Middlesex Water (NASDAQ:MSEX) Stock Price Down 4.7% – Time to Sell?

Middlesex Water (NASDAQ:MSEX) shares traded down 4.7% during mid-day trading on Wednesday . The stock traded as low as $48.69 and last traded at $48.74. 28,932 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 118,403 shares. The stock had previously closed at $51.14.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Robert W. Baird boosted their target price on Middlesex Water from $58.00 to $61.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Bank of America initiated coverage on shares of Middlesex Water in a research report on Wednesday, December 11th. They issued an “underperform” rating and a $56.00 price objective for the company.

Middlesex Water Trading Down 4.4 %

The firm has a market capitalization of $872.37 million, a P/E ratio of 21.25, a PEG ratio of 1.51 and a beta of 0.85. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80. The firm has a 50 day moving average of $57.75 and a 200-day moving average of $61.38.

Middlesex Water (NASDAQ:MSEX) last released its earnings results on Thursday, October 31st. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 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 $55.10 million for the quarter, compared to analysts’ expectations of $50.00 million. During the same quarter in the previous year, the business posted $0.56 earnings per share. On average, equities research analysts predict that Middlesex Water will post 2.34 earnings per share for the current fiscal year.

Middlesex Water Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 15th were paid a $0.34 dividend. This is a boost from Middlesex Water’s previous quarterly dividend of $0.33. The ex-dividend date was Friday, November 15th. This represents a $1.36 annualized dividend and a dividend yield of 2.78%. Middlesex Water’s dividend payout ratio is presently 59.13%.

Institutional Investors Weigh In On Middlesex Water

Several large investors have recently modified their holdings of MSEX. GAMMA Investing LLC increased its holdings in Middlesex Water by 66.2% in the third quarter. GAMMA Investing LLC now owns 2,046 shares of the utilities provider’s stock worth $133,000 after purchasing an additional 815 shares in the last quarter. Crestwood Advisors Group LLC bought a new stake in shares of Middlesex Water in the 3rd quarter valued at $210,000. Wealth Enhancement Advisory Services LLC bought a new stake in Middlesex Water in the third quarter valued at $225,000. Everence Capital Management Inc. bought a new stake in Middlesex Water in the 3rd quarter valued at about $230,000. Finally, Victory Capital Management Inc. acquired a new position in Middlesex Water during the 3rd quarter worth approximately $230,000. 79.52% of the stock is currently owned by institutional investors and hedge funds.

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.