JPMorgan Chase & Co. Sells 15,310 Shares of Middlesex Water (NASDAQ:MSEX)

JPMorgan Chase & Co. trimmed its stake in Middlesex Water (NASDAQ:MSEX) by 32.2% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 32,223 shares of the utilities provider’s stock after selling 15,310 shares during the period. JPMorgan Chase & Co. owned 0.18% of Middlesex Water worth $2,102,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Duff & Phelps Investment Management Co. bought a new position in Middlesex Water in the 2nd quarter worth approximately $2,016,000. Barclays PLC increased its position in Middlesex Water by 349.4% in the 3rd quarter. Barclays PLC now owns 29,919 shares of the utilities provider’s stock worth $1,952,000 after buying an additional 23,262 shares during the period. State Street Corp increased its position in Middlesex Water by 7.0% in the 3rd quarter. State Street Corp now owns 813,455 shares of the utilities provider’s stock worth $53,070,000 after buying an additional 53,098 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in Middlesex Water in the 3rd quarter worth approximately $1,392,000. Finally, Geode Capital Management LLC increased its position in Middlesex Water by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 434,559 shares of the utilities provider’s stock worth $28,356,000 after buying an additional 3,430 shares during the period. 79.52% of the stock is owned by institutional investors.

Middlesex Water Price Performance

Shares of NASDAQ:MSEX opened at $51.14 on Wednesday. Middlesex Water has a 1-year low of $45.42 and a 1-year high of $70.73. The firm has a market capitalization of $913.10 million, a PE ratio of 22.23, a PEG ratio of 1.51 and a beta of 0.85. The business’s 50 day moving average is $57.75 and its 200-day moving average is $61.38. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80.

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

Middlesex Water Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 15th were paid a $0.34 dividend. This is a positive change from Middlesex Water’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.36 annualized dividend and a yield of 2.66%. Middlesex Water’s payout ratio is currently 59.13%.

Analyst Ratings Changes

Several research analysts have commented on the company. Robert W. Baird lifted their price target 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 assumed coverage on Middlesex Water in a report on Wednesday, December 11th. They set an “underperform” rating and a $56.00 price objective on the stock.

Middlesex Water 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.