Middlesex Water (NASDAQ:MSEX) Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets lessened its stake in shares of Middlesex Water (NASDAQ:MSEX) by 49.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 7,293 shares of the utilities provider’s stock after selling 7,058 shares during the quarter. BNP Paribas Financial Markets’ holdings in Middlesex Water were worth $476,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. CWM LLC lifted its position in Middlesex Water by 65.1% in the second quarter. CWM LLC now owns 1,306 shares of the utilities provider’s stock valued at $68,000 after acquiring an additional 515 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Middlesex Water by 66.2% during the third quarter. GAMMA Investing LLC now owns 2,046 shares of the utilities provider’s stock worth $133,000 after purchasing an additional 815 shares during the last quarter. Crestwood Advisors Group LLC acquired a new stake in shares of Middlesex Water during the third quarter worth about $210,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Middlesex Water during the third quarter worth about $225,000. Finally, Everence Capital Management Inc. purchased a new stake in shares of Middlesex Water in the 3rd quarter valued at about $230,000. Institutional investors and hedge funds own 79.52% of the company’s stock.

Middlesex Water Price Performance

Shares of NASDAQ:MSEX opened at $59.42 on Friday. Middlesex Water has a one year low of $45.42 and a one year high of $73.47. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of 25.83 and a beta of 0.82. The company has a 50-day simple moving average of $64.51 and a 200-day simple moving average of $61.23. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.65.

Middlesex Water (NASDAQ:MSEX) last posted its quarterly earnings data on Thursday, October 31st. The utilities provider reported $0.80 EPS for the quarter, beating 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 firm had revenue of $55.10 million during the quarter, compared to the consensus estimate of $50.00 million. During the same period in the prior year, the business earned $0.56 EPS. On average, analysts predict that Middlesex Water will post 2.34 EPS 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 issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Friday, November 15th. This is an increase from Middlesex Water’s previous quarterly dividend of $0.33. This represents a $1.36 annualized dividend and a dividend yield of 2.29%. Middlesex Water’s dividend payout ratio (DPR) is currently 59.13%.

Wall Street Analyst Weigh In

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

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.