Middlesex Water Company $MSEX Shares Newly Bought by Madrona Financial Services LLC

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

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Middlesex Water during the 2nd quarter valued at approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Middlesex Water in the 2nd quarter valued at approximately $27,000. Integrated Wealth Concepts LLC purchased a new position in Middlesex Water in the 2nd quarter valued at approximately $28,000. Parallel Advisors LLC raised its holdings in Middlesex Water by 68.6% during the 1st quarter. Parallel Advisors LLC now owns 521 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 212 shares during the period. Finally, Western Wealth Management LLC bought a new stake in Middlesex Water during the 1st quarter valued at $33,000. Institutional investors own 79.52% of the company’s stock.

Insider Buying and Selling

In other news, VP Lorrie Ginegaw sold 615 shares of the business’s stock in a transaction on 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 transaction, the vice president directly owned 3,978 shares in the company, valued at $229,172.58. The trade was a 13.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.92% of the stock is currently owned by insiders.

Middlesex Water Price Performance

MSEX stock opened at $56.03 on Friday. The firm has a 50 day moving average of $55.76 and a 200-day moving average of $54.67. The company has a current ratio of 0.50, a quick ratio of 0.41 and a debt-to-equity ratio of 0.76. Middlesex Water Company has a 12 month low of $44.17 and a 12 month high of $62.17. The firm has a market capitalization of $1.06 billion, a P/E ratio of 21.63 and a beta of 0.74.

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

Analyst Ratings Changes

Several research firms have issued reports on MSEX. Robert W. Baird set a $66.00 target price on Middlesex Water in a research report on Friday, July 31st. New Street Research set a $64.00 price target on Middlesex Water in a research report on Thursday, July 9th. Finally, Weiss Ratings upgraded Middlesex Water from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, October 12th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Middlesex Water presently has an average rating of “Moderate Buy” and an average target price of $61.67.

About Middlesex Water

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.