Middlesex Water (NASDAQ:MSEX – Get Rating) announced a quarterly dividend on Friday, July 22nd, Zacks reports. Investors of record on Friday, August 12th will be given a dividend of 0.29 per share by the utilities provider on Thursday, September 1st. This represents a $1.16 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend is Thursday, August 11th.
Middlesex Water has a dividend payout ratio of 40.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Middlesex Water to earn $2.64 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 43.9%.
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Middlesex Water Stock Performance
MSEX opened at $92.13 on Tuesday. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of 41.13 and a beta of 0.55. The business's 50-day moving average price is $87.38 and its two-hundred day moving average price is $93.48. Middlesex Water has a 1 year low of $75.77 and a 1 year high of $121.43. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.50 and a quick ratio of 0.42.
Insider Activity at Middlesex Water
In related news, VP Lorrie Beth Ginegaw sold 620 shares of the firm's stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $80.34, for a total value of $49,810.80. Following the completion of the transaction, the vice president now directly owns 155 shares of the company's stock, valued at $12,452.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.92% of the company's stock.
Hedge Funds Weigh In On Middlesex Water
A number of institutional investors have recently bought and sold shares of the business. State Street Corp raised its holdings in Middlesex Water by 179.6% in the 1st quarter. State Street Corp now owns 1,597,146 shares of the utilities provider's stock valued at $167,972,000 after acquiring an additional 1,025,864 shares during the period. Eaton Vance Management grew its position in shares of Middlesex Water by 44,565.5% in the first quarter. Eaton Vance Management now owns 66,105 shares of the utilities provider's stock valued at $6,953,000 after purchasing an additional 65,957 shares during the last quarter. Invesco Ltd. increased its stake in shares of Middlesex Water by 17.6% during the first quarter. Invesco Ltd. now owns 396,210 shares of the utilities provider's stock worth $41,669,000 after purchasing an additional 59,297 shares during the period. Jane Street Group LLC lifted its holdings in Middlesex Water by 736.1% during the 1st quarter. Jane Street Group LLC now owns 29,615 shares of the utilities provider's stock worth $3,115,000 after purchasing an additional 26,073 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Middlesex Water by 69.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 60,458 shares of the utilities provider's stock valued at $6,359,000 after purchasing an additional 24,821 shares during the period. Institutional investors and hedge funds own 68.14% of the company's stock.
Analyst Upgrades and Downgrades
MSEX has been the topic of a number of recent research reports. Robert W. Baird dropped their target price on Middlesex Water from $102.00 to $99.00 in a research report on Monday, May 2nd. TheStreet raised shares of Middlesex Water from a "c+" rating to a "b-" rating in a research report on Monday, July 25th. Janney Montgomery Scott upgraded shares of Middlesex Water from a "neutral" rating to a "buy" rating in a report on Friday, June 24th. Finally, StockNews.com lowered shares of Middlesex Water from a "hold" rating to a "sell" rating in a research note on Monday, August 1st.
About Middlesex Water
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Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. 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.
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