Middlesex Water (MSEX) Upgraded at ValuEngine

ValuEngine upgraded shares of Middlesex Water (NASDAQ:MSEX) from a hold rating to a buy rating in a report released on Monday morning.

MSEX has been the subject of several other reports. Janney Montgomery Scott reduced their price target on Middlesex Water from $43.00 to $40.00 and set a buy rating for the company in a research report on Monday, March 12th. BidaskClub cut Middlesex Water from a sell rating to a strong sell rating in a research report on Saturday, March 3rd. Finally, Zacks Investment Research cut Middlesex Water from a hold rating to a sell rating in a research report on Wednesday, January 24th.

Shares of NASDAQ:MSEX opened at $39.51 on Monday. Middlesex Water has a 52-week low of $32.23 and a 52-week high of $46.74. The stock has a market capitalization of $660.13, a PE ratio of 29.25 and a beta of 0.43. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.45 and a quick ratio of 0.39.



Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings results on Friday, March 9th. The utilities provider reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.01). The company had revenue of $31.46 million for the quarter, compared to analysts’ expectations of $34.00 million. Middlesex Water had a net margin of 17.44% and a return on equity of 10.16%. equities analysts predict that Middlesex Water will post 1.55 earnings per share for the current fiscal year.

In related news, Director Walter G. Reinhard sold 1,000 shares of Middlesex Water stock in a transaction that occurred on Thursday, March 29th. The stock was sold at an average price of $36.97, for a total transaction of $36,970.00. Following the completion of the transaction, the director now directly owns 81 shares in the company, valued at $2,994.57. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.48% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its position in Middlesex Water by 2.3% during the fourth quarter. BlackRock Inc. now owns 1,213,358 shares of the utilities provider’s stock valued at $48,425,000 after acquiring an additional 26,918 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Middlesex Water by 3.5% during the third quarter. Dimensional Fund Advisors LP now owns 586,412 shares of the utilities provider’s stock valued at $23,029,000 after acquiring an additional 19,647 shares in the last quarter. Renaissance Technologies LLC raised its position in Middlesex Water by 1.4% during the fourth quarter. Renaissance Technologies LLC now owns 546,500 shares of the utilities provider’s stock valued at $21,811,000 after acquiring an additional 7,700 shares in the last quarter. First Trust Advisors LP grew its holdings in Middlesex Water by 10.5% in the fourth quarter. First Trust Advisors LP now owns 102,844 shares of the utilities provider’s stock valued at $4,105,000 after purchasing an additional 9,734 shares during the period. Finally, Nuance Investments LLC grew its holdings in Middlesex Water by 2.3% in the fourth quarter. Nuance Investments LLC now owns 89,002 shares of the utilities provider’s stock valued at $3,552,000 after purchasing an additional 2,012 shares during the period. Institutional investors own 50.54% of the company’s stock.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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