Middlesex Water (NASDAQ:MSEX) Trading Down 4% - Here's What Happened

Shares of Middlesex Water (NASDAQ:MSEX - Get Free Report) traded down 4% on Monday . The company traded as low as $60.50 and last traded at $59.70. 10,386 shares were traded during trading, a decline of 91% from the average session volume of 120,908 shares. The stock had previously closed at $62.21.

Analysts Set New Price Targets

MSEX has been the topic of several analyst reports. Robert W. Baird upgraded shares of Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 target price on the stock 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 note on Monday, March 3rd. Bank of America assumed coverage on Middlesex Water in a research note on Wednesday, December 11th. They issued an "underperform" rating and a $56.00 price target for the company. Finally, StockNews.com raised Middlesex Water from a "sell" rating to a "hold" rating in a research report on Wednesday.

Middlesex Water Stock Up 0.9 %

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 $1.07 billion, a PE ratio of 26.07, a PEG ratio of 1.50 and a beta of 0.85. The company's fifty day moving average is $53.50 and its 200-day moving average is $59.19.

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Middlesex Water (NASDAQ:MSEX - Get Free Report) last released 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 firm 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 period last year, the business posted $0.32 EPS. On average, analysts predict that Middlesex Water will post 2.34 EPS for the current year.

Middlesex Water Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were paid a $0.34 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.27%. Middlesex Water's dividend payout ratio (DPR) is presently 55.06%.

Institutional Trading of Middlesex Water

Several institutional investors have recently made changes to their positions in the business. Sterling Capital Management LLC grew its holdings in Middlesex Water by 771.9% during the 4th 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 in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of 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 acquiring an additional 473 shares during the last quarter. Allworth Financial LP grew its stake in Middlesex Water by 1,136.4% during the fourth quarter. Allworth Financial LP now owns 544 shares of the utilities provider's stock valued at $27,000 after acquiring an additional 500 shares in the last quarter. Crowley Wealth Management Inc. bought a new stake in Middlesex Water in the 4th quarter valued at $37,000. Finally, Victory Capital Management Inc. purchased a new stake in Middlesex Water in the 3rd quarter worth $230,000. Hedge funds and other institutional investors own 79.52% of the company's stock.

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.