Gabelli Funds LLC Sells 4,000 Shares of Middlesex Water Company (MSEX)
Gabelli Funds LLC reduced its stake in shares of Middlesex Water Company (NASDAQ:MSEX) by 3.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 112,000 shares of the utilities provider’s stock after selling 4,000 shares during the quarter. Gabelli Funds LLC owned 0.69% of Middlesex Water worth $4,398,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the company. Ameriprise Financial Inc. increased its position in shares of Middlesex Water by 1.2% in the first quarter. Ameriprise Financial Inc. now owns 10,852 shares of the utilities provider’s stock valued at $401,000 after buying an additional 130 shares in the last quarter. Aperio Group LLC boosted its stake in Middlesex Water by 1.1% during the second quarter. Aperio Group LLC now owns 14,832 shares of the utilities provider’s stock worth $587,000 after buying an additional 155 shares during the last quarter. Legal & General Group Plc boosted its stake in Middlesex Water by 4.1% during the second quarter. Legal & General Group Plc now owns 4,101 shares of the utilities provider’s stock worth $162,000 after buying an additional 161 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Middlesex Water by 3.8% during the second quarter. PNC Financial Services Group Inc. now owns 11,026 shares of the utilities provider’s stock worth $438,000 after buying an additional 400 shares during the last quarter. Finally, Financial Architects Inc boosted its stake in Middlesex Water by 3.6% during the second quarter. Financial Architects Inc now owns 16,481 shares of the utilities provider’s stock worth $653,000 after buying an additional 568 shares during the last quarter. Institutional investors and hedge funds own 48.77% of the company’s stock.
Middlesex Water Company (NASDAQ MSEX) opened at $42.04 on Monday. Middlesex Water Company has a 12 month low of $32.23 and a 12 month high of $46.39. The company has a market capitalization of $687.19, a price-to-earnings ratio of 33.63 and a beta of 0.43. The company has a quick ratio of 0.43, a current ratio of 0.51 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. Stockholders of record on Thursday, November 9th will be paid a $0.2238 dividend. This represents a $0.90 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Wednesday, November 8th. This is a positive change from Middlesex Water’s previous quarterly dividend of $0.21. Middlesex Water’s dividend payout ratio is 71.20%.
MSEX has been the topic of several recent analyst reports. Janney Montgomery Scott reaffirmed a “buy” rating and issued a $44.00 price target on shares of Middlesex Water in a research note on Wednesday, October 4th. Zacks Investment Research raised Middlesex Water from a “sell” rating to a “hold” rating in a research note on Wednesday, October 4th. BidaskClub lowered Middlesex Water from a “hold” rating to a “sell” rating in a research note on Thursday, August 10th. Finally, ValuEngine raised Middlesex Water from a “sell” rating to a “hold” rating in a research note on Friday, August 4th.
In other news, President Gerard L. Esposito sold 1,700 shares of the company’s stock in a transaction on Monday, October 9th. The stock was sold at an average price of $42.89, for a total value of $72,913.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 3.48% of the company’s stock.
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Middlesex Water Company 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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