Middlesex Water (MSEX) Downgraded to Hold at BidaskClub

BidaskClub cut shares of Middlesex Water (NASDAQ:MSEX) from a buy rating to a hold rating in a report issued on Wednesday.

Several other research analysts have also issued reports on the stock. Zacks Investment Research upgraded shares of Middlesex Water from a sell rating to a hold rating in a research report on Wednesday, October 4th. Janney Montgomery Scott restated a buy rating and issued a $44.00 price target on shares of Middlesex Water in a research report on Wednesday, October 4th.

Middlesex Water (NASDAQ:MSEX) traded up $0.11 during trading on Wednesday, reaching $43.64. 24,100 shares of the company’s stock traded hands, compared to its average volume of 42,888. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.43 and a current ratio of 0.51. The firm has a market capitalization of $711.54, a price-to-earnings ratio of 34.82 and a beta of 0.44. Middlesex Water has a 12-month low of $32.23 and a 12-month high of $46.74.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Thursday, November 9th were given a $0.2238 dividend. This is a positive change from Middlesex Water’s previous quarterly dividend of $0.21. The ex-dividend date was Wednesday, November 8th. This represents a $0.90 annualized dividend and a yield of 2.05%. Middlesex Water’s payout ratio is 71.20%.

In related news, President Gerard L. Esposito sold 1,700 shares of the firm’s stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $42.89, for a total value of $72,913.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Bernadette M. Sohler sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $45.19, for a total transaction of $45,190.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,900 shares of company stock worth $301,283. 3.48% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the stock. BB&T Investment Services Inc. acquired a new position in Middlesex Water in the 2nd quarter worth approximately $119,000. Legal & General Group Plc boosted its stake in Middlesex Water by 4.1% in the 2nd quarter. Legal & General Group Plc now owns 4,101 shares of the utilities provider’s stock worth $162,000 after purchasing an additional 161 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in Middlesex Water in the 2nd quarter worth approximately $207,000. ELCO Management Co. LLC acquired a new position in Middlesex Water in the 2nd quarter worth approximately $208,000. Finally, Russell Investments Group Ltd. boosted its stake in Middlesex Water by 15.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,313 shares of the utilities provider’s stock worth $290,000 after purchasing an additional 965 shares during the period. 50.98% of the stock is owned by hedge funds and other institutional investors.

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Middlesex Water Company Profile

Middlesex Water Company is a water utility company. The Company owns and operates regulated water utility and wastewater systems in New Jersey, Delaware and Pennsylvania. The Company also operates water and wastewater systems under contract on behalf of municipal and private clients in New Jersey and Delaware.

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