Dennis W. Doll Sells 4,000 Shares of Middlesex Water (MSEX) Stock

Middlesex Water (NASDAQ:MSEX) Chairman Dennis W. Doll sold 4,000 shares of Middlesex Water stock in a transaction dated Friday, November 9th. The stock was sold at an average price of $49.71, for a total value of $198,840.00. Following the transaction, the chairman now owns 49,849 shares in the company, valued at $2,477,993.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Shares of Middlesex Water stock traded down $0.27 during trading on Friday, reaching $49.45. The stock had a trading volume of 2,057 shares, compared to its average volume of 32,258. The firm has a market cap of $821.88 million, a price-to-earnings ratio of 35.64 and a beta of 0.53. Middlesex Water has a 52 week low of $33.96 and a 52 week high of $52.56. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.37 and a quick ratio of 0.32.

Middlesex Water (NASDAQ:MSEX) last issued its quarterly earnings results on Friday, November 2nd. The utilities provider reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.09. The company had revenue of $38.71 million for the quarter, compared to analyst estimates of $38.00 million. Middlesex Water had a return on equity of 13.10% and a net margin of 22.61%. On average, equities analysts expect that Middlesex Water will post 1.96 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.94%. This is a positive change from Middlesex Water’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Wednesday, November 14th. Middlesex Water’s payout ratio is 64.49%.

MSEX has been the topic of several recent analyst reports. BidaskClub lowered Middlesex Water from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 25th. Zacks Investment Research upgraded Middlesex Water from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Thursday, August 9th. Finally, Janney Montgomery Scott upgraded Middlesex Water from a “neutral” rating to a “buy” rating and set a $53.00 target price on the stock in a report on Monday.

Several institutional investors have recently modified their holdings of MSEX. Sei Investments Co. lifted its holdings in shares of Middlesex Water by 6,000.0% in the second quarter. Sei Investments Co. now owns 2,562 shares of the utilities provider’s stock valued at $108,000 after purchasing an additional 2,520 shares in the last quarter. Mcrae Capital Management Inc. bought a new stake in shares of Middlesex Water in the third quarter valued at about $213,000. Engineers Gate Manager LP bought a new stake in shares of Middlesex Water in the third quarter valued at about $216,000. JPMorgan Chase & Co. lifted its holdings in shares of Middlesex Water by 80.7% in the first quarter. JPMorgan Chase & Co. now owns 8,098 shares of the utilities provider’s stock valued at $298,000 after purchasing an additional 3,616 shares in the last quarter. Finally, Private Advisor Group LLC bought a new stake in shares of Middlesex Water in the second quarter valued at about $333,000. Institutional investors own 53.49% of the company’s stock.

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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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