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 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date is Thursday, August 11th.
Middlesex Water has a payout ratio of 40.1% meaning its dividend is sufficiently covered by earnings. Equities research 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%.
Get Middlesex Water alerts:Middlesex Water Trading Down 0.5 %
NASDAQ:MSEX opened at $92.13 on Tuesday. The firm's 50 day moving average is $87.38 and its 200 day moving average is $93.48. The company has a current ratio of 0.50, a quick ratio of 0.42 and a debt-to-equity ratio of 0.79. Middlesex Water has a 12 month low of $75.77 and a 12 month high of $121.43. The stock has a market capitalization of $1.62 billion, a PE ratio of 41.13 and a beta of 0.55.
Analyst Ratings Changes
A number of equities research analysts have issued reports on MSEX shares. StockNews.com cut shares of Middlesex Water from a "hold" rating to a "sell" rating in a report on Monday, August 1st. TheStreet raised shares of 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 shares of Middlesex Water from $102.00 to $99.00 in a report on Monday, May 2nd. Finally, Janney Montgomery Scott raised shares of Middlesex Water from a "neutral" rating to a "buy" rating in a report on Friday, June 24th.Insider Buying and Selling at Middlesex Water
In other Middlesex Water news, VP Lorrie Beth Ginegaw sold 620 shares of the company's stock in a transaction dated Tuesday, June 21st. The shares were sold at an average price of $80.34, for a total transaction of $49,810.80. Following the completion of the sale, the vice president now directly owns 155 shares in the company, valued at $12,452.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.92% of the company's stock.
Institutional Trading of Middlesex Water
Institutional investors have recently modified their holdings of the company. Quantbot Technologies LP purchased a new stake in shares of Middlesex Water during the first quarter worth about $254,000. Neuberger Berman Group LLC purchased a new stake in shares of Middlesex Water during the first quarter worth about $255,000. Ethic Inc. raised its stake in Middlesex Water by 21.5% in the first quarter. Ethic Inc. now owns 3,342 shares of the utilities provider's stock worth $351,000 after buying an additional 592 shares in the last quarter. Vident Investment Advisory LLC raised its stake in Middlesex Water by 9.6% in the first quarter. Vident Investment Advisory LLC now owns 4,517 shares of the utilities provider's stock worth $475,000 after buying an additional 395 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in Middlesex Water by 2.1% in the first quarter. Bank of Montreal Can now owns 6,060 shares of the utilities provider's stock worth $645,000 after buying an additional 125 shares in the last quarter. 68.14% of the stock is currently owned by hedge funds and other institutional investors.
Middlesex Water Company Profile
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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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