Cullen Capital Management LLC Decreases Holdings in Middlesex Water (NASDAQ:MSEX)

Cullen Capital Management LLC lowered its stake in shares of Middlesex Water (NASDAQ:MSEX) by 9.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,300 shares of the utilities provider’s stock after selling 423 shares during the period. Cullen Capital Management LLC’s holdings in Middlesex Water were worth $226,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. JPMorgan Chase & Co. increased its stake in Middlesex Water by 187.2% during the 4th quarter. JPMorgan Chase & Co. now owns 92,560 shares of the utilities provider’s stock worth $4,871,000 after buying an additional 60,337 shares in the last quarter. State Street Corp increased its position in shares of Middlesex Water by 7.0% during the third quarter. State Street Corp now owns 813,455 shares of the utilities provider’s stock worth $53,070,000 after purchasing an additional 53,098 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in Middlesex Water in the 4th quarter valued at $1,595,000. Jackson Creek Investment Advisors LLC purchased a new position in Middlesex Water in the 4th quarter valued at $1,246,000. Finally, Barclays PLC boosted its stake in Middlesex Water by 349.4% during the 3rd quarter. Barclays PLC now owns 29,919 shares of the utilities provider’s stock worth $1,952,000 after purchasing an additional 23,262 shares during the last quarter. Institutional investors and hedge funds own 79.52% of the company’s stock.

Insider Activity

In related news, Director Dennis W. Doll sold 4,067 shares of Middlesex Water stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $60.05, for a total value of $244,223.35. Following the completion of the sale, the director now owns 52,112 shares in the company, valued at approximately $3,129,325.60. This trade represents a 7.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.86% of the company’s stock.

Middlesex Water Stock Down 4.2 %

MSEX stock opened at $63.76 on Friday. Middlesex Water has a one year low of $45.42 and a one year high of $70.73. The firm has a market cap of $1.14 billion, a PE ratio of 27.72, a PEG ratio of 1.50 and a beta of 0.79. The firm’s 50 day moving average price is $56.32 and its 200-day moving average price is $59.08. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.65.

Middlesex Water (NASDAQ:MSEX) last posted its earnings results on Friday, February 28th. The utilities provider reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.13. The company had revenue of $47.11 million for the quarter, compared to the consensus estimate of $45.00 million. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. During the same quarter in the previous year, the business earned $0.32 earnings per share. On average, equities research analysts anticipate that Middlesex Water will post 2.34 EPS for the current year.

Middlesex Water Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date was Tuesday, February 18th. Middlesex Water’s dividend payout ratio is presently 55.06%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Baird R W raised shares of Middlesex Water from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 3rd. Robert W. Baird upgraded Middlesex Water from a “neutral” rating to an “outperform” rating and set a $61.00 target price on the stock in a report on Monday, March 3rd. Janney Montgomery Scott reaffirmed a “neutral” rating on shares of Middlesex Water in a report on Friday. Bank of America initiated coverage on Middlesex Water in a research note on Wednesday, December 11th. They set an “underperform” rating and a $56.00 price objective on the stock. Finally, StockNews.com raised Middlesex Water from a “sell” rating to a “hold” rating in a research note on Saturday, March 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $58.50.

Middlesex Water Profile

Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in Regulated and Non-Regulated segments. The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers, as well as provides regulated wastewater systems in New Jersey and Delaware.