Penn Capital Management Co. Inc. Takes Position in Middlesex Water (MSEX)

Penn Capital Management Co. Inc. bought a new position in shares of Middlesex Water (NASDAQ:MSEX) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 6,850 shares of the utilities provider’s stock, valued at approximately $384,000.

Other hedge funds also recently made changes to their positions in the company. Trust Co. of Vermont acquired a new stake in Middlesex Water during the fourth quarter worth $25,000. Quantamental Technologies LLC acquired a new stake in Middlesex Water during the fourth quarter worth $41,000. ClariVest Asset Management LLC acquired a new stake in Middlesex Water during the fourth quarter worth $73,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Middlesex Water by 95.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,376 shares of the utilities provider’s stock worth $77,000 after buying an additional 673 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in Middlesex Water during the fourth quarter worth $93,000. 55.34% of the stock is currently owned by institutional investors and hedge funds.

In other news, VP Lorrie Beth Ginegaw sold 720 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $56.21, for a total value of $40,471.20. Following the sale, the vice president now owns 6,445 shares in the company, valued at approximately $362,273.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Bernadette M. Sohler sold 500 shares of the business’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $57.85, for a total transaction of $28,925.00. The disclosure for this sale can be found here. Insiders sold a total of 8,053 shares of company stock worth $481,020 in the last 90 days. 3.49% of the stock is owned by corporate insiders.

Shares of NASDAQ:MSEX opened at $60.79 on Friday. Middlesex Water has a 52 week low of $40.08 and a 52 week high of $63.67. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.26 and a current ratio of 0.32. The firm has a market capitalization of $1.01 billion, a PE ratio of 31.02 and a beta of 0.43.

Middlesex Water (NASDAQ:MSEX) last issued its earnings results on Monday, May 6th. The utilities provider reported $0.39 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.08. Middlesex Water had a net margin of 25.05% and a return on equity of 14.01%. The company had revenue of $30.70 million for the quarter, compared to the consensus estimate of $32.00 million. On average, sell-side analysts forecast that Middlesex Water will post 2.17 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th will be paid a $0.24 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $0.96 annualized dividend and a dividend yield of 1.58%. Middlesex Water’s dividend payout ratio is presently 48.98%.

A number of research firms have weighed in on MSEX. BidaskClub upgraded shares of Middlesex Water from a “hold” rating to a “buy” rating in a research note on Tuesday. Zacks Investment Research upgraded shares of Middlesex Water from a “hold” rating to a “strong-buy” rating and set a $68.00 price target on the stock in a research note on Friday, May 10th. Finally, Janney Montgomery Scott upgraded shares of Middlesex Water from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $58.00 to $66.00 in a research note 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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