Middlesex Water (NASDAQ:MSEX) Rating Lowered to “Sell” at StockNews.com

StockNews.com lowered shares of Middlesex Water (NASDAQ:MSEX) from a hold rating to a sell rating in a report issued on Thursday.

Other research analysts have also issued reports about the stock. Baird R W upgraded shares of Middlesex Water from a “hold” rating to a “strong-buy” rating in a report on Monday, March 3rd. Robert W. Baird upgraded Middlesex Water from a “neutral” rating to an “outperform” rating and set a $61.00 target price on the stock in a report on Monday, March 3rd. 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 target price for the company. Finally, Janney Montgomery Scott reiterated a “neutral” rating on shares of Middlesex Water in a report on Friday, April 4th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $58.50.

Middlesex Water Stock Performance

Shares of NASDAQ:MSEX opened at $62.14 on Thursday. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80. The company has a market cap of $1.11 billion, a price-to-earnings ratio of 27.02, a price-to-earnings-growth ratio of 1.50 and a beta of 0.80. Middlesex Water has a 12 month low of $45.42 and a 12 month high of $70.73. The company has a 50-day moving average price of $57.75 and a 200-day moving average price of $58.91.

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

Middlesex Water Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were paid a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.36 annualized dividend and a dividend yield of 2.19%. Middlesex Water’s payout ratio is currently 55.06%.

Insider Activity at Middlesex Water

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

Hedge Funds Weigh In On Middlesex Water

A number of hedge funds have recently bought and sold shares of the company. Oppenheimer & Co. Inc. raised its holdings in Middlesex Water by 1.0% in the fourth quarter. Oppenheimer & Co. Inc. now owns 19,863 shares of the utilities provider’s stock worth $1,045,000 after buying an additional 202 shares during the last quarter. Ellevest Inc. lifted its position in Middlesex Water by 3.8% in the 4th quarter. Ellevest Inc. now owns 6,395 shares of the utilities provider’s stock valued at $337,000 after acquiring an additional 233 shares in the last quarter. Bank of Montreal Can boosted its stake in Middlesex Water by 3.5% during the 4th quarter. Bank of Montreal Can now owns 7,474 shares of the utilities provider’s stock valued at $393,000 after purchasing an additional 250 shares during the last quarter. Sterling Capital Management LLC increased its holdings in shares of Middlesex Water by 771.9% in the 4th quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 440 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its stake in shares of Middlesex Water by 2.2% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 20,614 shares of the utilities provider’s stock worth $1,081,000 after purchasing an additional 443 shares during the last quarter. Institutional investors own 79.52% of the company’s stock.

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.