BidaskClub Lowers Middlesex Water (NASDAQ:MSEX) to Strong Sell

BidaskClub lowered shares of Middlesex Water (NASDAQ:MSEX) from a sell rating to a strong sell rating in a research note issued to investors on Saturday, January 6th.

A number of other analysts have also issued reports on the company. Zacks Investment Research lowered Middlesex Water from a buy rating to a hold rating in a research report on Thursday, January 4th. Janney Montgomery Scott reaffirmed a buy rating and set a $44.00 target price on shares of Middlesex Water in a research report on Wednesday, October 4th.

Shares of Middlesex Water (NASDAQ:MSEX) traded down $0.41 on Friday, hitting $37.37. The company’s stock had a trading volume of 152,343 shares, compared to its average volume of 46,506. The firm has a market capitalization of $617.55, a PE ratio of 29.90 and a beta of 0.45. Middlesex Water has a 12 month low of $32.23 and a 12 month high of $46.74. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.43 and a current ratio of 0.51.

In other news, VP Bernadette M. Sohler sold 1,000 shares of the company’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP A Bruce Oconnor sold 4,000 shares of the business’s stock in a transaction that occurred 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 transaction, the vice president now owns 16,803 shares of the company’s stock, valued at $736,475.49. The disclosure for this sale can be found here. 3.48% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MSEX. Russell Investments Group Ltd. lifted its position in Middlesex Water by 15.2% in the second 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. Schwab Charles Investment Management Inc. lifted its position in Middlesex Water by 0.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 74,346 shares of the utilities provider’s stock worth $2,945,000 after purchasing an additional 655 shares during the period. Bank of New York Mellon Corp lifted its position in Middlesex Water by 4.6% in the second quarter. Bank of New York Mellon Corp now owns 194,185 shares of the utilities provider’s stock worth $7,690,000 after purchasing an additional 8,566 shares during the period. Legal & General Group Plc lifted its position in Middlesex Water by 4.1% in the second 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. Finally, Victory Capital Management Inc. lifted its position in Middlesex Water by 8.1% in the second quarter. Victory Capital Management Inc. now owns 15,773 shares of the utilities provider’s stock worth $625,000 after purchasing an additional 1,177 shares during the period. Hedge funds and other institutional investors own 50.28% of the company’s stock.

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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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