Principal Financial Group Inc. Reduces Stock Position in Middlesex Water Company $MSEX

Principal Financial Group Inc. reduced its stake in Middlesex Water Company (NASDAQ:MSEX) by 29.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,387 shares of the utilities provider’s stock after selling 43,747 shares during the period. Principal Financial Group Inc. owned approximately 0.57% of Middlesex Water worth $5,485,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fifth Third Bancorp lifted its holdings in shares of Middlesex Water by 3,228.0% in the first quarter. Fifth Third Bancorp now owns 4,393 shares of the utilities provider’s stock worth $229,000 after buying an additional 4,261 shares in the last quarter. Private Advisor Group LLC grew its position in shares of Middlesex Water by 1.9% during the 1st quarter. Private Advisor Group LLC now owns 11,969 shares of the utilities provider’s stock valued at $623,000 after purchasing an additional 226 shares in the last quarter. TSP Capital Management Group LLC increased its holdings in shares of Middlesex Water by 11.8% in the first quarter. TSP Capital Management Group LLC now owns 210,332 shares of the utilities provider’s stock worth $10,948,000 after purchasing an additional 22,254 shares during the period. Inspire Investing LLC raised its position in shares of Middlesex Water by 6.6% in the first quarter. Inspire Investing LLC now owns 9,857 shares of the utilities provider’s stock worth $513,000 after buying an additional 614 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in Middlesex Water by 4.4% during the first quarter. Janney Montgomery Scott LLC now owns 4,836 shares of the utilities provider’s stock valued at $252,000 after buying an additional 202 shares during the period. 79.52% of the stock is currently owned by institutional investors.

Middlesex Water Trading Up 3.0%

Shares of MSEX stock opened at $57.86 on Wednesday. The company has a quick ratio of 0.32, a current ratio of 0.39 and a debt-to-equity ratio of 0.74. The business has a 50-day moving average price of $54.22 and a two-hundred day moving average price of $53.24. Middlesex Water Company has a 12-month low of $44.17 and a 12-month high of $62.17. The firm has a market cap of $1.08 billion, a P/E ratio of 24.11 and a beta of 0.78.

Middlesex Water (NASDAQ:MSEX) last posted its quarterly earnings data on Thursday, April 30th. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.57. The firm had revenue of $48.71 million during the quarter, compared to analysts’ expectations of $49.75 million. Middlesex Water had a return on equity of 9.08% and a net margin of 22.07%.

Middlesex Water Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Monday, August 17th. Middlesex Water’s dividend payout ratio (DPR) is presently 60.00%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. New Street Research set a $64.00 target price on Middlesex Water in a research note on Thursday, July 9th. Wall Street Zen raised Middlesex Water from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Weiss Ratings downgraded shares of Middlesex Water from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.67.

Middlesex Water Company 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.