Middlesex Water (NASDAQ:MSEX) Stock Price Up 2.2% – Time to Buy?

Shares of Middlesex Water (NASDAQ:MSEX) rose 2.2% during trading on Friday . The company traded as high as $63.32 and last traded at $63.32. Approximately 20,800 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 159,497 shares. The stock had previously closed at $61.95.

Analysts Set New Price Targets

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

Middlesex Water Stock Up 3.0 %

The firm’s 50 day moving average is $54.60 and its two-hundred day moving average is $59.12. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of 27.73, a P/E/G ratio of 1.50 and a beta of 0.85. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80.

Middlesex Water (NASDAQ:MSEX) last issued its earnings results on Friday, February 28th. The utilities provider reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.13. The business 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. On average, sell-side analysts predict that Middlesex Water will post 2.34 EPS for the current year.

Middlesex Water Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.36 annualized dividend and a yield of 2.13%. Middlesex Water’s payout ratio is 55.06%.

Insider Activity at Middlesex Water

In other Middlesex Water news, Director Dennis W. Doll sold 4,067 shares of the company’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $60.05, for a total transaction of $244,223.35. Following the completion of the sale, the director now directly owns 52,112 shares of the company’s stock, valued at approximately $3,129,325.60. This represents a 7.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.86% of the company’s stock.

Institutional Investors Weigh In On Middlesex Water

A number of institutional investors have recently modified their holdings of MSEX. Sterling Capital Management LLC raised its position in shares of Middlesex Water by 771.9% in the fourth quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 440 shares during the period. Allworth Financial LP lifted its stake in Middlesex Water by 1,136.4% during the fourth quarter. Allworth Financial LP now owns 544 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 500 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position 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 valued at $27,000 after acquiring an additional 473 shares during the period. Crowley Wealth Management Inc. bought a new stake in shares of Middlesex Water in the 4th quarter worth about $37,000. Finally, Victory Capital Management Inc. acquired a new stake in shares of Middlesex Water during the third quarter worth approximately $230,000. Institutional investors and hedge funds 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.