Middlesex Water (NASDAQ:MSEX) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Middlesex Water (NASDAQ:MSEX) from a strong-buy rating to a hold rating in a research report report published on Wednesday, Zacks.com reports.

According to Zacks, “Middlesex Water Company treats, stores and distributes water for residential, commercial, industrial and fire prevention purposes. “

MSEX has been the topic of a number of other reports. BidaskClub raised shares of Winmark from a sell rating to a hold rating in a report on Tuesday, May 14th. Janney Montgomery Scott reaffirmed a buy rating and issued a $37.00 price objective on shares of SeaWorld Entertainment in a report on Wednesday, May 8th.



Shares of NASDAQ:MSEX opened at $59.49 on Wednesday. The firm has a market capitalization of $979.68 million, a PE ratio of 28.60 and a beta of 0.35. Middlesex Water has a 1-year low of $42.34 and a 1-year high of $63.67. The business’s fifty day simple moving average is $60.16. The company has a quick ratio of 0.26, a current ratio of 0.32 and a debt-to-equity ratio of 0.62.

Middlesex Water (NASDAQ:MSEX) last issued its earnings results on Monday, May 6th. The utilities provider reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.08. The company had revenue of $30.70 million for the quarter, compared to analysts’ expectations of $32.00 million. Middlesex Water had a net margin of 25.05% and a return on equity of 14.01%. On average, sell-side analysts predict that Middlesex Water will post 2.17 earnings per share for the current fiscal year.

In related news, CEO Dennis W. Doll sold 3,127 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $61.33, for a total value of $191,778.91. Following the sale, the chief executive officer now owns 59,011 shares of the company’s stock, valued at approximately $3,619,144.63. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO A Bruce Oconnor sold 1,700 shares of the stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $61.06, for a total transaction of $103,802.00. Following the completion of the sale, the chief financial officer now directly owns 19,155 shares in the company, valued at approximately $1,169,604.30. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,782 shares of company stock worth $414,470. Corporate insiders own 3.49% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in MSEX. Rhumbline Advisers boosted its stake in Middlesex Water by 52.1% during the 4th quarter. Rhumbline Advisers now owns 21,524 shares of the utilities provider’s stock valued at $1,148,000 after purchasing an additional 7,370 shares during the last quarter. Prudential Financial Inc. boosted its stake in Middlesex Water by 80.5% during the 4th quarter. Prudential Financial Inc. now owns 9,338 shares of the utilities provider’s stock valued at $499,000 after purchasing an additional 4,166 shares during the last quarter. LPL Financial LLC purchased a new stake in Middlesex Water during the 4th quarter valued at $258,000. PNC Financial Services Group Inc. boosted its stake in Middlesex Water by 8.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,011 shares of the utilities provider’s stock valued at $695,000 after purchasing an additional 1,000 shares during the last quarter. Finally, BlackRock Inc. boosted its stake in Middlesex Water by 1.0% during the 4th quarter. BlackRock Inc. now owns 1,297,466 shares of the utilities provider’s stock valued at $69,220,000 after purchasing an additional 12,770 shares during the last quarter. 54.61% of the stock is currently owned by institutional investors and hedge funds.

Middlesex Water Company Profile

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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