Middlesex Water (NASDAQ:MSEX) had its target price cut by stock analysts at Janney Montgomery Scott from $43.00 to $40.00 in a research note issued on Monday. The firm currently has a “buy” rating on the utilities provider’s stock. Janney Montgomery Scott’s target price suggests a potential upside of 10.80% from the stock’s current price.
Several other research analysts also recently issued reports on the stock. BidaskClub downgraded shares of Middlesex Water from a “sell” rating to a “strong sell” rating in a report on Saturday, March 3rd. Zacks Investment Research downgraded shares of Middlesex Water from a “hold” rating to a “sell” rating in a report on Wednesday, February 14th.
Middlesex Water (MSEX) opened at $36.10 on Monday. Middlesex Water has a twelve month low of $32.23 and a twelve month high of $46.74. The company has a current ratio of 0.51, a quick ratio of 0.43 and a debt-to-equity ratio of 0.60. The stock has a market cap of $598.81, a PE ratio of 26.16 and a beta of 0.45.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Middlesex Water by 2.3% in 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 during the period. Dimensional Fund Advisors LP increased its stake in Middlesex Water by 3.5% in 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 during the period. Renaissance Technologies LLC increased its stake in Middlesex Water by 1.4% in 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 during the period. State Street Corp increased its stake in Middlesex Water by 1.0% in the second quarter. State Street Corp now owns 333,238 shares of the utilities provider’s stock valued at $13,202,000 after acquiring an additional 3,154 shares during the period. Finally, Cortina Asset Management LLC increased its stake in Middlesex Water by 10.6% in the third quarter. Cortina Asset Management LLC now owns 147,357 shares of the utilities provider’s stock valued at $5,787,000 after acquiring an additional 14,103 shares during the period. 50.16% of the stock is currently owned by institutional investors and hedge funds.
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About Middlesex Water
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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