StockNews.com upgraded shares of Middlesex Water (NASDAQ:MSEX - Free Report) from a sell rating to a hold rating in a research report released on Saturday morning.
Several other equities research analysts have also issued reports on MSEX. Bank of America started coverage on Middlesex Water in a research report on Wednesday, December 11th. They set an "underperform" rating and a $56.00 target price for the company. Robert W. Baird raised shares of Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 price objective on the stock in a research report on Monday, March 3rd. Finally, Baird R W upgraded shares of Middlesex Water from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 3rd.
Read Our Latest Stock Analysis on MSEX
Middlesex Water Stock Down 0.6 %
Shares of MSEX traded down $0.40 during trading hours on Friday, reaching $63.87. 115,773 shares of the stock traded hands, compared to its average volume of 129,800. Middlesex Water has a 52 week low of $45.42 and a 52 week high of $70.73. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 27.77, a PEG ratio of 1.50 and a beta of 0.85. The stock has a fifty day simple moving average of $55.67 and a 200 day simple moving average of $59.11. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80.
Middlesex Water (NASDAQ:MSEX - Get Free Report) last posted its earnings results on Friday, February 28th. The utilities provider reported $0.49 EPS for the quarter, topping the consensus estimate of $0.36 by $0.13. The firm had revenue of $47.11 million for 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 quarter last year, the firm earned $0.32 EPS. On average, equities analysts forecast that Middlesex Water will post 2.34 EPS for the current year.
Middlesex Water Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.13%. The ex-dividend date was Tuesday, February 18th. Middlesex Water's dividend payout ratio (DPR) is presently 55.06%.
Insider Activity at Middlesex Water
In other Middlesex Water news, Director Dennis W. Doll sold 4,067 shares of the stock in a transaction on Friday, March 21st. The stock was sold at an average price of $60.05, for a total transaction of $244,223.35. Following the sale, the director now owns 52,112 shares in the company, valued at $3,129,325.60. This represents a 7.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.86% of the stock is currently owned by corporate insiders.
Institutional Trading of Middlesex Water
Institutional investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC increased its position in shares of Middlesex Water by 771.9% during the fourth quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider's stock valued at $26,000 after buying an additional 440 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Middlesex Water by 1,006.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520 shares of the utilities provider's stock valued at $27,000 after acquiring an additional 473 shares in the last quarter. Allworth Financial LP increased its holdings in Middlesex Water by 1,136.4% during the 4th quarter. Allworth Financial LP now owns 544 shares of the utilities provider's stock worth $27,000 after acquiring an additional 500 shares during the period. Crowley Wealth Management Inc. purchased a new stake in Middlesex Water in the 4th quarter worth approximately $37,000. Finally, Victory Capital Management Inc. bought a new position in Middlesex Water in the 3rd quarter valued at $230,000. Hedge funds and other institutional investors own 79.52% of the company's stock.
Middlesex Water Company Profile
(
Get Free Report)
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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