The Manufacturers Life Insurance Company Raises Stake in Middlesex Water Company (MSEX)
The Manufacturers Life Insurance Company raised its holdings in shares of Middlesex Water Company (NASDAQ:MSEX) by 6.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,308 shares of the utilities provider’s stock after acquiring an additional 780 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.08% of Middlesex Water worth $527,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Legal & General Group Plc grew its stake in shares of Middlesex Water by 4.1% during the 2nd quarter. Legal & General Group Plc now owns 4,101 shares of the utilities provider’s stock worth $162,000 after acquiring an additional 161 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Middlesex Water in the 2nd quarter valued at approximately $207,000. ELCO Management Co. LLC acquired a new stake in shares of Middlesex Water in the 2nd quarter valued at approximately $208,000. Russell Investments Group Ltd. boosted its holdings in shares of Middlesex Water by 15.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,313 shares of the utilities provider’s stock valued at $290,000 after buying an additional 965 shares during the last quarter. Finally, Stephens Inc. AR acquired a new stake in shares of Middlesex Water in the 2nd quarter valued at approximately $305,000. 48.86% of the stock is owned by institutional investors.
In other Middlesex Water news, President Gerard L. Esposito sold 1,700 shares of the stock in a transaction on Monday, October 9th. The stock was sold at an average price of $42.89, for a total transaction of $72,913.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP A Bruce Oconnor sold 4,000 shares of the stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $43.83, for a total value of $175,320.00. Following the transaction, the vice president now owns 16,803 shares in the company, valued at approximately $736,475.49. The disclosure for this sale can be found here. Insiders have sold a total of 5,900 shares of company stock valued at $256,093 in the last ninety days. Insiders own 3.48% of the company’s stock.
Shares of Middlesex Water Company (NASDAQ MSEX) opened at $44.50 on Friday. Middlesex Water Company has a twelve month low of $32.23 and a twelve month high of $46.39. The stock has a market capitalization of $727.40, a price-to-earnings ratio of 35.60 and a beta of 0.43. The company has a current ratio of 0.51, a quick ratio of 0.43 and a debt-to-equity ratio of 0.60.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Thursday, November 9th will be issued a dividend of $0.2238 per share. This is an increase from Middlesex Water’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Wednesday, November 8th. This represents a $0.90 annualized dividend and a yield of 2.01%. Middlesex Water’s dividend payout ratio (DPR) is currently 71.20%.
Several research firms have recently commented on MSEX. Zacks Investment Research downgraded Middlesex Water from a “hold” rating to a “sell” rating in a report on Thursday, September 14th. ValuEngine raised Middlesex Water from a “sell” rating to a “hold” rating in a report on Friday, August 4th. BidaskClub downgraded Middlesex Water from a “hold” rating to a “sell” rating in a report on Thursday, August 10th. Finally, Janney Montgomery Scott reissued a “buy” rating and issued a $44.00 price objective on shares of Middlesex Water in a report on Wednesday, October 4th.
Middlesex Water Profile
Middlesex Water Company is a water utility company. The Company owns and operates regulated water utility and wastewater systems in New Jersey, Delaware and Pennsylvania. The Company also operates water and wastewater systems under contract on behalf of municipal and private clients in New Jersey and Delaware.
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