Middlesex Water (NASDAQ:MSEX) Director Walter G. Reinhard sold 399 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $59.78, for a total transaction of $23,852.22. Following the completion of the sale, the director now owns 81 shares in the company, valued at approximately $4,842.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
MSEX traded up $1.82 during midday trading on Wednesday, reaching $60.94. The company’s stock had a trading volume of 2,258 shares, compared to its average volume of 49,803. The stock has a market cap of $975.10 million, a PE ratio of 31.09 and a beta of 0.39. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.26 and a current ratio of 0.32. Middlesex Water has a 1 year low of $41.14 and a 1 year high of $63.67.
Middlesex Water (NASDAQ:MSEX) last posted its quarterly earnings results on Monday, May 6th. The utilities provider reported $0.39 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.08. Middlesex Water had a net margin of 25.05% and a return on equity of 14.01%. The firm had revenue of $30.70 million for the quarter, compared to analysts’ expectations of $32.00 million. Equities research analysts predict that Middlesex Water will post 2.17 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend was Tuesday, May 14th. Middlesex Water’s payout ratio is 48.98%.
Large investors have recently bought and sold shares of the company. Coastal Investment Advisors Inc. purchased a new stake in shares of Middlesex Water during the first quarter valued at approximately $40,000. Quantamental Technologies LLC purchased a new stake in shares of Middlesex Water during the fourth quarter valued at approximately $41,000. Premia Global Advisors LLC purchased a new stake in shares of Middlesex Water during the first quarter valued at approximately $59,000. ClariVest Asset Management LLC purchased a new stake in shares of Middlesex Water during the fourth quarter valued at approximately $73,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Middlesex Water by 95.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,376 shares of the utilities provider’s stock valued at $77,000 after buying an additional 673 shares during the last quarter. Hedge funds and other institutional investors own 54.62% of the company’s stock.
A number of equities research analysts have weighed in on the stock. BidaskClub upgraded shares of Middlesex Water from a “hold” rating to a “buy” rating in a report on Tuesday, May 14th. Zacks Investment Research upgraded shares of Middlesex Water from a “hold” rating to a “strong-buy” rating and set a $68.00 price objective on the stock in a report on Friday, May 10th. Finally, Janney Montgomery Scott upgraded shares of Middlesex Water from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $58.00 to $66.00 in a report on Wednesday, May 8th.
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Middlesex Water Company Profile
Middlesex Water Company, together with its subsidiaries, owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment engages in collecting, treating, and distributing water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers in parts of New Jersey, Delaware, and Pennsylvania.
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