Middlesex Water (NASDAQ:MSEX) Short Interest Update

Middlesex Water (NASDAQ:MSEX - Get Free Report) was the target of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 500,200 shares, an increase of 21.6% from the March 15th total of 411,500 shares. Based on an average daily trading volume, of 165,200 shares, the days-to-cover ratio is currently 3.0 days. Currently, 2.9% of the company's shares are short sold.

Middlesex Water Stock Performance

Shares of MSEX traded down $0.54 during mid-day trading on Friday, hitting $61.44. 85,112 shares of the company traded hands, compared to its average volume of 131,378. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 26.71, a P/E/G ratio of 1.50 and a beta of 0.80. The stock has a 50-day moving average price of $59.97 and a two-hundred day moving average price of $58.86. Middlesex Water has a 1 year low of $48.02 and a 1 year high of $70.73. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.65.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last announced its earnings results on Friday, February 28th. The utilities provider reported $0.49 earnings per share for the quarter, beating analysts' consensus estimates of $0.36 by $0.13. The business had revenue of $47.11 million during the quarter, compared to analyst estimates of $45.00 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. During the same period in the previous year, the business earned $0.32 EPS. Equities analysts anticipate that Middlesex Water will post 2.34 earnings per share for the current year.

Middlesex Water Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were given a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.36 annualized dividend and a yield of 2.21%. Middlesex Water's payout ratio is 55.06%.

Insiders Place Their Bets

In related news, Director Dennis W. Doll sold 4,067 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $60.05, for a total value of $244,223.35. Following the completion of the transaction, the director now directly owns 52,112 shares of the company's stock, valued at $3,129,325.60. This represents a 7.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.86% of the company's stock.

Institutional Investors Weigh In On Middlesex Water

A number of large investors have recently made changes to their positions in MSEX. Sterling Capital Management LLC raised its position in Middlesex Water by 771.9% in the fourth quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider's stock worth $26,000 after acquiring an additional 440 shares during the period. Allworth Financial LP increased its stake in shares of Middlesex Water by 1,136.4% in the 4th quarter. Allworth Financial LP now owns 544 shares of the utilities provider's stock worth $27,000 after purchasing an additional 500 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Middlesex Water by 1,006.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520 shares of the utilities provider's stock worth $27,000 after purchasing an additional 473 shares during the period. Crowley Wealth Management Inc. purchased a new position in Middlesex Water during the fourth quarter valued at $37,000. Finally, CX Institutional bought a new stake in Middlesex Water during the first quarter valued at about $38,000. 79.52% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MSEX has been the topic of a number of recent research reports. Baird R W raised shares of Middlesex Water from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 3rd. Janney Montgomery Scott reissued a "neutral" rating on shares of Middlesex Water in a research report on Friday, April 4th. Robert W. Baird raised Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 price objective on the stock in a research report on Monday, March 3rd. Finally, StockNews.com upgraded Middlesex Water from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $58.50.

About Middlesex Water

Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in Regulated and Non-Regulated segments. The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers, as well as provides regulated wastewater systems in New Jersey and Delaware.