Armstrong Advisory Group Inc. Has $190,000 Stake in Middlesex Water (NASDAQ:MSEX)

Armstrong Advisory Group Inc. trimmed its stake in Middlesex Water (NASDAQ:MSEX) by 12.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,603 shares of the utilities provider’s stock after selling 513 shares during the period. Armstrong Advisory Group Inc.’s holdings in Middlesex Water were worth $190,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in Middlesex Water by 66.2% during the 3rd quarter. GAMMA Investing LLC now owns 2,046 shares of the utilities provider’s stock worth $133,000 after acquiring an additional 815 shares during the last quarter. Crestwood Advisors Group LLC acquired a new position in shares of Middlesex Water during the third quarter worth approximately $210,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Middlesex Water in the third quarter valued at approximately $225,000. Everence Capital Management Inc. acquired a new stake in shares of Middlesex Water in the third quarter worth $230,000. Finally, Victory Capital Management Inc. bought a new position in Middlesex Water during the third quarter worth $230,000. 79.52% of the stock is currently owned by institutional investors and hedge funds.

Middlesex Water Trading Up 3.0 %

Shares of Middlesex Water stock opened at $51.53 on Friday. Middlesex Water has a 52-week low of $45.42 and a 52-week high of $70.73. The firm has a market capitalization of $920.07 million, a PE ratio of 22.40, a price-to-earnings-growth ratio of 1.45 and a beta of 0.85. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.65 and a quick ratio of 0.57. The company’s fifty day moving average price is $59.15 and its two-hundred day moving average price is $61.37.

Middlesex Water (NASDAQ:MSEX) last posted its earnings results on Thursday, October 31st. The utilities provider reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.13. The business had revenue of $55.10 million for the quarter, compared to analysts’ expectations of $50.00 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. During the same quarter in the previous year, the firm posted $0.56 earnings per share. On average, analysts expect that Middlesex Water will post 2.34 EPS for the current year.

Middlesex Water Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 15th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.64%. This is a boost from Middlesex Water’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Friday, November 15th. Middlesex Water’s dividend payout ratio is 59.13%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on MSEX shares. Robert W. Baird increased their price target on shares of Middlesex Water from $58.00 to $61.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Bank of America assumed coverage on Middlesex Water in a research report on Wednesday, December 11th. They set an “underperform” rating and a $56.00 target price on the stock.

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.