Middlesex Water (NASDAQ:MSEX) Downgraded to Neutral at Robert W. Baird

Robert W. Baird downgraded shares of Middlesex Water (NASDAQ:MSEX) from an outperform rating to a neutral rating in a research note released on Monday morning, Marketbeat.com reports. The brokerage currently has $58.00 price objective on the utilities provider’s stock.

Separately, StockNews.com upgraded Middlesex Water to a sell rating in a report on Thursday, May 9th.

Middlesex Water Stock Down 3.0 %

NASDAQ:MSEX traded down $1.92 during mid-day trading on Monday, reaching $61.21. The company’s stock had a trading volume of 129,651 shares, compared to its average volume of 154,760. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.82. Middlesex Water has a 1 year low of $45.42 and a 1 year high of $81.78. The stock has a fifty day moving average of $56.33 and a 200-day moving average of $54.12. The firm has a market capitalization of $1.09 billion, a PE ratio of 30.53 and a beta of 0.79.

Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings results on Wednesday, May 8th. The utilities provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.14. The firm had revenue of $40.52 million during the quarter, compared to analysts’ expectations of $42.00 million. Middlesex Water had a net margin of 21.14% and a return on equity of 8.69%. Equities research analysts forecast that Middlesex Water will post 2.21 earnings per share for the current year.

Middlesex Water Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th will be given a dividend of $0.325 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $1.30 dividend on an annualized basis and a yield of 2.12%. Middlesex Water’s payout ratio is 64.36%.

Insider Activity

In related news, Director Walter G. Reinhard sold 857 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $57.16, for a total transaction of $48,986.12. Following the transaction, the director now directly owns 7,151 shares in the company, valued at approximately $408,751.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.86% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MSEX. GAMMA Investing LLC lifted its position in Middlesex Water by 290.8% during the 1st quarter. GAMMA Investing LLC now owns 594 shares of the utilities provider’s stock worth $31,000 after acquiring an additional 442 shares during the period. Pathway Financial Advisers LLC purchased a new position in Middlesex Water during the 1st quarter worth approximately $52,000. CWM LLC lifted its stake in Middlesex Water by 65.1% during the 2nd quarter. CWM LLC now owns 1,306 shares of the utilities provider’s stock valued at $68,000 after acquiring an additional 515 shares during the period. Quadrant Capital Group LLC boosted its holdings in shares of Middlesex Water by 958.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,439 shares of the utilities provider’s stock valued at $94,000 after acquiring an additional 1,303 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Middlesex Water by 6,462.7% in the 4th quarter. International Assets Investment Management LLC now owns 3,347 shares of the utilities provider’s stock valued at $220,000 after acquiring an additional 3,296 shares during the last quarter. Institutional investors and hedge funds own 79.52% of the company’s stock.

Middlesex Water Company Profile

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.