Walter G. Reinhard Sells 300 Shares of Middlesex Water (NASDAQ:MSEX) Stock

Middlesex Water (NASDAQ:MSEX) Director Walter G. Reinhard sold 300 shares of the stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $64.41, for a total value of $19,323.00. Following the sale, the director now owns 6,351 shares in the company, valued at $409,067.91. The trade was a 4.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Middlesex Water Stock Performance

NASDAQ:MSEX opened at $60.79 on Thursday. The stock has a market cap of $1.09 billion, a P/E ratio of 26.43, a PEG ratio of 1.50 and a beta of 0.85. The stock has a 50 day simple moving average of $52.30 and a 200 day simple moving average of $59.23. 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 has a 1-year low of $45.42 and a 1-year high of $70.73.

Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings data on Friday, February 28th. The utilities provider reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.13. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. The firm had revenue of $47.11 million during the quarter, compared to analysts’ expectations of $45.00 million. During the same period in the previous year, the firm earned $0.32 EPS. Research analysts anticipate that Middlesex Water will post 2.34 earnings per share for the current year.

Middlesex Water Announces Dividend

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

Institutional Investors Weigh In On Middlesex Water

A number of hedge funds and other institutional investors have recently bought and sold shares of MSEX. Sterling Capital Management LLC raised its stake in Middlesex Water by 771.9% during 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 position 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 worth $27,000 after buying an additional 500 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Middlesex Water by 1,006.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 473 shares in the last quarter. Crowley Wealth Management Inc. bought a new position in shares of Middlesex Water during the fourth quarter valued at about $37,000. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in shares of Middlesex Water in the third quarter worth about $225,000. Institutional investors own 79.52% of the company’s stock.

Analysts Set New Price Targets

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

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.