Penn Capital Management Company LLC Boosts Position in Middlesex Water Company $MSEX

Penn Capital Management Company LLC raised its stake in Middlesex Water Company (NASDAQ:MSEX) by 129.7% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 39,705 shares of the utilities provider’s stock after buying an additional 22,422 shares during the period. Penn Capital Management Company LLC’s holdings in Middlesex Water were worth $2,149,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Versant Capital Management Inc raised its stake in shares of Middlesex Water by 483.5% during the third quarter. Versant Capital Management Inc now owns 566 shares of the utilities provider’s stock valued at $31,000 after acquiring an additional 469 shares in the last quarter. Hantz Financial Services Inc. grew its stake in Middlesex Water by 137.8% in the third quarter. Hantz Financial Services Inc. now owns 635 shares of the utilities provider’s stock worth $34,000 after purchasing an additional 368 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Middlesex Water by 35.8% in the third quarter. Nisa Investment Advisors LLC now owns 645 shares of the utilities provider’s stock worth $35,000 after purchasing an additional 170 shares in the last quarter. CWM LLC increased its holdings in Middlesex Water by 124.2% during the 3rd quarter. CWM LLC now owns 3,906 shares of the utilities provider’s stock worth $211,000 after purchasing an additional 2,164 shares during the period. Finally, Quantessence Capital LLC purchased a new position in Middlesex Water during the 3rd quarter worth $221,000. 79.52% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MSEX. New Street Research set a $52.00 target price on Middlesex Water in a report on Friday, December 5th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Middlesex Water in a research note on Thursday, January 22nd. Finally, Loop Capital set a $55.00 target price on shares of Middlesex Water in a research report on Wednesday, February 25th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.00.

Insider Buying and Selling

In other news, Director Robert N. Hoglund purchased 2,000 shares of the firm’s stock in a transaction on Friday, February 27th. The stock was acquired at an average cost of $54.31 per share, with a total value of $108,620.00. Following the completion of the transaction, the director owned 2,000 shares in the company, valued at $108,620. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.86% of the company’s stock.

Middlesex Water Stock Down 1.3%

Shares of NASDAQ MSEX opened at $51.31 on Wednesday. Middlesex Water Company has a 12-month low of $44.17 and a 12-month high of $67.09. The stock’s fifty day simple moving average is $53.12 and its two-hundred day simple moving average is $53.33. The stock has a market capitalization of $950.26 million, a PE ratio of 21.74, a price-to-earnings-growth ratio of 2.43 and a beta of 0.90. The company has a current ratio of 0.45, a quick ratio of 0.36 and a debt-to-equity ratio of 0.77.

Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings results on Thursday, February 19th. The utilities provider reported $0.46 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.03). The company had revenue of $46.98 million during the quarter, compared to the consensus estimate of $46.91 million. Middlesex Water had a return on equity of 9.09% and a net margin of 21.99%. As a group, analysts expect that Middlesex Water Company will post 2.34 EPS for the current fiscal year.

Middlesex Water Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Tuesday, February 17th were issued a $0.36 dividend. The ex-dividend date was Tuesday, February 17th. This represents a $1.44 dividend on an annualized basis and a yield of 2.8%. Middlesex Water’s payout ratio is currently 61.02%.

Middlesex Water Company 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.