Middlesex Water (NASDAQ:MSEX) Short Interest Up 21.6% in March

Middlesex Water (NASDAQ:MSEX) was the recipient of a large growth in short interest in March. As of March 31st, there was short interest totalling 500,200 shares, a growth of 21.6% from the March 15th total of 411,500 shares. Based on an average trading volume of 165,200 shares, the short-interest ratio is presently 3.0 days. Approximately 2.9% of the company’s stock are sold short.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MSEX shares. Baird R W raised Middlesex Water from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 3rd. Robert W. Baird raised shares of Middlesex Water from a “neutral” rating to an “outperform” rating and set a $61.00 price objective on the stock in a research report on Monday, March 3rd. Janney Montgomery Scott reaffirmed a “neutral” rating on shares of Middlesex Water in a report on Friday, April 4th. Finally, StockNews.com upgraded shares of Middlesex Water from a “sell” rating to a “hold” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $58.50.

Middlesex Water Price Performance

NASDAQ MSEX opened at $62.49 on Tuesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.65 and a quick ratio of 0.57. Middlesex Water has a 1-year low of $47.40 and a 1-year high of $70.73. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 27.17, a PEG ratio of 1.50 and a beta of 0.80. The business’s fifty day moving average price is $59.25 and its 200-day moving average price is $58.81.

Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings results on Friday, February 28th. The utilities provider reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.13. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. The business had revenue of $47.11 million during the quarter, compared to the consensus estimate of $45.00 million. During the same period in the previous year, the company posted $0.32 EPS. On average, equities analysts predict that Middlesex Water will post 2.34 earnings per share for the current year.

Middlesex Water Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend was Tuesday, February 18th. Middlesex Water’s dividend payout ratio is presently 55.06%.

Insider Transactions at Middlesex Water

In other Middlesex Water news, Director Dennis W. Doll sold 4,067 shares of the firm’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $60.05, for a total transaction of $244,223.35. Following the completion of the transaction, the director now owns 52,112 shares of the company’s stock, valued at approximately $3,129,325.60. This trade represents a 7.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.86% of the company’s stock.

Institutional Trading of Middlesex Water

A number of hedge funds and other institutional investors have recently bought and sold shares of MSEX. Sterling Capital Management LLC increased its holdings in Middlesex Water by 771.9% in the 4th quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 440 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Middlesex Water by 1,006.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 473 shares during the period. Allworth Financial LP lifted its stake in shares of Middlesex Water by 1,136.4% during the 4th quarter. Allworth Financial LP now owns 544 shares of the utilities provider’s stock valued at $27,000 after buying an additional 500 shares in the last quarter. CX Institutional bought a new position in Middlesex Water in the 1st quarter worth $38,000. Finally, Crowley Wealth Management Inc. bought a new stake in Middlesex Water during the 4th quarter valued at approximately $37,000. Hedge funds and other institutional investors own 79.52% of the company’s stock.

Middlesex Water Company Profile

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.