Dennis W. Doll Sells 4,067 Shares of Middlesex Water (NASDAQ:MSEX) Stock

Middlesex Water (NASDAQ:MSEX) Director Dennis W. Doll sold 4,067 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $60.05, for a total value of $244,223.35. Following the sale, the director now directly owns 52,112 shares in the company, valued at $3,129,325.60. The trade was a 7.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Middlesex Water Stock Performance

MSEX stock opened at $60.59 on Wednesday. Middlesex Water has a twelve month low of $45.42 and a twelve month high of $70.73. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 26.34, a PEG ratio of 1.50 and a beta of 0.85. The business’s fifty day simple moving average is $54.16 and its two-hundred day simple moving average is $59.09. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80.

Middlesex Water (NASDAQ:MSEX) last posted its quarterly earnings results on Friday, February 28th. The utilities provider reported $0.49 EPS for the quarter, topping the consensus estimate of $0.36 by $0.13. The company had revenue of $47.11 million for the quarter, compared to the consensus estimate of $45.00 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. During the same quarter last year, the firm posted $0.32 EPS. Analysts predict that Middlesex Water will post 2.34 earnings per share for the current year.

Middlesex Water Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.24%. Middlesex Water’s payout ratio is 55.06%.

Analyst Ratings Changes

Several research firms have recently weighed in on MSEX. Baird R W raised Middlesex Water from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 3rd. StockNews.com raised shares of Middlesex Water from a “sell” rating to a “hold” rating in a research note on Wednesday, March 19th. Bank of America started coverage on shares of Middlesex Water in a research note on Wednesday, December 11th. They set an “underperform” rating and a $56.00 price target for the company. Finally, Robert W. Baird raised shares of Middlesex Water from a “neutral” rating to an “outperform” rating and set a $61.00 price objective on the stock in a research report on Monday, March 3rd.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sterling Capital Management LLC lifted its holdings in shares of Middlesex Water by 771.9% in the 4th quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider’s stock worth $26,000 after buying an additional 440 shares during the period. Allworth Financial LP raised its holdings in shares of Middlesex Water by 1,136.4% in the fourth quarter. Allworth Financial LP now owns 544 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 500 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Middlesex Water by 1,006.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 473 shares during the period. Crowley Wealth Management Inc. bought a new position in Middlesex Water during the 4th quarter worth about $37,000. Finally, Victory Capital Management Inc. purchased a new position in Middlesex Water during the 3rd quarter valued at about $230,000. Institutional investors own 79.52% of the company’s stock.

About Middlesex Water

Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in Regulated and Non-Regulated segments. 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.