Middlesex Water (NASDAQ:MSEX) Stock Price Up 4.2% After Dividend Announcement

Middlesex Water (NASDAQ:MSEX) shares traded up 4.2% during mid-day trading on Wednesday following a dividend announcement from the company. The company traded as high as $64.74 and last traded at $64.45. 40,067 shares traded hands during trading, a decline of 73% from the average session volume of 148,136 shares. The stock had previously closed at $61.83.

The newly announced dividend which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th will be given a $0.325 dividend. This represents a $1.30 annualized dividend and a dividend yield of 1.97%. The ex-dividend date is Thursday, August 15th. Middlesex Water’s dividend payout ratio (DPR) is currently 64.36%.

Wall Street Analysts Forecast Growth

MSEX has been the subject of several research analyst reports. StockNews.com upgraded shares of Middlesex Water to a “sell” rating in a research report on Thursday, May 9th. Robert W. Baird increased their target price on Middlesex Water from $56.00 to $58.00 and gave the company an “outperform” rating in a report on Thursday, May 9th.

Middlesex Water Price Performance

The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of 32.29 and a beta of 0.80. The company has a current ratio of 0.95, a quick ratio of 0.89 and a debt-to-equity ratio of 0.83. The stock has a 50-day simple moving average of $54.95 and a 200 day simple moving average of $53.99.

Middlesex Water (NASDAQ:MSEX) last posted its quarterly earnings results on Wednesday, May 8th. The utilities provider reported $0.59 EPS for the quarter, topping the consensus estimate of $0.45 by $0.14. The business had revenue of $40.52 million during the quarter, compared to analysts’ expectations of $42.00 million. Middlesex Water had a net margin of 21.55% and a return on equity of 8.64%. On average, equities research analysts forecast that Middlesex Water will post 2.28 EPS for the current fiscal year.

Insider Transactions at Middlesex Water

In related news, Director Walter G. Reinhard sold 857 shares of Middlesex Water stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $57.16, for a total transaction of $48,986.12. Following the completion of the sale, the director now owns 7,151 shares of the company’s stock, valued at $408,751.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.86% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Middlesex Water

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in Middlesex Water by 290.8% during the first quarter. GAMMA Investing LLC now owns 594 shares of the utilities provider’s stock valued at $31,000 after buying an additional 442 shares in the last quarter. Pathway Financial Advisers LLC bought a new position in shares of Middlesex Water in the 1st quarter valued at approximately $52,000. CWM LLC lifted its holdings in Middlesex Water by 65.1% in the 2nd quarter. CWM LLC now owns 1,306 shares of the utilities provider’s stock worth $68,000 after purchasing an additional 515 shares during the last quarter. Quadrant Capital Group LLC boosted its position in Middlesex Water by 958.1% during the fourth quarter. Quadrant Capital Group LLC now owns 1,439 shares of the utilities provider’s stock worth $94,000 after purchasing an additional 1,303 shares during the period. Finally, International Assets Investment Management LLC grew its holdings in Middlesex Water by 6,462.7% during the fourth quarter. International Assets Investment Management LLC now owns 3,347 shares of the utilities provider’s stock valued at $220,000 after purchasing an additional 3,296 shares during the last quarter. Institutional investors and hedge funds 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.