Foundry Partners LLC Makes New Investment in Middlesex Water (NASDAQ:MSEX)

Foundry Partners LLC purchased a new position in shares of Middlesex Water (NASDAQ:MSEX) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 46,085 shares of the utilities provider’s stock, valued at approximately $3,024,000. Foundry Partners LLC owned 0.26% of Middlesex Water as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Handelsbanken Fonder AB increased its position in Middlesex Water by 13.9% during the fourth quarter. Handelsbanken Fonder AB now owns 4,215 shares of the utilities provider’s stock worth $277,000 after buying an additional 515 shares during the period. Daiwa Securities Group Inc. increased its position in Middlesex Water by 25.1% during the fourth quarter. Daiwa Securities Group Inc. now owns 3,631 shares of the utilities provider’s stock worth $238,000 after buying an additional 728 shares during the period. Louisiana State Employees Retirement System acquired a new position in Middlesex Water during the fourth quarter worth approximately $584,000. Cerity Partners LLC increased its position in Middlesex Water by 2.8% during the fourth quarter. Cerity Partners LLC now owns 16,055 shares of the utilities provider’s stock worth $1,054,000 after buying an additional 433 shares during the period. Finally, International Assets Investment Management LLC increased its position in Middlesex Water by 6,462.7% during the fourth quarter. International Assets Investment Management LLC now owns 3,347 shares of the utilities provider’s stock worth $220,000 after buying an additional 3,296 shares during the period. Institutional investors and hedge funds own 79.52% of the company’s stock.

Insider Activity

In other Middlesex Water news, Director James F. Jr. Cosgrove acquired 1,600 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were purchased at an average price of $51.70 per share, with a total value of $82,720.00. Following the completion of the acquisition, the director now directly owns 9,342 shares of the company’s stock, valued at approximately $482,981.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.86% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Robert W. Baird lowered their target price on Middlesex Water from $69.00 to $59.00 and set an “outperform” rating on the stock in a research note on Friday, March 1st.

Middlesex Water Trading Up 0.0 %

NASDAQ:MSEX opened at $48.02 on Tuesday. The firm has a market cap of $855.24 million, a P/E ratio of 27.28 and a beta of 0.74. The company has a current ratio of 1.05, a quick ratio of 0.98 and a debt-to-equity ratio of 0.85. The stock’s 50 day simple moving average is $50.95 and its 200-day simple moving average is $59.21. Middlesex Water has a 12-month low of $45.42 and a 12-month high of $84.38.

Middlesex Water (NASDAQ:MSEX) last released its earnings results on Thursday, February 29th. The utilities provider reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.14). The company had revenue of $38.60 million during the quarter, compared to analyst estimates of $41.00 million. Middlesex Water had a net margin of 18.96% and a return on equity of 7.61%. Equities analysts anticipate that Middlesex Water will post 2.28 EPS for the current year.

Middlesex Water Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Thursday, February 15th were issued a $0.325 dividend. This represents a $1.30 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend was Wednesday, February 14th. Middlesex Water’s payout ratio is currently 73.86%.

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.