Insider Selling: Middlesex Water (MSEX) CFO Sells 1,700 Shares of Stock

Middlesex Water (NASDAQ:MSEX) CFO A Bruce Oconnor sold 1,700 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $61.06, for a total transaction of $103,802.00. Following the transaction, the chief financial officer now directly owns 19,155 shares of the company’s stock, valued at $1,169,604.30. The sale was disclosed in a document filed with the SEC, which is available through this link.

Shares of NASDAQ MSEX opened at $60.79 on Friday. Middlesex Water has a 1 year low of $40.08 and a 1 year high of $63.67. The company has a market cap of $1.01 billion, a P/E ratio of 31.02 and a beta of 0.43. The company has a current ratio of 0.32, a quick ratio of 0.26 and a debt-to-equity ratio of 0.62.

Middlesex Water (NASDAQ:MSEX) last announced its earnings results on Monday, May 6th. The utilities provider reported $0.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.08. Middlesex Water had a net margin of 25.05% and a return on equity of 14.01%. The firm had revenue of $30.70 million for the quarter, compared to analyst estimates of $32.00 million. Sell-side analysts anticipate that Middlesex Water will post 2.17 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 15th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $0.96 dividend on an annualized basis and a yield of 1.58%. Middlesex Water’s dividend payout ratio (DPR) is currently 48.98%.

A number of research analysts have recently weighed in on MSEX shares. BidaskClub cut shares of Middlesex Water from a “buy” rating to a “hold” rating in a research note on Friday, February 8th. Zacks Investment Research raised shares of Middlesex Water from a “hold” rating to a “strong-buy” rating and set a $68.00 price objective for the company in a research note on Friday, May 10th. Finally, Janney Montgomery Scott raised shares of Middlesex Water from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $58.00 to $66.00 in a research note on Wednesday, May 8th.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its holdings in shares of Middlesex Water by 1.0% in the 4th quarter. BlackRock Inc. now owns 1,297,466 shares of the utilities provider’s stock valued at $69,220,000 after purchasing an additional 12,770 shares during the last quarter. Vanguard Group Inc lifted its holdings 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 valued at $46,571,000 after acquiring an additional 40,017 shares in the last quarter. Vanguard Group Inc. lifted its holdings 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 valued at $46,571,000 after acquiring an additional 40,017 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Middlesex Water by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 630,016 shares of the utilities provider’s stock valued at $35,274,000 after acquiring an additional 6,859 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Middlesex Water by 7.6% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 245,858 shares of the utilities provider’s stock valued at $13,766,000 after acquiring an additional 17,275 shares in the last quarter. Hedge funds and other institutional investors own 55.34% of the company’s stock.

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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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Insider Buying and Selling by Quarter for Middlesex Water (NASDAQ:MSEX)

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