Middlesex Water (NASDAQ:MSEX) Upgraded to "Outperform" at Robert W. Baird

Middlesex Water (NASDAQ:MSEX - Get Free Report) was upgraded by equities researchers at Robert W. Baird from a "neutral" rating to an "outperform" rating in a note issued to investors on Monday, Marketbeat.com reports. The firm presently has a $61.00 price objective on the utilities provider's stock. Robert W. Baird's price target suggests a potential downside of 0.15% from the stock's current price.

Separately, Bank of America initiated coverage on Middlesex Water in a report on Wednesday, December 11th. They issued an "underperform" rating and a $56.00 price objective on the stock.

Middlesex Water Price Performance

MSEX traded up $2.12 during trading on Monday, hitting $61.09. The company's stock had a trading volume of 131,788 shares, compared to its average volume of 117,490. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 26.56, a P/E/G ratio of 1.50 and a beta of 0.85. Middlesex Water has a twelve month low of $45.42 and a twelve month high of $70.73. The business's fifty day simple moving average is $51.32 and its 200 day simple moving average is $59.17. 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 quarterly earnings data on Friday, February 28th. The utilities provider reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.36 by $0.13. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. The company had revenue of $47.11 million during the quarter, compared to analysts' expectations of $45.00 million. During the same period in the prior year, the business posted $0.32 earnings per share. On average, equities research analysts forecast that Middlesex Water will post 2.34 EPS for the current fiscal year.

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Institutional Trading of Middlesex Water

Several large investors have recently added to or reduced their stakes in MSEX. Sterling Capital Management LLC raised its holdings in shares of Middlesex Water by 771.9% during the 4th quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider's stock worth $26,000 after acquiring an additional 440 shares during the period. Allworth Financial LP increased its position in Middlesex Water by 1,136.4% during the fourth quarter. Allworth Financial LP now owns 544 shares of the utilities provider's stock worth $27,000 after purchasing an additional 500 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised 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 worth $27,000 after purchasing an additional 473 shares during the period. Crowley Wealth Management Inc. acquired a new position in Middlesex Water in the 4th quarter valued at about $37,000. Finally, Crestwood Advisors Group LLC purchased a new stake in shares of Middlesex Water in the 3rd quarter valued at approximately $210,000. 79.52% of the stock is currently owned by hedge funds and other institutional investors.

Middlesex Water Company 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.