Freedom Broker Issues Positive Forecast for Middlesex Water (NASDAQ:MSEX) Stock Price

Middlesex Water (NASDAQ:MSEX) had its price objective lifted by Freedom Broker from $56.00 to $58.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “hold” rating on the utilities provider’s stock. Freedom Broker‘s target price suggests a potential downside of 0.57% from the stock’s current price.

Other equities analysts have also issued reports about the stock. New Street Research set a $64.00 price objective on shares of Middlesex Water in a report on Thursday, July 9th. Robert W. Baird set a $66.00 target price on Middlesex Water in a report on Friday, July 31st. Finally, Weiss Ratings raised Middlesex Water from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, October 12th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $60.75.

Middlesex Water Stock Up 2.7%

NASDAQ MSEX traded up $1.54 during trading on Monday, reaching $58.33. 219,931 shares of the company’s stock traded hands, compared to its average volume of 145,767. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.51 and a quick ratio of 0.42. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of 21.06 and a beta of 0.74. The company’s 50 day simple moving average is $55.50 and its two-hundred day simple moving average is $54.19. Middlesex Water has a 12-month low of $44.17 and a 12-month high of $59.80.

Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings results on Thursday, October 29th. The utilities provider reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.13. Middlesex Water had a net margin of 24.50% and a return on equity of 10.08%. The firm had revenue of $60.21 million during the quarter, compared to analysts’ expectations of $59.90 million.

Insider Activity

In related news, VP Lorrie Ginegaw sold 615 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $57.61, for a total transaction of $35,430.15. Following the completion of the transaction, the vice president directly owned 3,978 shares in the company, valued at $229,172.58. The trade was a 13.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.92% of the stock is currently owned by company insiders.

Institutional Trading of Middlesex Water

Hedge funds have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Middlesex Water during the 2nd quarter worth about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Middlesex Water in the 2nd quarter valued at about $27,000. Integrated Wealth Concepts LLC purchased a new position in shares of Middlesex Water in the 2nd quarter valued at about $28,000. Parallel Advisors LLC raised its holdings in Middlesex Water by 68.6% in the 1st quarter. Parallel Advisors LLC now owns 521 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 212 shares during the period. Finally, Western Wealth Management LLC acquired a new position in Middlesex Water in the 1st quarter worth about $33,000. 79.52% of the stock is owned by hedge funds and other institutional investors.

Middlesex Water Company Profile

Middlesex Water Company (NASDAQ:MSEX) is a regulated water and wastewater utility that owns and operates systems serving residential, commercial, industrial and municipal customers. Its services include the production, treatment, distribution and sale of potable water, as well as wastewater collection and treatment.

Founded in 1897, the company primarily serves communities in New Jersey and Delaware through its regulated utility operations. Its New Jersey service area includes portions of Middlesex, Union, Somerset and Mercer counties, while its Delaware operations serve customers through the Tidewater Utilities subsidiary.

Middlesex Water also provides contract operations, maintenance and related services for municipal and other public water and wastewater systems.