Middlesex Water (MSEX) Stock Rating Lowered by BidaskClub

BidaskClub downgraded shares of Middlesex Water (NASDAQ:MSEX) from a buy rating to a hold rating in a report published on Friday morning.

Other analysts also recently issued reports about the company. Zacks Investment Research upgraded Middlesex Water from a hold rating to a buy rating and set a $63.00 price target for the company in a report on Saturday, January 12th. Janney Montgomery Scott upgraded Middlesex Water from a neutral rating to a buy rating and set a $53.00 price target for the company in a report on Monday, November 5th.

Shares of Middlesex Water stock opened at $55.90 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.37 and a quick ratio of 0.32. Middlesex Water has a 1-year low of $34.00 and a 1-year high of $60.31. The stock has a market cap of $910.60 million, a price-to-earnings ratio of 40.51 and a beta of 0.42.

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Friday, February 15th will be issued a dividend of $0.24 per share. The ex-dividend date is Thursday, February 14th. This represents a $0.96 dividend on an annualized basis and a yield of 1.72%. Middlesex Water’s payout ratio is currently 69.57%.

In other Middlesex Water news, Director Walter G. Reinhard sold 500 shares of the stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $58.01, for a total transaction of $29,005.00. Following the completion of the sale, the director now directly owns 81 shares in the company, valued at approximately $4,698.81. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.48% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of MSEX. BlackRock Inc. grew its stake in shares of Middlesex Water by 5.8% in the 2nd quarter. BlackRock Inc. now owns 1,276,638 shares of the utilities provider’s stock valued at $53,835,000 after buying an additional 69,716 shares during the period. Northern Trust Corp grew its stake in shares of Middlesex Water by 3.1% in the 2nd quarter. Northern Trust Corp now owns 231,256 shares of the utilities provider’s stock valued at $9,751,000 after buying an additional 6,895 shares during the period. Mcrae Capital Management Inc. acquired a new stake in shares of Middlesex Water in the 3rd quarter valued at about $213,000. Cornerstone Wealth Management LLC acquired a new stake in shares of Middlesex Water in the 3rd quarter valued at about $1,801,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Middlesex Water in the 3rd quarter valued at about $216,000. Institutional investors own 53.73% of the company’s stock.

About Middlesex Water

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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