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Middlesex Water (NASDAQ:MSEX) Shares Down 6.6%

Financial News Live · Aug 1, 2022 15:12

Middlesex Water (NASDAQ:MSEX – Get Rating) shares fell 6.6% during trading on Monday . The company traded as low as $88.83 and last traded at $88.83. 1,264 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 115,454 shares. The stock had previously closed at $95.11.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MSEX. TheStreet upgraded Middlesex Water from a "c+" rating to a "b-" rating in a report on Monday, July 25th. Robert W. Baird decreased their price target on Middlesex Water from $102.00 to $99.00 in a research note on Monday, May 2nd. StockNews.com upgraded Middlesex Water from a "sell" rating to a "hold" rating in a research note on Thursday, May 12th. Finally, Janney Montgomery Scott upgraded Middlesex Water from a "neutral" rating to a "buy" rating in a research note on Friday, June 24th.

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Middlesex Water Stock Down 6.6 %

The business has a 50-day moving average price of $86.86 and a two-hundred day moving average price of $93.82. The company has a quick ratio of 0.46, a current ratio of 0.55 and a debt-to-equity ratio of 0.81. The firm has a market cap of $1.56 billion, a PE ratio of 42.46 and a beta of 0.55.

Middlesex Water (NASDAQ:MSEX – Get Rating) last posted its quarterly earnings data on Friday, April 29th. The utilities provider reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.18. Middlesex Water had a return on equity of 10.74% and a net margin of 26.49%. The business had revenue of $36.20 million for the quarter, compared to analyst estimates of $36.00 million. On average, equities research analysts expect that Middlesex Water will post 2.65 EPS for the current year.

Middlesex Water Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Friday, August 12th will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend is Thursday, August 11th. Middlesex Water's dividend payout ratio (DPR) is presently 51.79%.

Insider Activity at Middlesex Water

In related news, VP Lorrie Beth Ginegaw sold 620 shares of the stock in a transaction on Tuesday, June 21st. The stock was sold at an average price of $80.34, for a total value of $49,810.80. Following the transaction, the vice president now owns 155 shares of the company's stock, valued at $12,452.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.92% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Middlesex Water

Several large investors have recently bought and sold shares of the business. State Street Corp grew its holdings in shares of Middlesex Water by 179.6% during the first quarter. State Street Corp now owns 1,597,146 shares of the utilities provider's stock worth $167,972,000 after purchasing an additional 1,025,864 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Middlesex Water by 1.9% during the first quarter. Vanguard Group Inc. now owns 1,315,544 shares of the utilities provider's stock worth $138,356,000 after purchasing an additional 24,575 shares during the last quarter. Pictet Asset Management SA grew its holdings in shares of Middlesex Water by 42.0% during the fourth quarter. Pictet Asset Management SA now owns 636,883 shares of the utilities provider's stock worth $76,616,000 after purchasing an additional 188,479 shares during the last quarter. Invesco Ltd. grew its holdings 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 last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Middlesex Water by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 306,874 shares of the utilities provider's stock worth $36,916,000 after purchasing an additional 2,546 shares during the last quarter. Hedge funds and other institutional investors own 68.14% of the company's stock.

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.