Mcrae Capital Management Inc. lowered its stake in shares of Middlesex Water (NASDAQ:MSEX) by 4.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,200 shares of the utilities provider’s stock after selling 200 shares during the period. Mcrae Capital Management Inc.’s holdings in Middlesex Water were worth $235,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Trust Co. of Vermont acquired a new position in Middlesex Water during the fourth quarter worth $25,000. Quantamental Technologies LLC acquired a new position in Middlesex Water during the fourth quarter worth $41,000. ClariVest Asset Management LLC acquired a new position in Middlesex Water during the fourth quarter worth $73,000. Advisory Services Network LLC acquired a new position in Middlesex Water during the fourth quarter worth $93,000. Finally, Legal & General Group Plc boosted its stake in Middlesex Water by 10.4% during the fourth quarter. Legal & General Group Plc now owns 2,892 shares of the utilities provider’s stock worth $154,000 after buying an additional 273 shares during the last quarter. 54.82% of the stock is currently owned by institutional investors.
In other Middlesex Water news, CEO Dennis W. Doll sold 2,000 shares of Middlesex Water stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $57.85, for a total value of $115,700.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Walter G. Reinhard sold 500 shares of Middlesex Water stock in a transaction on Friday, January 25th. The shares were sold at an average price of $58.01, for a total value of $29,005.00. Following the completion of the sale, the director now owns 81 shares in the company, valued at approximately $4,698.81. The disclosure for this sale can be found here. Insiders sold 3,726 shares of company stock worth $214,444 in the last 90 days. Company insiders own 3.48% of the company’s stock.
Middlesex Water (NASDAQ:MSEX) last posted its earnings results on Friday, March 8th. The utilities provider reported $0.43 EPS for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.01. Middlesex Water had a return on equity of 13.50% and a net margin of 23.48%. The company had revenue of $33.27 million for the quarter, compared to the consensus estimate of $33.00 million. Sell-side analysts anticipate that Middlesex Water will post 2.05 earnings per share for the current fiscal year.
A number of equities analysts have weighed in on MSEX shares. Janney Montgomery Scott lowered Middlesex Water from a “buy” rating to a “neutral” rating in a research note on Monday, December 17th. They noted that the move was a valuation call. Zacks Investment Research raised Middlesex Water from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a research note on Saturday, January 12th. Finally, BidaskClub lowered Middlesex Water from a “buy” rating to a “hold” rating in a research note on Friday, February 8th.
About Middlesex Water
Middlesex Water Company, together with its subsidiaries, owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment engages in collecting, treating, and distributing water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers in parts of New Jersey, Delaware, and Pennsylvania.
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