Middlesex Water (MSEX) Downgraded by BidaskClub

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Middlesex Water (NASDAQ:MSEX) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

A number of other equities analysts have also weighed in on the stock. Zacks Investment Research lowered shares of Middlesex Water from a “buy” rating to a “hold” rating in a report on Friday, February 15th. Janney Montgomery Scott lowered shares of Middlesex Water from a “buy” rating to a “neutral” rating in a report on Monday, December 17th. They noted that the move was a valuation call.

Shares of MSEX opened at $58.38 on Friday. The firm has a market capitalization of $984.44 million, a price-to-earnings ratio of 29.79 and a beta of 0.44. Middlesex Water has a fifty-two week low of $34.74 and a fifty-two week high of $60.48. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.61.

Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings results on Friday, March 8th. The utilities provider reported $0.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.01. The company had revenue of $33.27 million for the quarter, compared to analyst estimates of $33.00 million. Middlesex Water had a net margin of 23.48% and a return on equity of 13.50%.

In other news, Director Walter G. Reinhard sold 500 shares of the firm’s stock in a transaction on Friday, January 25th. The shares were sold at an average price of $58.01, for a total value of $29,005.00. Following the transaction, the director now owns 81 shares of the company’s stock, valued at approximately $4,698.81. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.48% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the company. AQR Capital Management LLC raised its stake in shares of Middlesex Water by 7.0% in the 3rd quarter. AQR Capital Management LLC now owns 28,865 shares of the utilities provider’s stock valued at $1,398,000 after acquiring an additional 1,879 shares during the period. Man Group plc raised its stake in shares of Middlesex Water by 118.0% in the 3rd quarter. Man Group plc now owns 18,845 shares of the utilities provider’s stock valued at $912,000 after acquiring an additional 10,199 shares during the period. BlackRock Inc. raised its stake in shares of Middlesex Water by 0.6% in the 3rd quarter. BlackRock Inc. now owns 1,284,696 shares of the utilities provider’s stock valued at $62,204,000 after acquiring an additional 8,058 shares during the period. Vanguard Group Inc. raised its stake in shares of Middlesex Water by 4.3% in the 3rd quarter. Vanguard Group Inc. now owns 961,798 shares of the utilities provider’s stock valued at $46,571,000 after acquiring an additional 40,017 shares during the period. Finally, ClariVest Asset Management LLC purchased a new position in shares of Middlesex Water in the 4th quarter valued at $73,000. 54.84% of the stock is currently owned by institutional investors and hedge funds.

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.

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