Middlesex Water (NASDAQ:MSEX) CFO A Bruce Oconnor Sells 2,500 Shares of Stock

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Middlesex Water (NASDAQ:MSEX) CFO A Bruce Oconnor sold 2,500 shares of the business’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $66.26, for a total value of $165,650.00. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Shares of Middlesex Water stock opened at $67.18 on Wednesday. Middlesex Water has a 1-year low of $48.79 and a 1-year high of $72.41. The company has a market capitalization of $1.07 billion, a PE ratio of 32.77 and a beta of 0.25. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.50 and a quick ratio of 0.43. The business has a 50-day moving average of $65.81 and a 200-day moving average of $63.37.

Middlesex Water (NASDAQ:MSEX) last issued its quarterly earnings data on Tuesday, May 5th. The utilities provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.06. Middlesex Water had a return on equity of 11.75% and a net margin of 25.78%. The firm had revenue of $31.77 million during the quarter, compared to analyst estimates of $32.00 million. On average, equities analysts expect that Middlesex Water will post 2.09 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were paid a dividend of $0.2563 per share. This represents a $1.03 dividend on an annualized basis and a yield of 1.53%. This is an increase from Middlesex Water’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Thursday, May 14th. Middlesex Water’s dividend payout ratio is 50.75%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MSEX. Nuveen Asset Management LLC raised its position in shares of Middlesex Water by 29.2% during the 1st quarter. Nuveen Asset Management LLC now owns 80,345 shares of the utilities provider’s stock valued at $4,830,000 after acquiring an additional 18,181 shares in the last quarter. Barclays PLC raised its stake in Middlesex Water by 105.2% during the fourth quarter. Barclays PLC now owns 16,225 shares of the utilities provider’s stock worth $1,031,000 after acquiring an additional 8,319 shares during the period. Alliancebernstein L.P. lifted its holdings in Middlesex Water by 35.3% in the first quarter. Alliancebernstein L.P. now owns 30,941 shares of the utilities provider’s stock worth $1,860,000 after acquiring an additional 8,072 shares during the last quarter. Swiss National Bank boosted its stake in Middlesex Water by 6.6% in the first quarter. Swiss National Bank now owns 33,762 shares of the utilities provider’s stock valued at $2,030,000 after acquiring an additional 2,100 shares during the period. Finally, Eaton Vance Management grew its holdings in shares of Middlesex Water by 21.9% during the first quarter. Eaton Vance Management now owns 347,075 shares of the utilities provider’s stock valued at $20,866,000 after purchasing an additional 62,285 shares during the last quarter. 58.95% of the stock is owned by institutional investors.

A number of research analysts have weighed in on the stock. Zacks Investment Research raised shares of Middlesex Water from a “hold” rating to a “strong-buy” rating and set a $70.00 price target on the stock in a research report on Friday, May 8th. BidaskClub lowered shares of Middlesex Water from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 25th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Middlesex Water currently has a consensus rating of “Buy” and an average target price of $73.00.

About Middlesex Water

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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