Middlesex Water (NASDAQ:MSEX) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its stake in Middlesex Water (NASDAQ:MSEX) by 87.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,184 shares of the utilities provider’s stock after selling 28,951 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Middlesex Water were worth $275,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MSEX. Exchange Traded Concepts LLC increased its holdings in shares of Middlesex Water by 7.1% in the third quarter. Exchange Traded Concepts LLC now owns 7,492 shares of the utilities provider’s stock valued at $496,000 after purchasing an additional 496 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Middlesex Water by 36.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,786 shares of the utilities provider’s stock worth $251,000 after acquiring an additional 1,015 shares during the last quarter. Inspire Investing LLC acquired a new stake in Middlesex Water during the third quarter worth $308,000. TIAA Trust National Association acquired a new stake in Middlesex Water during the third quarter worth $242,000. Finally, Daiwa Securities Group Inc. increased its stake in Middlesex Water by 138.3% during the third quarter. Daiwa Securities Group Inc. now owns 2,903 shares of the utilities provider’s stock worth $192,000 after acquiring an additional 1,685 shares during the last quarter. Institutional investors and hedge funds own 79.52% of the company’s stock.

Insider Activity

In other news, Director James F. Jr. Cosgrove acquired 1,600 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was acquired at an average cost of $51.70 per share, with a total value of $82,720.00. Following the completion of the purchase, the director now owns 9,342 shares of the company’s stock, valued at approximately $482,981.40. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.86% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Middlesex Water Price Performance

MSEX stock opened at $49.18 on Friday. The business has a fifty day moving average of $50.44 and a two-hundred day moving average of $58.75. The company has a quick ratio of 0.98, a current ratio of 1.05 and a debt-to-equity ratio of 0.85. The stock has a market cap of $875.90 million, a price-to-earnings ratio of 27.94 and a beta of 0.74. Middlesex Water has a 52-week low of $45.42 and a 52-week high of $84.38.

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

Middlesex Water Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th will be paid a $0.325 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 2.64%. Middlesex Water’s payout ratio is presently 73.86%.

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.