Insider Selling: Middlesex Water (NASDAQ:MSEX) Director Sells 300 Shares of Stock

Middlesex Water (NASDAQ:MSEX - Get Free Report) Director Walter G. Reinhard sold 300 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $64.41, for a total transaction of $19,323.00. Following the transaction, the director now owns 6,351 shares of the company's stock, valued at $409,067.91. This represents a 4.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Middlesex Water Price Performance

Shares of MSEX stock traded down $1.78 during mid-day trading on Tuesday, hitting $63.15. 57,252 shares of the stock were exchanged, compared to its average volume of 120,728. Middlesex Water has a 52-week low of $45.42 and a 52-week high of $70.73. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80. The company has a market cap of $1.13 billion, a PE ratio of 27.45, a price-to-earnings-growth ratio of 1.50 and a beta of 0.85. The firm has a fifty day moving average of $51.93 and a 200 day moving average of $59.21.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last issued its quarterly earnings results on Friday, February 28th. The utilities provider reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.13. The company had revenue of $47.11 million for the quarter, compared to the consensus estimate of $45.00 million. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. During the same quarter in the prior year, the business posted $0.32 earnings per share. Research analysts anticipate that Middlesex Water will post 2.34 earnings per share for the current year.

Middlesex Water Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend was Tuesday, February 18th. Middlesex Water's payout ratio is presently 55.06%.

Hedge Funds Weigh In On Middlesex Water

Large investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Middlesex Water during the third quarter worth about $225,000. Victory Capital Management Inc. acquired a new stake in Middlesex Water in the 3rd quarter worth about $230,000. Cable Hill Partners LLC purchased a new stake in Middlesex Water during the 3rd quarter worth approximately $292,000. Intech Investment Management LLC purchased a new position in shares of Middlesex Water in the third quarter valued at approximately $271,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Middlesex Water by 4.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 167,281 shares of the utilities provider's stock worth $10,913,000 after acquiring an additional 6,844 shares during the last quarter. 79.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MSEX has been the subject of a number of recent research reports. Robert W. Baird upgraded Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 price objective for the company in a research note on Monday, March 3rd. Baird R W upgraded Middlesex Water from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 3rd. Bank of America began coverage on Middlesex Water in a report on Wednesday, December 11th. They issued an "underperform" rating and a $56.00 price target for the company. Finally, StockNews.com cut shares of Middlesex Water from a "hold" rating to a "sell" rating in a research note on Tuesday.

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About Middlesex Water

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.

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