Middlesex Water (NASDAQ:MSEX) announced a quarterly dividend on Thursday, July 25th, Zacks reports. Stockholders of record on Thursday, August 15th will be given a dividend of 0.24 per share by the utilities provider on Tuesday, September 3rd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date is Wednesday, August 14th.
Middlesex Water has increased its dividend payment by an average of 5.5% annually over the last three years and has raised its dividend annually for the last 46 consecutive years. Middlesex Water has a dividend payout ratio of 52.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Middlesex Water to earn $2.00 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 48.0%.
NASDAQ MSEX opened at $59.66 on Tuesday. Middlesex Water has a 1-year low of $43.12 and a 1-year high of $63.67. The firm has a market capitalization of $987.46 million, a P/E ratio of 30.44 and a beta of 0.34. The company has a current ratio of 0.31, a quick ratio of 0.26 and a debt-to-equity ratio of 0.64. The company has a 50 day simple moving average of $59.90.
In related news, CFO A Bruce Oconnor sold 1,700 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $61.06, for a total value of $103,802.00. Following the sale, the chief financial officer now owns 19,155 shares of the company’s stock, valued at $1,169,604.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Robert K. Fullagar sold 500 shares of the business’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $61.39, for a total transaction of $30,695.00. Following the completion of the sale, the vice president now directly owns 1,900 shares in the company, valued at approximately $116,641. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,655 shares of company stock worth $222,692. Insiders own 3.49% of the company’s stock.
Several brokerages have commented on MSEX. BidaskClub upgraded shares of Middlesex Water from a “hold” rating to a “buy” rating in a research report on Tuesday. Zacks Investment Research downgraded shares of Middlesex Water from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Finally, Janney Montgomery Scott upgraded shares of Middlesex Water from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $58.00 to $66.00 in a research report on Wednesday, May 8th.
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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