Legal & General Group Plc Acquires Shares of 437,504 Middlesex Water Company $MSEX

Legal & General Group Plc bought a new position in shares of Middlesex Water Company (NASDAQ:MSEX) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 437,504 shares of the utilities provider’s stock, valued at approximately $24,570,000. Legal & General Group Plc owned 2.32% of Middlesex Water at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Renaissance Technologies LLC grew its holdings in Middlesex Water by 13.8% during the first quarter. Renaissance Technologies LLC now owns 147,013 shares of the utilities provider’s stock worth $7,652,000 after acquiring an additional 17,800 shares during the period. Nuance Investments LLC acquired a new stake in Middlesex Water in the second quarter valued at $4,820,000. Magellan Asset Management Ltd acquired a new stake in Middlesex Water in the second quarter valued at $871,000. BlackRock Inc. purchased a new stake in shares of Middlesex Water during the 2nd quarter worth $176,031,000. Finally, Vanguard Group Inc. boosted its position in shares of Middlesex Water by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 1,398,851 shares of the utilities provider’s stock worth $70,530,000 after purchasing an additional 25,363 shares in the last quarter. 79.52% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Lorrie Beth Ginegaw sold 615 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $57.61, for a total value of $35,430.15. Following the sale, the vice president directly owned 3,978 shares in the company, valued at $229,172.58. This represents a 13.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.92% of the stock is owned by company insiders.

Middlesex Water Stock Up 1.1%

MSEX opened at $58.49 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.41 and a current ratio of 0.50. The company has a market cap of $1.10 billion, a price-to-earnings ratio of 22.58 and a beta of 0.75. Middlesex Water Company has a one year low of $44.17 and a one year high of $62.17. The business’s fifty day moving average is $56.81 and its two-hundred day moving average is $54.10.

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

Middlesex Water Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be given a dividend of $0.36 per share. The ex-dividend date is Monday, August 17th. This represents a $1.44 dividend on an annualized basis and a yield of 2.5%. Middlesex Water’s payout ratio is presently 55.60%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Middlesex Water from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 4th. Wall Street Zen raised shares of Middlesex Water from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. New Street Research set a $64.00 target price on shares of Middlesex Water in a research report on Thursday, July 9th. Finally, Robert W. Baird set a $66.00 target price on shares of Middlesex Water in a report on Friday, July 31st. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $61.67.

Middlesex Water Profile

Middlesex Water Company is a regulated utility specializing in the provision of potable water and wastewater collection services to residential, commercial and industrial customers. The company operates through its wholly owned subsidiaries, supplying treated water and effectively managing sewage collection systems under state and local regulatory frameworks. Its core mission centers on delivering safe, reliable water while complying with stringent environmental and public health standards.

Founded in 1897 and headquartered in Iselin, New Jersey, Middlesex Water has grown from a local water works enterprise into a multi‐state utilities group.