Trustcore Financial Services LLC Purchases Shares of 6,400 Middlesex Water (MSEX)

Trustcore Financial Services LLC purchased a new stake in Middlesex Water (NASDAQ:MSEX) in the 1st quarter, HoldingsChannel reports. The fund purchased 6,400 shares of the utilities provider’s stock, valued at approximately $358,000.

Other hedge funds have also added to or reduced their stakes in the company. Trust Co. of Vermont purchased a new stake in Middlesex Water in the 4th quarter valued at $25,000. Quantamental Technologies LLC purchased a new stake in Middlesex Water in the 4th quarter valued at $41,000. ClariVest Asset Management LLC purchased a new stake in Middlesex Water in the 4th quarter valued at $73,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Middlesex Water by 95.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,376 shares of the utilities provider’s stock valued at $77,000 after purchasing an additional 673 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in Middlesex Water in the 4th quarter valued at $93,000. Hedge funds and other institutional investors own 55.34% of the company’s stock.

Middlesex Water stock traded up $1.04 during trading hours on Thursday, reaching $61.49. 628 shares of the stock were exchanged, compared to its average volume of 49,568. The company has a market cap of $1.02 billion, a P/E ratio of 31.37 and a beta of 0.43. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.26 and a current ratio of 0.32. Middlesex Water has a 52-week low of $40.08 and a 52-week high of $63.67.

Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings data on Monday, May 6th. The utilities provider reported $0.39 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.08. The company had revenue of $30.70 million during the quarter, compared to the consensus estimate of $32.00 million. Middlesex Water had a net margin of 25.05% and a return on equity of 14.01%. As a group, equities analysts predict that Middlesex Water will post 2.17 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $0.96 dividend on an annualized basis and a yield of 1.56%. Middlesex Water’s payout ratio is currently 48.98%.

In other news, CEO Dennis W. Doll sold 3,127 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $61.33, for a total transaction of $191,778.91. Following the transaction, the chief executive officer now directly owns 59,011 shares of the company’s stock, valued at approximately $3,619,144.63. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Dennis W. Doll sold 2,000 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $57.85, for a total transaction of $115,700.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,353 shares of company stock valued at $377,218. 3.49% of the stock is owned by insiders.

Several analysts recently commented on the stock. Zacks Investment Research upgraded shares of Middlesex Water from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research report on Wednesday, January 30th. BidaskClub downgraded shares of Middlesex Water from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd. Finally, Janney Montgomery Scott upgraded shares of Middlesex Water from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $58.00 to $66.00 in a research report on Wednesday, May 8th.

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Middlesex Water Profile

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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Institutional Ownership by Quarter for Middlesex Water (NASDAQ:MSEX)

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