Middlesex Water (MSEX) VP Sells $12,775.47 in Stock

Middlesex Water (NASDAQ:MSEX) VP Bernadette M. Sohler sold 257 shares of the firm’s stock in a transaction on Friday, November 9th. The stock was sold at an average price of $49.71, for a total value of $12,775.47. Following the completion of the transaction, the vice president now owns 7,525 shares of the company’s stock, valued at approximately $374,067.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Shares of NASDAQ MSEX traded down $0.27 during trading on Friday, reaching $49.45. 2,057 shares of the company traded hands, compared to its average volume of 32,258. The firm has a market capitalization of $821.88 million, a P/E ratio of 35.80 and a beta of 0.53. Middlesex Water has a 12-month low of $33.96 and a 12-month high of $52.56. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.32 and a current ratio of 0.37.

Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings data on Friday, November 2nd. The utilities provider reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.09. The business had revenue of $38.71 million during the quarter, compared to analyst estimates of $38.00 million. Middlesex Water had a return on equity of 13.10% and a net margin of 22.61%. As a group, analysts forecast that Middlesex Water will post 1.96 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Thursday, November 15th will be paid a dividend of $0.24 per share. The ex-dividend date is Wednesday, November 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.94%. This is a positive change from Middlesex Water’s previous quarterly dividend of $0.22. Middlesex Water’s dividend payout ratio (DPR) is presently 64.49%.

A number of brokerages recently issued reports on MSEX. Zacks Investment Research upgraded Middlesex Water from a “hold” rating to a “strong-buy” rating and set a $58.00 target price for the company in a research note on Thursday. BidaskClub upgraded Middlesex Water from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 16th. Finally, Janney Montgomery Scott upgraded Middlesex Water from a “neutral” rating to a “buy” rating and set a $53.00 price objective for the company in a research note on Monday.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Strs Ohio raised its stake in shares of Middlesex Water by 9.4% during the 2nd quarter. Strs Ohio now owns 13,900 shares of the utilities provider’s stock valued at $586,000 after buying an additional 1,200 shares during the last quarter. Private Advisor Group LLC purchased a new position in shares of Middlesex Water during the 2nd quarter valued at about $333,000. Stephens Inc. AR raised its stake in shares of Middlesex Water by 12.7% during the 2nd quarter. Stephens Inc. AR now owns 20,795 shares of the utilities provider’s stock valued at $877,000 after buying an additional 2,347 shares during the last quarter. Citadel Advisors LLC purchased a new position in shares of Middlesex Water during the 2nd quarter valued at about $625,000. Finally, BlackRock Inc. raised its stake in shares of Middlesex Water by 5.8% during the 2nd quarter. BlackRock Inc. now owns 1,276,638 shares of the utilities provider’s stock valued at $53,835,000 after buying an additional 69,716 shares during the last quarter. Institutional investors and hedge funds own 53.49% of the company’s stock.

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About Middlesex Water

Middlesex Water Company, together with its subsidiaries, owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment engages in collecting, treating, and distributing water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers in parts of New Jersey, Delaware, and Pennsylvania.

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