Middlesex Water (NASDAQ:MSEX) Price Target Raised to $61.00

Middlesex Water (NASDAQ:MSEX - Free Report) had its price objective upped by Robert W. Baird from $58.00 to $61.00 in a report published on Friday, Benzinga reports. They currently have a neutral rating on the utilities provider's stock.

Separately, Baird R W downgraded shares of Middlesex Water from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 5th.

Middlesex Water Stock Performance

Shares of MSEX traded up $4.08 during midday trading on Friday, reaching $65.27. 160,231 shares of the stock were exchanged, compared to its average volume of 134,893. The stock's 50 day simple moving average is $64.03 and its 200 day simple moving average is $58.74. The company has a market cap of $1.16 billion, a P/E ratio of 28.38 and a beta of 0.79. Middlesex Water has a twelve month low of $45.42 and a twelve month high of $73.47. The company has a quick ratio of 0.85, a current ratio of 0.90 and a debt-to-equity ratio of 0.82.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.05). Middlesex Water had a return on equity of 8.69% and a net margin of 21.14%. The business had revenue of $49.15 million during the quarter, compared to analyst estimates of $47.00 million. On average, sell-side analysts expect that Middlesex Water will post 2.21 earnings per share for the current year.

Middlesex Water Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend is Friday, November 15th. This is an increase from Middlesex Water's previous quarterly dividend of $0.33. Middlesex Water's payout ratio is 59.13%.

Institutional Investors Weigh In On Middlesex Water

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Middlesex Water by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 1,427,157 shares of the utilities provider's stock worth $93,650,000 after acquiring an additional 20,712 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Middlesex Water by 12.5% in the 2nd 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. ProShare Advisors LLC boosted its holdings in shares of Middlesex Water by 26.5% in the 1st quarter. ProShare Advisors LLC now owns 150,821 shares of the utilities provider's stock valued at $7,918,000 after purchasing an additional 31,607 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Middlesex Water by 89.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 74,946 shares of the utilities provider's stock valued at $4,889,000 after purchasing an additional 35,282 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Middlesex Water by 2.1% during the 2nd quarter. Rhumbline Advisers now owns 62,060 shares of the utilities provider's stock worth $3,243,000 after buying an additional 1,288 shares in the last quarter. 79.52% of the stock is currently owned by institutional investors and hedge funds.

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.