The Manufacturers Life Insurance Company Has $574,000 Position in Middlesex Water (NASDAQ:MSEX)

The Manufacturers Life Insurance Company cut its position in Middlesex Water (NASDAQ:MSEX) by 5.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,805 shares of the utilities provider’s stock after selling 475 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Middlesex Water were worth $574,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. CWM LLC raised its holdings in Middlesex Water by 65.1% in the 2nd quarter. CWM LLC now owns 1,306 shares of the utilities provider’s stock valued at $68,000 after buying an additional 515 shares during the last quarter. GAMMA Investing LLC increased its position in Middlesex Water by 66.2% in the 3rd quarter. GAMMA Investing LLC now owns 2,046 shares of the utilities provider’s stock valued at $133,000 after acquiring an additional 815 shares during the period. Crestwood Advisors Group LLC bought a new position in shares of Middlesex Water during the third quarter valued at $210,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Middlesex Water during the third quarter valued at $225,000. Finally, Everence Capital Management Inc. acquired a new position in shares of Middlesex Water during the third quarter worth $230,000. 79.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MSEX shares. Robert W. Baird raised their target price on Middlesex Water from $58.00 to $61.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Bank of America started coverage on Middlesex Water in a research report on Wednesday. They set an “underperform” rating and a $56.00 price objective for the company.

Middlesex Water Trading Down 0.2 %

MSEX opened at $59.42 on Friday. Middlesex Water has a twelve month low of $45.42 and a twelve month high of $73.47. The company has a fifty day moving average of $64.51 and a 200-day moving average of $61.30. The stock has a market cap of $1.06 billion, a PE ratio of 25.83 and a beta of 0.82. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80.

Middlesex Water (NASDAQ:MSEX) last issued its quarterly earnings results on Thursday, October 31st. The utilities provider reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.13. The firm had revenue of $55.10 million during the quarter, compared to the consensus estimate of $50.00 million. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. During the same period last year, the business posted $0.56 EPS. On average, sell-side analysts predict that Middlesex Water will post 2.34 EPS for the current year.

Middlesex Water Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 15th were issued a $0.34 dividend. This is an increase from Middlesex Water’s previous quarterly dividend of $0.33. This represents a $1.36 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend was Friday, November 15th. Middlesex Water’s payout ratio is presently 59.13%.

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.