Dennis W. Doll Sells 4,067 Shares of Middlesex Water (NASDAQ:MSEX) Stock

Middlesex Water (NASDAQ:MSEX) Director Dennis W. Doll sold 4,067 shares of Middlesex Water 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 transaction, the director now directly owns 52,112 shares of the company’s stock, valued at approximately $3,129,325.60. The trade was a 7.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Middlesex Water Stock Up 0.9 %

NASDAQ MSEX opened at $60.49 on Tuesday. The stock has a market capitalization of $1.08 billion, a P/E ratio of 26.30, a price-to-earnings-growth 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 company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.65. The stock has a fifty day moving average of $53.94 and a 200-day moving average of $59.10.

Middlesex Water (NASDAQ:MSEX) last announced 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. The firm had revenue of $47.11 million during the quarter, compared to analysts’ expectations of $45.00 million. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. During the same period in the previous year, the business posted $0.32 EPS. On average, equities research analysts forecast that Middlesex Water will post 2.34 EPS for the current year.

Middlesex Water Dividend Announcement

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

Hedge Funds Weigh In On Middlesex Water

Several institutional investors have recently modified their holdings of the stock. Sterling Capital Management LLC raised its position 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 valued at $26,000 after acquiring an additional 440 shares during the period. Allworth Financial LP increased its stake in Middlesex Water by 1,136.4% in the fourth quarter. Allworth Financial LP now owns 544 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 500 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Middlesex Water by 1,006.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 473 shares during the period. Crowley Wealth Management Inc. acquired a new stake in Middlesex Water in the fourth quarter worth $37,000. Finally, Victory Capital Management Inc. bought a new position in shares of Middlesex Water during the third quarter worth $230,000. 79.52% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on MSEX. Robert W. Baird upgraded shares of Middlesex Water from a “neutral” rating to an “outperform” rating and set a $61.00 price target on the stock in a research report on Monday, March 3rd. StockNews.com upgraded Middlesex Water from a “sell” rating to a “hold” rating in a research report on Wednesday, March 19th. Bank of America initiated coverage on Middlesex Water in a research note on Wednesday, December 11th. They issued an “underperform” rating and a $56.00 price objective on the stock. Finally, Baird R W raised Middlesex Water from a “hold” rating to a “strong-buy” rating in a report on Monday, March 3rd.

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.