shares during the last quarter. Illinois Municipal Retirement Fund increased its position in Middlesex Water by 10.6% during the fourth quarter. Illinois Municipal Retirement Fund now owns 10,513 shares of the utilities provider’s stock worth $553,000 after buying an additional 1,009 shares during the period. Finally, Daiwa Securities Group Inc. lifted its stake in Middlesex Water by 16.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 8,313 shares of the utilities provider’s stock valued at $438,000 after buying an additional 1,186 shares during the last quarter. Hedge funds and other institutional investors own 79.52% of the company’s stock.

Middlesex Water Price Performance

Middlesex Water stock opened at $61.95 on Friday. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.65 and a quick ratio of 0.57. The business has a 50 day simple moving average of $54.60 and a 200-day simple moving average of $59.12. Middlesex Water has a 12 month low of $45.42 and a 12 month high of $70.73. The stock has a market capitalization of $1.11 billion, a PE ratio of 26.93, a price-to-earnings-growth ratio of 1.50 and a beta of 0.85.

Middlesex Water (NASDAQ:MSEX) last released its earnings results on Friday, February 28th. The utilities provider reported $0.49 EPS for the quarter, topping the consensus estimate of $0.36 by $0.13. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. The company had revenue of $47.11 million during the quarter, compared to analysts’ expectations of $45.00 million. During the same quarter last year, the business earned $0.32 EPS. Equities analysts predict that Middlesex Water will post 2.34 earnings per share for the current year.

Middlesex Water Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date was Tuesday, February 18th. Middlesex Water’s dividend payout ratio (DPR) is 55.06%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Robert W. Baird upgraded shares of Middlesex Water from a “neutral” rating to an “outperform” rating and set a $61.00 target price on the stock in a research report on Monday, March 3rd. Bank of America started coverage on shares of Middlesex Water in a research report on Wednesday, December 11th. They set an “underperform” rating and a $56.00 price objective on the stock. Baird R W upgraded shares of Middlesex Water from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 3rd. Finally, StockNews.com upgraded shares of Middlesex Water from a “sell” rating to a “hold” rating in a research note on Wednesday, March 19th.

Insider Activity

In related news, Director Dennis W. Doll sold 4,067 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $60.05, for a total value of $244,223.35. Following the sale, the director now owns 52,112 shares in the company, valued at $3,129,325.60. This represents a 7.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.86% of the company’s stock.

Middlesex Water Company Profile

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.