Insider Selling: Middlesex Water (NASDAQ:MSEX) Director Sells 4,067 Shares of Stock

Middlesex Water (NASDAQ:MSEX) Director Dennis W. Doll sold 4,067 shares of Middlesex Water stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $60.05, for a total transaction of $244,223.35. Following the completion of the sale, the director now owns 52,112 shares in the company, valued at approximately $3,129,325.60. This trade represents a 7.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Middlesex Water Price Performance

NASDAQ MSEX traded up $0.52 during trading hours on Monday, hitting $60.49. 246,835 shares of the company’s stock traded hands, compared to its average volume of 141,198. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.65 and a quick ratio of 0.57. The firm’s 50-day moving average is $53.72 and its 200-day moving average is $59.11. Middlesex Water has a 52-week low of $45.42 and a 52-week high of $70.73. The company has a market capitalization of $1.08 billion, a PE ratio of 26.30, a PEG ratio of 1.50 and a beta of 0.85.

Middlesex Water (NASDAQ:MSEX) last posted its quarterly earnings results on Friday, February 28th. The utilities provider reported $0.49 EPS 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 quarter last year, the firm earned $0.32 earnings per share. Equities analysts forecast that Middlesex Water will post 2.34 EPS for the current fiscal year.

Middlesex Water Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Tuesday, February 18th. Middlesex Water’s dividend payout ratio (DPR) is presently 55.06%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. StockNews.com raised shares of Middlesex Water from a “sell” rating to a “hold” rating in a research note on Wednesday, March 19th. Robert W. Baird raised Middlesex Water from a “neutral” rating to an “outperform” rating and set a $61.00 price target on the stock in a research note on Monday, March 3rd. Bank of America initiated coverage on Middlesex Water in a research report on Wednesday, December 11th. They set an “underperform” rating and a $56.00 price target for the company. Finally, Baird R W upgraded Middlesex Water from a “hold” rating to a “strong-buy” rating in a report on Monday, March 3rd.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MSEX. Sterling Capital Management LLC grew its holdings in shares of Middlesex Water by 771.9% in the fourth quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 440 shares during the period. Allworth Financial LP boosted its holdings in Middlesex Water by 1,136.4% in the 4th quarter. Allworth Financial LP now owns 544 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 500 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Middlesex Water by 1,006.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520 shares of the utilities provider’s stock valued at $27,000 after buying an additional 473 shares during the period. Crowley Wealth Management Inc. purchased a new stake in shares of Middlesex Water in the 4th quarter valued at approximately $37,000. Finally, Victory Capital Management Inc. acquired a new stake in shares of Middlesex Water during the 3rd quarter worth approximately $230,000. Hedge funds and other institutional investors own 79.52% of the company’s stock.

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.