Middlesex Water (NASDAQ:MSEX) Downgraded by StockNews.com to Sell

StockNews.com cut shares of Middlesex Water (NASDAQ:MSEX - Free Report) from a hold rating to a sell rating in a research report report published on Tuesday.

A number of other research firms have also weighed in on MSEX. Bank of America initiated coverage on Middlesex Water in a research note on Wednesday, December 11th. They set an "underperform" rating and a $56.00 price objective for the company. Baird R W raised shares of Middlesex Water from a "hold" rating to a "strong-buy" rating in a report on Monday, March 3rd. Finally, Robert W. Baird raised shares of Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 price objective for the company in a report on Monday, March 3rd.

Middlesex Water Stock Performance

Shares of MSEX stock traded down $1.99 during mid-day trading on Tuesday, reaching $62.94. The stock had a trading volume of 160,874 shares, compared to its average volume of 123,112. Middlesex Water has a 1-year low of $45.42 and a 1-year high of $70.73. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of 27.37, a PEG ratio of 1.50 and a beta of 0.85. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80. The business's fifty day moving average is $52.13 and its 200-day moving average is $59.22.

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Middlesex Water (NASDAQ:MSEX - Get Free Report) last announced its quarterly earnings data on Friday, February 28th. The utilities provider reported $0.49 EPS for the quarter, beating the consensus estimate of $0.36 by $0.13. The business had revenue of $47.11 million during the quarter, compared to analysts' expectations of $45.00 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. During the same period in the previous year, the business posted $0.32 EPS. On average, research analysts forecast that Middlesex Water will post 2.34 earnings per share for the current year.

Middlesex Water Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date was Tuesday, February 18th. Middlesex Water's dividend payout ratio (DPR) is presently 55.06%.

Institutional Investors Weigh In On Middlesex Water

Several institutional investors and hedge funds have recently added to or reduced their stakes in MSEX. T. Rowe Price Investment Management Inc. raised its position in shares of Middlesex Water by 9.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,471,404 shares of the utilities provider's stock worth $77,440,000 after purchasing an additional 126,732 shares during the last quarter. State Street Corp raised its holdings in shares of Middlesex Water by 7.0% during the third quarter. State Street Corp now owns 813,455 shares of the utilities provider's stock valued at $53,070,000 after acquiring an additional 53,098 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Middlesex Water by 0.8% in the third quarter. Geode Capital Management LLC now owns 434,559 shares of the utilities provider's stock valued at $28,356,000 after acquiring an additional 3,430 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Middlesex Water by 11.6% in the fourth quarter. Northern Trust Corp now owns 223,361 shares of the utilities provider's stock worth $11,755,000 after acquiring an additional 23,289 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Middlesex Water by 3.4% in the fourth quarter. Bank of New York Mellon Corp now owns 214,913 shares of the utilities provider's stock worth $11,311,000 after acquiring an additional 6,983 shares during the last quarter. Hedge funds and other institutional investors own 79.52% of the company's stock.

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.