StockNews.com upgraded shares of Middlesex Water (NASDAQ:MSEX – Get Rating) from a sell rating to a hold rating in a research report sent to investors on Thursday morning.
MSEX has been the topic of a number of other research reports. TheStreet raised shares of Middlesex Water from a c+ rating to a b- rating in a report on Monday, July 25th. Robert W. Baird reduced their price target on shares of Middlesex Water from $102.00 to $99.00 in a research 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.
Get Middlesex Water alerts:Middlesex Water Trading Up 0.6 %
NASDAQ MSEX traded up $0.52 on Thursday, reaching $92.47. The company had a trading volume of 2 shares, compared to its average volume of 80,115. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of 41.05 and a beta of 0.55. Middlesex Water has a fifty-two week low of $75.77 and a fifty-two week high of $121.43. The business has a 50 day moving average of $87.79 and a two-hundred day moving average of $93.42. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.50 and a quick ratio of 0.42.
Middlesex Water Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Friday, August 12th will be given a $0.29 dividend. The ex-dividend date of this dividend is Thursday, August 11th. This represents a $1.16 annualized dividend and a yield of 1.25%. Middlesex Water's payout ratio is presently 51.79%.Insider Transactions at Middlesex Water
In other Middlesex Water news, VP Lorrie Beth Ginegaw sold 620 shares of Middlesex Water 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 approximately $12,452.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.92% of the company's stock.
Institutional Investors Weigh In On Middlesex Water
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hanson & Doremus Investment Management purchased a new position in shares of Middlesex Water in the 1st quarter worth approximately $32,000. Meeder Asset Management Inc. lifted its stake in shares of Middlesex Water by 67.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 393 shares of the utilities provider's stock valued at $34,000 after purchasing an additional 159 shares during the period. Allegheny Financial Group LTD acquired a new position in shares of Middlesex Water in the 4th quarter valued at $47,000. UMB Bank N A MO acquired a new position in Middlesex Water during the fourth quarter worth $48,000. Finally, Point72 Hong Kong Ltd acquired a new position in Middlesex Water during the fourth quarter worth $65,000. 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.
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