Middlesex Water (NASDAQ:MSEX) Shares Up 2.2% – Here’s Why

Shares of Middlesex Water (NASDAQ:MSEX) traded up 2.2% during mid-day trading on Friday . The company traded as high as $63.32 and last traded at $63.32. 20,800 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 159,497 shares. The stock had previously closed at $61.95.

Analyst Ratings Changes

MSEX has been the subject of a number of recent analyst reports. StockNews.com raised Middlesex Water from a “sell” rating to a “hold” rating in a research note on Wednesday, March 19th. Robert W. Baird raised Middlesex Water from a “neutral” rating to an “outperform” rating and set a $61.00 target price on the stock in a research report 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. Finally, Bank of America initiated coverage on Middlesex Water in a research note on Wednesday, December 11th. They set an “underperform” rating and a $56.00 target price for the company.

Middlesex Water Trading Up 3.0 %

The business has a fifty day simple moving average of $54.60 and a 200-day simple moving average of $59.12. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of 27.73, a PEG ratio of 1.50 and a beta of 0.85. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.65.

Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings data on Friday, February 28th. The utilities provider reported $0.49 EPS for the quarter, topping the consensus estimate of $0.36 by $0.13. The company had revenue of $47.11 million during the quarter, compared to the consensus estimate of $45.00 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. During the same quarter last year, the firm posted $0.32 EPS. As a group, equities analysts forecast that Middlesex Water will post 2.34 earnings per share for the current fiscal year.

Middlesex Water Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders 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 yield of 2.13%. Middlesex Water’s dividend payout ratio (DPR) is presently 55.06%.

Insider Activity at Middlesex Water

In related news, Director Dennis W. Doll sold 4,067 shares of Middlesex Water stock in a transaction on Friday, March 21st. The stock was sold at an average price of $60.05, for a total transaction of $244,223.35. Following the completion of the sale, the director now owns 52,112 shares of the company’s stock, valued at approximately $3,129,325.60. This trade represents a 7.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.86% of the stock is owned by company insiders.

Hedge Funds Weigh In On Middlesex Water

Large investors have recently modified their holdings of the company. Barclays PLC increased its position in shares of Middlesex Water by 349.4% in the third quarter. Barclays PLC now owns 29,919 shares of the utilities provider’s stock valued at $1,952,000 after acquiring an additional 23,262 shares during the period. State Street Corp grew its stake in shares of Middlesex Water by 7.0% in the third quarter. State Street Corp now owns 813,455 shares of the utilities provider’s stock worth $53,070,000 after acquiring an additional 53,098 shares during the last quarter. Geode Capital Management LLC increased its stake in Middlesex Water by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 434,559 shares of the utilities provider’s stock valued at $28,356,000 after purchasing an additional 3,430 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in Middlesex Water in the 4th quarter worth approximately $1,595,000. Finally, Principal Financial Group Inc. lifted its stake in Middlesex Water by 3.0% during the 4th quarter. Principal Financial Group Inc. now owns 86,640 shares of the utilities provider’s stock valued at $4,560,000 after acquiring an additional 2,544 shares during the period. 79.52% of the stock is 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.