Middlesex Water (NASDAQ:MSEX) Sees Strong Trading Volume - Here's Why

Middlesex Water (NASDAQ:MSEX - Get Free Report) shares saw strong trading volume on Tuesday . 303,892 shares were traded during trading, an increase of 130% from the previous session's volume of 131,930 shares.The stock last traded at $53.50 and had previously closed at $53.66.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Bank of America began coverage on Middlesex Water in a research note on Wednesday, December 11th. They issued an "underperform" rating and a $56.00 price objective for the company. Robert W. Baird upped their price target on shares of Middlesex Water from $58.00 to $61.00 and gave the company a "neutral" rating in a research report on Friday, November 1st.

Middlesex Water Trading Down 0.3 %

The firm has a 50 day moving average price of $63.45 and a two-hundred day moving average price of $61.50. 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 $955.24 million, a price-to-earnings ratio of 23.26, a PEG ratio of 1.82 and a beta of 0.82.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.13. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. The firm had revenue of $55.10 million during the quarter, compared to analyst estimates of $50.00 million. During the same quarter last year, the business earned $0.56 EPS. As a group, equities analysts forecast that Middlesex Water will post 2.34 earnings per share for the current year.

Middlesex Water Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 15th were given a dividend of $0.34 per share. The ex-dividend date was Friday, November 15th. This represents a $1.36 dividend on an annualized basis and a yield of 2.54%. This is a boost from Middlesex Water's previous quarterly dividend of $0.33. Middlesex Water's dividend payout ratio is 59.13%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Duff & Phelps Investment Management Co. acquired a new position in shares of Middlesex Water during the 2nd quarter valued at $2,016,000. Bank of New York Mellon Corp increased its stake in Middlesex Water by 12.5% in the second quarter. Bank of New York Mellon Corp now owns 219,119 shares of the utilities provider's stock valued at $11,451,000 after purchasing an additional 24,400 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in shares of Middlesex Water during the third quarter valued at about $1,392,000. State Street Corp boosted its position in shares of Middlesex Water by 7.0% during the 3rd quarter. State Street Corp now owns 813,455 shares of the utilities provider's stock worth $53,070,000 after purchasing an additional 53,098 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Middlesex Water by 9.7% in the 3rd quarter. FMR LLC now owns 7,018 shares of the utilities provider's stock valued at $458,000 after buying an additional 618 shares during the period. 79.52% of the stock is owned by institutional investors and hedge funds.

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.