Bank of New York Mellon Corp grew its position in shares of Middlesex Water (NASDAQ:MSEX) by 2.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 127,063 shares of the utilities provider’s stock after buying an additional 3,313 shares during the period. Bank of New York Mellon Corp owned about 0.77% of Middlesex Water worth $6,153,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Mcrae Capital Management Inc. bought a new position in Middlesex Water during the 3rd quarter worth approximately $213,000. Engineers Gate Manager LP acquired a new stake in shares of Middlesex Water during the 3rd quarter worth approximately $216,000. JPMorgan Chase & Co. raised its position in shares of Middlesex Water by 9.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 19,717 shares of the utilities provider’s stock worth $956,000 after purchasing an additional 1,643 shares during the period. Alliancebernstein L.P. raised its position in shares of Middlesex Water by 5.3% during the 3rd quarter. Alliancebernstein L.P. now owns 22,765 shares of the utilities provider’s stock worth $1,102,000 after purchasing an additional 1,154 shares during the period. Finally, Cornerstone Wealth Management LLC acquired a new stake in shares of Middlesex Water during the 3rd quarter worth approximately $1,801,000. 53.73% of the stock is currently owned by institutional investors.
Shares of Middlesex Water stock opened at $55.90 on Tuesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.32 and a current ratio of 0.37. The company has a market cap of $910.60 million, a PE ratio of 40.51 and a beta of 0.42. Middlesex Water has a twelve month low of $34.00 and a twelve month high of $60.31.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Friday, February 15th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date is Thursday, February 14th. Middlesex Water’s payout ratio is 69.57%.
A number of analysts have recently weighed in on MSEX shares. BidaskClub upgraded Middlesex Water from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 24th. Zacks Investment Research cut Middlesex Water from a “buy” rating to a “hold” rating in a research report on Tuesday, January 15th. Finally, Janney Montgomery Scott upgraded Middlesex Water from a “neutral” rating to a “buy” rating and set a $53.00 price target on the stock in a research report on Monday, November 5th.
In other news, Director Walter G. Reinhard sold 500 shares of the stock in a transaction that occurred on Friday, January 25th. The stock was sold at an average price of $58.01, for a total transaction of $29,005.00. Following the sale, the director now directly owns 81 shares in the company, valued at approximately $4,698.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.48% of the stock is currently owned by corporate insiders.
About Middlesex Water
Middlesex Water Company, together with its subsidiaries, owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment engages in collecting, treating, and distributing water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers in parts of New Jersey, Delaware, and Pennsylvania.
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