Zacks: Middlesex Water Company (MSEX) Given $46.00 Average Target Price by Brokerages

Middlesex Water Company (NASDAQ:MSEX) has received an average broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a strong buy recommendation. Middlesex Water’s rating score has improved by 66.7% from 90 days ago as a result of various analysts’ ratings changes.

Brokers have set a 1 year consensus price objective of $46.00 for the company and are predicting that the company will post $0.33 earnings per share for the current quarter, according to Zacks. Zacks has also given Middlesex Water an industry rank of 126 out of 265 based on the ratings given to its competitors.

MSEX has been the subject of a number of research reports. Zacks Investment Research downgraded shares of Middlesex Water from a “hold” rating to a “sell” rating in a research note on Friday, August 4th. ValuEngine raised shares of Middlesex Water from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. BidaskClub downgraded shares of Middlesex Water from a “hold” rating to a “sell” rating in a research note on Thursday, August 10th. Finally, Janney Montgomery Scott reaffirmed a “buy” rating and set a $44.00 target price on shares of Middlesex Water in a research note on Wednesday, October 4th.

Middlesex Water (NASDAQ MSEX) opened at $44.02 on Monday. Middlesex Water has a one year low of $32.23 and a one year high of $46.39. The stock has a market cap of $719.55, a PE ratio of 35.22 and a beta of 0.43. The company has a quick ratio of 0.43, a current ratio of 0.51 and a debt-to-equity ratio of 0.60.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Thursday, November 9th will be issued a dividend of $0.2238 per share. This is a boost from Middlesex Water’s previous quarterly dividend of $0.21. The ex-dividend date is Wednesday, November 8th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 2.03%. Middlesex Water’s dividend payout ratio is presently 71.20%.

In other news, President Gerard L. Esposito sold 1,700 shares of the stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $42.89, for a total transaction of $72,913.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP A Bruce Oconnor sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $43.83, for a total transaction of $175,320.00. Following the completion of the sale, the vice president now owns 16,803 shares in the company, valued at approximately $736,475.49. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,900 shares of company stock worth $256,093. Corporate insiders own 3.48% of the company’s stock.

A number of hedge funds have recently modified their holdings of MSEX. Teachers Advisors LLC boosted its stake in shares of Middlesex Water by 2.6% during the 1st quarter. Teachers Advisors LLC now owns 26,197 shares of the utilities provider’s stock worth $968,000 after acquiring an additional 673 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Middlesex Water by 19.6% during the 1st quarter. Vanguard Group Inc. now owns 923,000 shares of the utilities provider’s stock worth $34,105,000 after acquiring an additional 150,958 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Middlesex Water by 3.0% during the 1st quarter. Geode Capital Management LLC now owns 152,394 shares of the utilities provider’s stock worth $5,630,000 after acquiring an additional 4,400 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Middlesex Water by 3.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 547,651 shares of the utilities provider’s stock worth $20,235,000 after acquiring an additional 18,476 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of Middlesex Water by 5.1% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 73,691 shares of the utilities provider’s stock worth $2,723,000 after acquiring an additional 3,579 shares during the last quarter. Institutional investors own 48.86% of the company’s stock.

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Middlesex Water Company Profile

Middlesex Water Company is a water utility company. The Company owns and operates regulated water utility and wastewater systems in New Jersey, Delaware and Pennsylvania. The Company also operates water and wastewater systems under contract on behalf of municipal and private clients in New Jersey and Delaware.

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