Middlesex Water (NASDAQ:MSEX) Stock Price Up 6.1%

Shares of Middlesex Water (NASDAQ:MSEX) were up 6.1% during trading on Friday . The stock traded as high as $59.98 and last traded at $59.98. Approximately 67,565 shares traded hands during trading, a decline of 54% from the average daily volume of 147,413 shares. The stock had previously closed at $56.55.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Robert W. Baird increased their price objective on Middlesex Water from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Thursday, May 9th. StockNews.com raised Middlesex Water to a “sell” rating in a research report on Thursday, May 9th.

Middlesex Water Stock Performance

The stock has a market capitalization of $1.06 billion, a P/E ratio of 29.51 and a beta of 0.80. The firm has a 50-day moving average of $53.78 and a 200 day moving average of $54.21. The company has a quick ratio of 0.89, a current ratio of 0.95 and a debt-to-equity ratio of 0.83.

Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings data on Wednesday, May 8th. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.14. Middlesex Water had a return on equity of 8.64% and a net margin of 21.55%. The firm had revenue of $40.52 million during the quarter, compared to analyst estimates of $42.00 million. Research analysts anticipate that Middlesex Water will post 2.28 EPS for the current fiscal year.

Middlesex Water Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th were issued a dividend of $0.325 per share. This represents a $1.30 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date was Tuesday, May 14th. Middlesex Water’s dividend payout ratio (DPR) is currently 64.36%.

Insiders Place Their Bets

In other Middlesex Water news, Director Walter G. Reinhard sold 857 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $57.16, for a total value of $48,986.12. Following the sale, the director now owns 7,151 shares in the company, valued at approximately $408,751.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.86% of the company’s stock.

Institutional Investors Weigh In On Middlesex Water

A number of institutional investors and hedge funds have recently made changes to their positions in MSEX. Creative Financial Designs Inc. ADV raised its stake in shares of Middlesex Water by 114.9% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 1,923 shares of the utilities provider’s stock worth $126,000 after purchasing an additional 1,028 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Middlesex Water by 106.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 51,137 shares of the utilities provider’s stock valued at $3,356,000 after acquiring an additional 26,415 shares during the period. International Assets Investment Management LLC raised its stake in Middlesex Water by 6,462.7% in the 4th quarter. International Assets Investment Management LLC now owns 3,347 shares of the utilities provider’s stock valued at $220,000 after acquiring an additional 3,296 shares during the period. Cerity Partners LLC raised its stake in Middlesex Water by 2.8% in the 4th quarter. Cerity Partners LLC now owns 16,055 shares of the utilities provider’s stock valued at $1,054,000 after acquiring an additional 433 shares during the period. Finally, Louisiana State Employees Retirement System bought a new stake in Middlesex Water in the 4th quarter valued at $584,000. Institutional investors own 79.52% of the company’s stock.

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.