Middlesex Water (NASDAQ:MSEX) Rating Lowered to Sell at BidaskClub

BidaskClub lowered shares of Middlesex Water (NASDAQ:MSEX) from a hold rating to a sell rating in a research note issued to investors on Thursday, December 21st.

A number of other analysts have also commented on MSEX. Zacks Investment Research upgraded Middlesex Water from a sell rating to a hold rating in a report on Friday, September 1st. Janney Montgomery Scott reissued a buy rating and set a $44.00 price target on shares of Middlesex Water in a research report on Wednesday, October 4th.

Middlesex Water (NASDAQ:MSEX) traded down $0.41 during trading hours on Thursday, reaching $37.37. The company’s stock had a trading volume of 152,343 shares, compared to its average volume of 71,456. The firm has a market capitalization of $607.58, a PE ratio of 29.90 and a beta of 0.45. Middlesex Water has a 1 year low of $32.23 and a 1 year high of $46.74. The company has a current ratio of 0.51, a quick ratio of 0.43 and a debt-to-equity ratio of 0.60.

In other news, VP A Bruce Oconnor sold 4,000 shares of the stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $43.83, for a total value of $175,320.00. Following the completion of the transaction, the vice president now directly owns 16,803 shares in the company, valued at approximately $736,475.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Bernadette M. Sohler sold 1,000 shares of the stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $45.19, for a total value of $45,190.00. The disclosure for this sale can be found here. 3.48% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. First Trust Advisors LP acquired a new stake in Middlesex Water during the 2nd quarter worth about $3,309,000. Nuance Investments LLC acquired a new stake in Middlesex Water during the 2nd quarter worth about $3,011,000. ProShare Advisors LLC grew its holdings in Middlesex Water by 26.2% during the 2nd quarter. ProShare Advisors LLC now owns 203,745 shares of the utilities provider’s stock worth $8,068,000 after acquiring an additional 42,346 shares during the period. Renaissance Technologies LLC grew its holdings in Middlesex Water by 6.5% during the 2nd quarter. Renaissance Technologies LLC now owns 528,400 shares of the utilities provider’s stock worth $20,925,000 after acquiring an additional 32,400 shares during the period. Finally, WFG Advisors LP grew its holdings in Middlesex Water by 21.4% during the 2nd quarter. WFG Advisors LP now owns 115,668 shares of the utilities provider’s stock worth $4,580,000 after acquiring an additional 20,415 shares during the period. 50.28% of the stock is owned by institutional investors and hedge funds.

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About Middlesex Water

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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