Madrona Financial Services LLC Buys New Holdings in Middlesex Water Company $MSEX

Madrona Financial Services LLC bought a new position in Middlesex Water Company (NASDAQ:MSEX) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 8,937 shares of the utilities provider’s stock, valued at approximately $473,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MSEX. Janney Montgomery Scott LLC lifted its stake in shares of Middlesex Water by 4.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 4,836 shares of the utilities provider’s stock worth $252,000 after buying an additional 202 shares during the last quarter. Parallel Advisors LLC raised its position in 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 purchasing an additional 212 shares during the last quarter. Private Advisor Group LLC raised its position in Middlesex Water by 1.9% during the 1st quarter. Private Advisor Group LLC now owns 11,969 shares of the utilities provider’s stock worth $623,000 after purchasing an additional 226 shares during the last quarter. Allworth Financial LP lifted its holdings in Middlesex Water by 41.4% during the 2nd quarter. Allworth Financial LP now owns 775 shares of the utilities provider’s stock worth $44,000 after buying an additional 227 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in Middlesex Water by 44.7% during the 3rd quarter. Versant Capital Management Inc now owns 987 shares of the utilities provider’s stock worth $52,000 after buying an additional 305 shares during the period. 79.52% of the stock is owned by institutional investors.

Middlesex Water Stock Up 0.4%

MSEX opened at $56.03 on Friday. The company has a quick ratio of 0.41, a current ratio of 0.50 and a debt-to-equity ratio of 0.76. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of 21.63 and a beta of 0.74. Middlesex Water Company has a twelve month low of $44.17 and a twelve month high of $62.17. The company’s 50-day moving average price is $55.76 and its two-hundred day moving average price is $54.67.

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

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Robert W. Baird set a $66.00 price target on Middlesex Water in a research report on Friday, July 31st. Weiss Ratings upgraded Middlesex Water from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, October 12th. Finally, New Street Research set a $64.00 target price on Middlesex Water in a research report on Thursday, July 9th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $61.67.

Insiders Place Their Bets

In other Middlesex Water news, VP Lorrie Ginegaw sold 615 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $57.61, for a total value 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 $229,172.58. This trade represents a 13.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.92% of the company’s stock.

Middlesex Water Company Profile

Middlesex Water Company (NASDAQ:MSEX) is a regulated water and wastewater utility that owns and operates systems serving residential, commercial, industrial and municipal customers. Its services include the production, treatment, distribution and sale of potable water, as well as wastewater collection and treatment.

Founded in 1897, the company primarily serves communities in New Jersey and Delaware through its regulated utility operations. Its New Jersey service area includes portions of Middlesex, Union, Somerset and Mercer counties, while its Delaware operations serve customers through the Tidewater Utilities subsidiary.

Middlesex Water also provides contract operations, maintenance and related services for municipal and other public water and wastewater systems.