HighTower Advisors LLC Sells 1,305 Shares of Middlesex Water (NASDAQ:MSEX)

HighTower Advisors LLC lessened its stake in Middlesex Water (NASDAQ:MSEX) by 6.7% in the third quarter, HoldingsChannel reports. The firm owned 18,295 shares of the utilities provider’s stock after selling 1,305 shares during the period. HighTower Advisors LLC’s holdings in Middlesex Water were worth $1,194,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. CWM LLC grew its holdings in shares of Middlesex Water by 65.1% in the second quarter. CWM LLC now owns 1,306 shares of the utilities provider’s stock worth $68,000 after acquiring an additional 515 shares during the period. GAMMA Investing LLC boosted its position in Middlesex Water by 66.2% in 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 bought a new stake in shares of Middlesex Water during the 3rd quarter valued at about $210,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Middlesex Water during the 3rd quarter valued at about $225,000. Finally, Everence Capital Management Inc. bought a new stake in shares of Middlesex Water during the 3rd quarter valued at about $230,000. 79.52% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MSEX has been the subject of a number of recent research reports. Robert W. Baird boosted their price target on Middlesex Water from $58.00 to $61.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Bank of America initiated coverage on Middlesex Water in a research note on Wednesday, December 11th. They set an “underperform” rating and a $56.00 price target for the company.

Middlesex Water Trading Down 0.3 %

Shares of NASDAQ:MSEX opened at $59.23 on Tuesday. The stock has a 50 day moving average of $64.45 and a 200 day moving average of $61.44. The company has a market cap of $1.06 billion, a PE ratio of 25.75 and a beta of 0.82. 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 has a 12-month low of $45.42 and a 12-month high of $71.16.

Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings data on Thursday, October 31st. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.13. The company 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 in the previous year, the company posted $0.56 EPS. As a group, equities research analysts expect that Middlesex Water will post 2.34 EPS for the current year.

Middlesex Water Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 15th were paid a dividend of $0.34 per share. The ex-dividend date was Friday, November 15th. 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 dividend yield of 2.30%. Middlesex Water’s payout ratio is 59.13%.

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.