Middlesex Water (MSEX) Receives Average Recommendation of “Strong Buy” from Analysts
Shares of Middlesex Water (NASDAQ:MSEX) have earned a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that cover the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy recommendation.
Brokerages have set a twelve-month consensus price target of $46.00 for the company and are anticipating that the company will post $0.33 EPS for the current quarter, according to Zacks. Zacks has also given Middlesex Water an industry rank of 185 out of 265 based on the ratings given to its competitors.
MSEX has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Middlesex Water from a “sell” rating to a “hold” rating in a report on Wednesday, October 4th. BidaskClub downgraded shares of Middlesex Water from a “buy” rating to a “hold” rating in a report on Wednesday, December 6th. Finally, Janney Montgomery Scott reiterated a “buy” rating and issued a $44.00 price objective on shares of Middlesex Water in a report on Wednesday, October 4th.
Middlesex Water (MSEX) traded down $0.62 during midday trading on Friday, hitting $38.47. 43,707 shares of the stock were exchanged, compared to its average volume of 54,700. The company has a quick ratio of 0.43, a current ratio of 0.51 and a debt-to-equity ratio of 0.60. Middlesex Water has a 12 month low of $32.23 and a 12 month high of $46.74. The firm has a market capitalization of $652.37, a P/E ratio of 30.78 and a beta of 0.45.
In related news, VP A Bruce Oconnor sold 4,000 shares of the business’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $43.83, for a total transaction of $175,320.00. Following the transaction, the vice president now directly owns 16,803 shares in the company, valued at $736,475.49. The sale was disclosed in a filing with the SEC, which is available through this link. Also, President Gerard L. Esposito sold 1,700 shares of the business’s stock in a transaction on Monday, October 9th. The stock was sold at an average price of $42.89, for a total transaction of $72,913.00. The disclosure for this sale can be found here. Insiders sold 6,700 shares of company stock worth $293,423 over the last quarter. 3.48% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. BB&T Investment Services Inc. acquired a new position in Middlesex Water during the second quarter worth $119,000. Legal & General Group Plc increased its holdings in Middlesex Water by 4.1% during the second quarter. Legal & General Group Plc now owns 4,101 shares of the utilities provider’s stock worth $162,000 after buying an additional 161 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in Middlesex Water during the second quarter worth $207,000. ELCO Management Co. LLC acquired a new position in Middlesex Water during the second quarter worth $208,000. Finally, Russell Investments Group Ltd. increased its holdings in Middlesex Water by 15.2% during the second quarter. Russell Investments Group Ltd. now owns 7,313 shares of the utilities provider’s stock worth $290,000 after buying an additional 965 shares during the last quarter. Institutional investors and hedge funds own 50.28% of the company’s stock.
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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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