Middlesex Water (NASDAQ:MSEX) Director Sells $244,223.35 in Stock

Middlesex Water (NASDAQ:MSEX) Director Dennis W. Doll sold 4,067 shares of the company’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $60.05, for a total value of $244,223.35. Following the completion of the transaction, the director now directly owns 52,112 shares in the company, valued at approximately $3,129,325.60. The trade was a 7.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Middlesex Water Stock Performance

Shares of MSEX traded up $0.52 during mid-day trading on Monday, reaching $60.49. The company had a trading volume of 246,835 shares, compared to its average volume of 141,198. The stock has a market capitalization of $1.08 billion, a P/E ratio of 26.30, a PEG ratio of 1.50 and a beta of 0.85. Middlesex Water has a 52-week low of $45.42 and a 52-week high of $70.73. The stock has a 50 day moving average of $53.72 and a two-hundred day moving average of $59.11. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80.

Middlesex Water (NASDAQ:MSEX) last released 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 business had revenue of $47.11 million for the quarter, compared to analyst estimates of $45.00 million. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. During the same quarter in the prior year, the firm posted $0.32 EPS. On average, analysts expect that Middlesex Water will post 2.34 earnings per share for the current year.

Middlesex Water Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.36 annualized dividend and a yield of 2.25%. Middlesex Water’s dividend payout ratio is presently 55.06%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. grew its position in shares of Middlesex Water by 1.0% during the 4th quarter. Oppenheimer & Co. Inc. now owns 19,863 shares of the utilities provider’s stock valued at $1,045,000 after acquiring an additional 202 shares during the period. Ellevest Inc. boosted its position in Middlesex Water by 3.8% during the fourth quarter. Ellevest Inc. now owns 6,395 shares of the utilities provider’s stock worth $337,000 after purchasing an additional 233 shares in the last quarter. Bank of Montreal Can grew its holdings in Middlesex Water by 3.5% in the fourth 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 period. Sterling Capital Management LLC increased its position in shares of Middlesex Water by 771.9% in the fourth 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. Finally, CANADA LIFE ASSURANCE Co raised its stake in shares of Middlesex Water by 2.2% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 20,614 shares of the utilities provider’s stock worth $1,081,000 after buying an additional 443 shares during the period. Hedge funds and other institutional investors own 79.52% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on MSEX shares. StockNews.com upgraded Middlesex Water from a “sell” rating to a “hold” rating in a research note on Wednesday, March 19th. 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 research report on Monday, March 3rd. Baird R W raised shares of Middlesex Water from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 3rd. Finally, Bank of America began coverage on shares of Middlesex Water in a research note on Wednesday, December 11th. They set an “underperform” rating and a $56.00 price objective for the company.

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.