Shares of Middlesex Water (NASDAQ:MSEX) have received an average broker rating score of 3.00 (Hold) from the one analysts that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold rating.
Analysts have set a 12-month consensus target price of $58.00 for the company and are forecasting that the company will post $0.31 EPS for the current quarter, according to Zacks. Zacks has also given Middlesex Water an industry rank of 97 out of 256 based on the ratings given to related companies.
A number of analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Middlesex Water from a “hold” rating to a “buy” rating and set a $63.00 price target for the company in a research report on Saturday, January 12th. BidaskClub downgraded shares of Middlesex Water from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd.
Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings results on Friday, March 8th. The utilities provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.01. Middlesex Water had a net margin of 23.48% and a return on equity of 13.50%. The business had revenue of $33.27 million during the quarter, compared to the consensus estimate of $33.00 million. On average, analysts anticipate that Middlesex Water will post 2.05 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date is Tuesday, May 14th. Middlesex Water’s payout ratio is currently 48.98%.
In related news, CEO Dennis W. Doll sold 2,000 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $57.85, for a total transaction of $115,700.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Lorrie Beth Ginegaw sold 720 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $56.21, for a total value of $40,471.20. Following the transaction, the vice president now owns 6,445 shares in the company, valued at $362,273.45. The disclosure for this sale can be found here. Insiders have sold 3,226 shares of company stock worth $185,439 over the last 90 days. 3.48% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc lifted its stake in Middlesex Water by 10.4% during the fourth quarter. Legal & General Group Plc now owns 2,892 shares of the utilities provider’s stock worth $154,000 after purchasing an additional 273 shares during the last quarter. Trust Co. of Vermont bought a new position in Middlesex Water during the fourth quarter worth $25,000. ETF Managers Group LLC lifted its stake in Middlesex Water by 15.7% in the fourth quarter. ETF Managers Group LLC now owns 3,551 shares of the utilities provider’s stock valued at $189,000 after buying an additional 483 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Middlesex Water by 95.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,376 shares of the utilities provider’s stock valued at $77,000 after buying an additional 673 shares during the last quarter. Finally, Quantamental Technologies LLC bought a new stake in Middlesex Water in the fourth quarter valued at $41,000. Hedge funds and other institutional investors own 54.93% of the company’s stock.
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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