Middlesex Water (NASDAQ:MSEX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage presently has a $62.00 price target on the utilities provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 10.91% from the company’s current price.
According to Zacks, “Middlesex Water Company treats, stores and distributes water for residential, commercial, industrial and fire prevention purposes. “
MSEX has been the topic of a number of other reports. Janney Montgomery Scott lowered shares of Middlesex Water from a “buy” rating to a “neutral” rating in a research note on Monday, December 17th. They noted that the move was a valuation call. BidaskClub lowered shares of Middlesex Water from a “buy” rating to a “hold” rating in a research note on Friday.
MSEX stock opened at $55.90 on Tuesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.32 and a current ratio of 0.37. Middlesex Water has a fifty-two week low of $34.00 and a fifty-two week high of $60.31. The company has a market cap of $910.60 million, a P/E ratio of 40.51 and a beta of 0.42.
In other Middlesex Water news, Director Walter G. Reinhard sold 500 shares of the stock in a transaction that occurred on Friday, January 25th. The shares were sold at an average price of $58.01, for a total value of $29,005.00. Following the transaction, the director now directly owns 81 shares in the company, valued at $4,698.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.48% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Trust Co. of Vermont purchased a new position in Middlesex Water in the fourth quarter valued at approximately $25,000. Quantamental Technologies LLC purchased a new position in Middlesex Water in the fourth quarter valued at approximately $41,000. ClariVest Asset Management LLC purchased a new position in Middlesex Water in the fourth quarter valued at approximately $73,000. ETF Managers Group LLC increased its stake in Middlesex Water by 15.7% in the fourth quarter. ETF Managers Group LLC now owns 3,551 shares of the utilities provider’s stock valued at $189,000 after purchasing an additional 483 shares during the last quarter. Finally, Engineers Gate Manager LP purchased a new position in Middlesex Water in the third quarter valued at approximately $216,000. Institutional investors own 53.73% of the company’s stock.
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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