Magellan Asset Management Ltd Invests $871,000 in Middlesex Water Company $MSEX

Magellan Asset Management Ltd purchased a new stake in shares of Middlesex Water Company (NASDAQ:MSEX) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 15,503 shares of the utilities provider’s stock, valued at approximately $871,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Northwestern Mutual Wealth Management Co. bought a new position in Middlesex Water in the 2nd quarter valued at about $25,000. Parallel Advisors LLC raised its position in shares of Middlesex Water by 68.6% during the 1st quarter. Parallel Advisors LLC now owns 521 shares of the utilities provider’s stock worth $27,000 after buying an additional 212 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Middlesex Water during the 2nd quarter worth about $27,000. Western Wealth Management LLC acquired a new stake in shares of Middlesex Water in the 1st quarter worth approximately $33,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Middlesex Water by 328.9% in the second quarter. Versant Capital Management Inc now owns 682 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 523 shares in the last quarter. 79.52% of the stock is currently owned by institutional investors.

Middlesex Water Price Performance

NASDAQ MSEX opened at $58.26 on Monday. The stock has a market capitalization of $1.10 billion, a P/E ratio of 22.49 and a beta of 0.75. Middlesex Water Company has a 1 year low of $44.17 and a 1 year high of $62.17. The business’s fifty day moving average is $56.18 and its two-hundred day moving average is $53.88. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.41 and a current ratio of 0.50.

Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings data on Thursday, July 30th. The utilities provider reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.13. The business had revenue of $56.36 million during the quarter, compared to analyst estimates of $54.51 million. Middlesex Water had a return on equity of 9.59% and a net margin of 23.26%.

Middlesex Water Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.44 dividend on an annualized basis and a yield of 2.5%. Middlesex Water’s dividend payout ratio (DPR) is currently 55.60%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Robert W. Baird set a $66.00 price objective on shares of Middlesex Water in a research note on Friday, July 31st. New Street Research set a $64.00 price target on Middlesex Water in a research note on Thursday, July 9th. Weiss Ratings upgraded Middlesex Water from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 4th. Finally, Wall Street Zen raised Middlesex Water from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $61.67.

Insider Transactions at Middlesex Water

In other Middlesex Water news, VP Lorrie Beth Ginegaw sold 615 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $57.61, for a total transaction of $35,430.15. Following the completion of the sale, the vice president directly owned 3,978 shares of the company’s stock, valued at approximately $229,172.58. This represents a 13.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.92% of the company’s stock.

Middlesex Water Profile

Middlesex Water Company is a regulated utility specializing in the provision of potable water and wastewater collection services to residential, commercial and industrial customers. The company operates through its wholly owned subsidiaries, supplying treated water and effectively managing sewage collection systems under state and local regulatory frameworks. Its core mission centers on delivering safe, reliable water while complying with stringent environmental and public health standards.

Founded in 1897 and headquartered in Iselin, New Jersey, Middlesex Water has grown from a local water works enterprise into a multi‐state utilities group.