Essential Utilities, Inc. (NYSE:WTRG) Shares Bought by State of Michigan Retirement System

State of Michigan Retirement System grew its position in shares of Essential Utilities, Inc. (NYSE:WTRG) by 2.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 61,771 shares of the company’s stock after acquiring an additional 1,500 shares during the quarter. State of Michigan Retirement System’s holdings in Essential Utilities were worth $2,289,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of WTRG. Bare Financial Services Inc acquired a new position in shares of Essential Utilities during the fourth quarter valued at $25,000. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Essential Utilities by 604.0% during the fourth quarter. Massmutual Trust Co. FSB ADV now owns 711 shares of the company’s stock valued at $27,000 after acquiring an additional 610 shares during the period. Lindbrook Capital LLC boosted its holdings in shares of Essential Utilities by 78.9% during the fourth quarter. Lindbrook Capital LLC now owns 737 shares of the company’s stock valued at $28,000 after acquiring an additional 325 shares during the period. Valley National Advisers Inc. raised its stake in shares of Essential Utilities by 4,210.0% during the fourth quarter. Valley National Advisers Inc. now owns 862 shares of the company’s stock valued at $32,000 after purchasing an additional 842 shares in the last quarter. Finally, Resources Management Corp CT ADV raised its stake in shares of Essential Utilities by 250.0% during the third quarter. Resources Management Corp CT ADV now owns 1,050 shares of the company’s stock valued at $36,000 after purchasing an additional 750 shares in the last quarter. Institutional investors and hedge funds own 74.78% of the company’s stock.

Essential Utilities Price Performance

Shares of NYSE WTRG opened at $36.78 on Thursday. Essential Utilities, Inc. has a fifty-two week low of $32.07 and a fifty-two week high of $43.26. The firm’s 50-day simple moving average is $37.63 and its 200 day simple moving average is $36.74. The company has a quick ratio of 0.52, a current ratio of 0.62 and a debt-to-equity ratio of 1.13. The stock has a market cap of $10.06 billion, a P/E ratio of 17.43, a P/E/G ratio of 3.27 and a beta of 0.83.

Essential Utilities (NYSE:WTRG) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.73 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.03). Essential Utilities had a return on equity of 8.62% and a net margin of 29.52%. The business had revenue of $612.07 million during the quarter, compared to the consensus estimate of $747.44 million. Equities analysts expect that Essential Utilities, Inc. will post 1.97 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Robert W. Baird cut their price objective on shares of Essential Utilities from $44.00 to $43.00 and set an “outperform” rating on the stock in a research note on Monday, May 6th. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

Insiders Place Their Bets

In other Essential Utilities news, CAO Robert A. Rubin sold 2,342 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $37.43, for a total value of $87,661.06. Following the sale, the chief accounting officer now directly owns 53,391 shares in the company, valued at $1,998,425.13. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Essential Utilities news, CAO Robert A. Rubin sold 2,023 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $36.56, for a total transaction of $73,960.88. Following the sale, the chief accounting officer now owns 13,358 shares in the company, valued at approximately $488,368.48. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Robert A. Rubin sold 2,342 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $37.43, for a total value of $87,661.06. Following the sale, the chief accounting officer now owns 53,391 shares in the company, valued at approximately $1,998,425.13. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

About Essential Utilities

Essential Utilities, Inc, through its subsidiaries, operates regulated utilities that provide water, wastewater, or natural gas services in the United States. The company operates through Regulated Water and Regulated Natural Gas segments. It offers water services through operating and maintenance contract with municipal authorities and other parties.