Middlesex Water (NASDAQ:MSEX) Shares Down 4.7% – Here’s Why

Middlesex Water (NASDAQ:MSEX) was down 4.7% on Wednesday . The stock traded as low as $48.69 and last traded at $48.74. Approximately 28,932 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 118,403 shares. The stock had previously closed at $51.14.

Analysts Set New Price Targets

MSEX has been the topic of several analyst reports. Bank of America assumed coverage on Middlesex Water in a research report on Wednesday, December 11th. They set an “underperform” rating and a $56.00 target price on the stock. Robert W. Baird increased their target price on shares of Middlesex Water from $58.00 to $61.00 and gave the company a “neutral” rating in a research report on Friday, November 1st.

Middlesex Water Price Performance

The business’s fifty day simple moving average is $57.75 and its 200-day simple moving average is $61.38. 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 firm has a market cap of $872.37 million, a P/E ratio of 21.25, a PEG ratio of 1.51 and a beta of 0.85.

Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings data on Thursday, October 31st. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.13. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. The company had revenue of $55.10 million for the quarter, compared to analyst estimates of $50.00 million. During the same period in the previous year, the company posted $0.56 EPS. As a group, analysts forecast that Middlesex Water will post 2.34 EPS for the current fiscal year.

Middlesex Water Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 15th were given a $0.34 dividend. This is a positive change from Middlesex Water’s previous quarterly dividend of $0.33. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend was Friday, November 15th. Middlesex Water’s dividend payout ratio (DPR) is 59.13%.

Institutional Trading of Middlesex Water

Several institutional investors and hedge funds have recently bought and sold shares of MSEX. Creative Financial Designs Inc. ADV grew its position in shares of Middlesex Water by 5.0% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 4,236 shares of the utilities provider’s stock valued at $276,000 after purchasing an additional 201 shares in the last quarter. Squarepoint Ops LLC grew its position in Middlesex Water by 4.7% during the second quarter. Squarepoint Ops LLC now owns 9,462 shares of the utilities provider’s stock worth $494,000 after buying an additional 421 shares in the last quarter. Marshall Wace LLP increased its stake in Middlesex Water by 2.4% in the 2nd quarter. Marshall Wace LLP now owns 24,685 shares of the utilities provider’s stock worth $1,290,000 after acquiring an additional 580 shares during the last quarter. FMR LLC increased its stake in Middlesex Water by 9.7% in the 3rd quarter. FMR LLC now owns 7,018 shares of the utilities provider’s stock worth $458,000 after acquiring an additional 618 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Middlesex Water by 9.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,280 shares of the utilities provider’s stock valued at $485,000 after acquiring an additional 767 shares in the last quarter. 79.52% of the stock is currently owned by hedge funds and other institutional investors.

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.