Middlesex Water (NASDAQ:MSEX) Trading Down 4% – Should You Sell?

Middlesex Water (NASDAQ:MSEX) shares were down 4% during mid-day trading on Monday . The stock traded as low as $60.50 and last traded at $59.70. Approximately 10,386 shares changed hands during trading, a decline of 91% from the average daily volume of 120,908 shares. The stock had previously closed at $62.21.

Analysts Set New Price Targets

Several analysts have recently issued reports on MSEX shares. Bank of America started coverage on shares of Middlesex Water in a research report on Wednesday, December 11th. They set an “underperform” rating and a $56.00 price target on the stock. Baird R W raised shares of Middlesex Water from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 3rd. StockNews.com cut shares of Middlesex Water from a “hold” rating to a “sell” rating in a research report on Tuesday, March 11th. Finally, Robert W. Baird raised 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.

Middlesex Water Trading Down 1.7 %

The company’s fifty day moving average is $52.71 and its two-hundred day moving average is $59.21. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 26.59, a PEG ratio of 1.50 and a beta of 0.85. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80.

Middlesex Water (NASDAQ:MSEX) last issued its earnings results on Friday, February 28th. The utilities provider reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.13. The firm had revenue of $47.11 million for the quarter, compared to analysts’ expectations of $45.00 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. During the same quarter last year, the company earned $0.32 earnings per share. On average, research analysts predict that Middlesex Water will post 2.34 EPS for the current fiscal year.

Middlesex Water Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a $0.34 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.36 annualized dividend and a yield of 2.22%. Middlesex Water’s dividend payout ratio is currently 55.06%.

Hedge Funds Weigh In On Middlesex Water

Several hedge funds have recently added to or reduced their stakes in MSEX. Barclays PLC grew its position in shares of Middlesex Water by 349.4% during the third quarter. Barclays PLC now owns 29,919 shares of the utilities provider’s stock worth $1,952,000 after acquiring an additional 23,262 shares during the last quarter. State Street Corp grew its position in shares of Middlesex Water by 7.0% during the third quarter. State Street Corp now owns 813,455 shares of the utilities provider’s stock worth $53,070,000 after acquiring an additional 53,098 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Middlesex Water by 0.8% during the third quarter. Geode Capital Management LLC now owns 434,559 shares of the utilities provider’s stock worth $28,356,000 after acquiring an additional 3,430 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Middlesex Water by 3.0% during the fourth quarter. Principal Financial Group Inc. now owns 86,640 shares of the utilities provider’s stock worth $4,560,000 after acquiring an additional 2,544 shares during the last quarter. Finally, FMR LLC grew its position in shares of Middlesex Water by 9.7% during the third 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. 79.52% of the stock is currently owned by hedge funds and other institutional investors.

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.