BidaskClub upgraded shares of Middlesex Water (NASDAQ:MSEX) from a buy rating to a strong-buy rating in a report published on Wednesday.
A number of other analysts also recently weighed in on the stock. Janney Montgomery Scott upgraded shares of Middlesex Water from a neutral rating to a buy rating and set a $53.00 price target on the stock in a research report on Monday, November 5th. Zacks Investment Research upgraded shares of Middlesex Water from a hold rating to a buy rating and set a $50.00 price target on the stock in a research report on Thursday, August 9th.
Shares of NASDAQ:MSEX opened at $52.43 on Wednesday. The company has a market capitalization of $865.83 million, a P/E ratio of 28.54 and a beta of 0.54. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.32 and a current ratio of 0.37. Middlesex Water has a fifty-two week low of $33.96 and a fifty-two week high of $53.85.
Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings results on Friday, November 2nd. The utilities provider reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.09. The business had revenue of $38.71 million for the quarter, compared to the consensus estimate of $38.00 million. Middlesex Water had a net margin of 22.61% and a return on equity of 13.10%. On average, analysts forecast that Middlesex Water will post 1.96 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, December 3rd. Shareholders of record on Thursday, November 15th were issued a dividend of $0.24 per share. This is an increase from Middlesex Water’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend was Wednesday, November 14th. Middlesex Water’s dividend payout ratio (DPR) is 69.57%.
In other Middlesex Water news, Chairman Dennis W. Doll sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, November 9th. The shares were sold at an average price of $49.71, for a total transaction of $198,840.00. Following the sale, the chairman now directly owns 49,849 shares in the company, valued at approximately $2,477,993.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP A Bruce Oconnor sold 3,321 shares of the firm’s stock in a transaction that occurred on Friday, October 5th. The stock was sold at an average price of $45.82, for a total transaction of $152,168.22. Following the sale, the vice president now owns 16,307 shares in the company, valued at $747,186.74. The disclosure for this sale can be found here. Insiders have sold a total of 7,578 shares of company stock worth $363,784 over the last 90 days. Corporate insiders own 3.48% of the company’s stock.
A number of hedge funds have recently made changes to their positions in MSEX. TD Asset Management Inc. increased its holdings in Middlesex Water by 69.3% in the second quarter. TD Asset Management Inc. now owns 10,751 shares of the utilities provider’s stock valued at $453,000 after buying an additional 4,400 shares in the last quarter. First Trust Advisors LP grew its position in shares of Middlesex Water by 4.5% in the second quarter. First Trust Advisors LP now owns 127,597 shares of the utilities provider’s stock valued at $5,381,000 after purchasing an additional 5,520 shares during the last quarter. KBC Group NV grew its position in shares of Middlesex Water by 13.7% in the second quarter. KBC Group NV now owns 70,475 shares of the utilities provider’s stock valued at $2,972,000 after purchasing an additional 8,482 shares during the last quarter. Sei Investments Co. grew its position in shares of Middlesex Water by 6,000.0% in the second quarter. Sei Investments Co. now owns 2,562 shares of the utilities provider’s stock valued at $108,000 after purchasing an additional 2,520 shares during the last quarter. Finally, Strs Ohio grew its position in shares of Middlesex Water by 9.4% in the second quarter. Strs Ohio now owns 13,900 shares of the utilities provider’s stock valued at $586,000 after purchasing an additional 1,200 shares during the last quarter. Hedge funds and other institutional investors own 54.01% of the company’s stock.
Middlesex Water Company Profile
Middlesex Water Company, together with its subsidiaries, owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment engages in collecting, treating, and distributing water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers in parts of New Jersey, Delaware, and Pennsylvania.
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