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 the business’s stock in a transaction that occurred on Friday, November 9th. The shares were sold at an average price of $49.71, for a total value of $198,840.00. Following the completion of the sale, the chairman now owns 49,849 shares in the company, valued at approximately $2,477,993.79. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Shares of MSEX stock traded up $1.35 during trading on Monday, reaching $53.19. 65,100 shares of the company’s stock were exchanged, compared to its average volume of 49,859. The company has a current ratio of 0.37, a quick ratio of 0.32 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $850.09 million, a PE ratio of 38.54 and a beta of 0.54. Middlesex Water has a twelve month low of $33.96 and a twelve month high of $53.19.

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

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders 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 yield of 1.80%. This is a positive change from Middlesex Water’s previous quarterly dividend of $0.22. The ex-dividend date is Wednesday, November 14th. Middlesex Water’s dividend payout ratio is currently 69.57%.

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Middlesex Water by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 961,798 shares of the utilities provider’s stock worth $46,571,000 after buying an additional 40,017 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Middlesex Water by 7.0% during the 3rd quarter. AQR Capital Management LLC now owns 28,865 shares of the utilities provider’s stock worth $1,398,000 after buying an additional 1,879 shares during the last quarter. MetLife Investment Advisors LLC lifted its position in shares of Middlesex Water by 56.5% during the 3rd quarter. MetLife Investment Advisors LLC now owns 11,730 shares of the utilities provider’s stock worth $568,000 after buying an additional 4,233 shares during the last quarter. Man Group plc lifted its position in shares of Middlesex Water by 118.0% during the 3rd quarter. Man Group plc now owns 18,845 shares of the utilities provider’s stock worth $912,000 after buying an additional 10,199 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Middlesex Water by 0.5% during the 3rd quarter. Renaissance Technologies LLC now owns 599,900 shares of the utilities provider’s stock worth $29,047,000 after buying an additional 2,800 shares during the last quarter. Hedge funds and other institutional investors own 54.01% of the company’s stock.

MSEX has been the topic of several recent analyst reports. Zacks Investment Research raised Middlesex Water from a “hold” rating to a “strong-buy” rating and set a $58.00 price target on the stock in a research report on Thursday, November 8th. BidaskClub raised Middlesex Water from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 16th. Finally, Janney Montgomery Scott raised 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, November 5th.

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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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