BidaskClub downgraded shares of Middlesex Water (NASDAQ:MSEX) from a buy rating to a hold rating in a research report released on Saturday morning, BidAskClub reports.

Separately, Zacks Investment Research cut shares of Middlesex Water from a hold rating to a strong sell rating in a research note on Wednesday, August 7th.

Shares of NASDAQ MSEX opened at $58.97 on Friday. The stock’s 50-day moving average is $60.08 and its 200 day moving average is $58.85. The stock has a market cap of $999.06 million, a price-to-earnings ratio of 30.09 and a beta of 0.36. Middlesex Water has a 1-year low of $43.12 and a 1-year high of $63.67. The company has a current ratio of 0.31, a quick ratio of 0.26 and a debt-to-equity ratio of 0.64.

Middlesex Water (NASDAQ:MSEX) last issued its earnings results on Wednesday, July 31st. The utilities provider reported $0.49 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.06). The firm had revenue of $33.39 million during the quarter, compared to analysts’ expectations of $36.00 million. Middlesex Water had a return on equity of 13.43% and a net margin of 24.95%. On average, analysts forecast that Middlesex Water will post 1.97 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $0.96 annualized dividend and a yield of 1.63%. Middlesex Water’s payout ratio is 48.98%.

In other Middlesex Water news, VP Lorrie Beth Ginegaw sold 650 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $61.48, for a total value of $39,962.00. Following the completion of the sale, the vice president now owns 5,779 shares in the company, valued at $355,292.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Robert K. Fullagar sold 500 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $61.39, for a total value of $30,695.00. Following the sale, the vice president now directly owns 1,900 shares of the company’s stock, valued at approximately $116,641. The disclosure for this sale can be found here. 3.49% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the company. CENTRAL TRUST Co purchased a new stake in Middlesex Water during the 2nd quarter valued at $30,000. Tortoise Capital Advisors L.L.C. raised its stake in shares of Middlesex Water by 3,800.0% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 702 shares of the utilities provider’s stock valued at $42,000 after acquiring an additional 684 shares during the last quarter. Krane Funds Advisors LLC bought a new position in shares of Middlesex Water during the second quarter valued at about $56,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Middlesex Water by 95.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,376 shares of the utilities provider’s stock worth $77,000 after purchasing an additional 673 shares during the period. Finally, Advisory Services Network LLC boosted its holdings in shares of Middlesex Water by 9.5% during the second quarter. Advisory Services Network LLC now owns 2,078 shares of the utilities provider’s stock worth $123,000 after purchasing an additional 181 shares during the period. Hedge funds and other institutional investors own 55.51% of the company’s stock.

Middlesex Water Company Profile

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.

Further Reading: What is the price-to-earnings growth (PEG) ratio?

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