Middlesex Water (NASDAQ:MSEX) Stock Rating Upgraded by StockNews.com

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

A number of other brokerages have also recently weighed in on MSEX. Robert W. Baird upgraded Middlesex Water from a “neutral” rating to an “outperform” rating and set a $61.00 price objective for the company in a research note on Monday, March 3rd. Baird R W raised Middlesex Water from a “hold” rating to a “strong-buy” rating in a report on Monday, March 3rd. Finally, Bank of America started coverage on shares of Middlesex Water in a research note on Wednesday, December 11th. They set an “underperform” rating and a $56.00 price target on the stock.

Middlesex Water Stock Up 1.0 %

Shares of NASDAQ:MSEX opened at $64.10 on Friday. Middlesex Water has a fifty-two week low of $45.42 and a fifty-two week high of $70.73. The firm’s 50 day moving average price is $55.11 and its 200 day moving average price is $59.08. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of 27.87, a price-to-earnings-growth ratio of 1.50 and a beta of 0.85. 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 issued its earnings results 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. 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 last year, the company earned $0.32 EPS. As a group, equities research analysts predict that Middlesex Water will post 2.34 earnings per share for the current fiscal year.

Middlesex Water Dividend Announcement

The business also recently disclosed 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 dividend yield of 2.12%. Middlesex Water’s dividend payout ratio is currently 55.06%.

Insider Activity

In other Middlesex Water 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 transaction of $244,223.35. Following the transaction, the director now owns 52,112 shares of the company’s stock, valued at $3,129,325.60. This represents a 7.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 1.86% of the company’s stock.

Hedge Funds Weigh In On Middlesex Water

Institutional investors and hedge funds have recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Middlesex Water by 15.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 56,873 shares of the utilities provider’s stock worth $2,993,000 after purchasing an additional 7,562 shares in the last quarter. Squarepoint Ops LLC raised its stake in Middlesex Water by 119.0% during the fourth quarter. Squarepoint Ops LLC now owns 25,373 shares of the utilities provider’s stock valued at $1,335,000 after buying an additional 13,786 shares in the last quarter. Two Sigma Investments LP acquired a new position in Middlesex Water in the fourth quarter worth $829,000. ProShare Advisors LLC boosted its holdings in shares of Middlesex Water by 13.5% in the 4th quarter. ProShare Advisors LLC now owns 133,629 shares of the utilities provider’s stock valued at $7,033,000 after buying an additional 15,878 shares during the period. Finally, Millennium Management LLC bought a new position in shares of Middlesex Water during the fourth quarter valued at approximately $2,224,000. Institutional investors and hedge funds own 79.52% of the company’s stock.

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.