Middlesex Water's (MSEX) Hold (C-) Rating Reaffirmed at Weiss Ratings

Key Points

• The stock rating for Middlesex Water (NASDAQ:MSEX) has been reaffirmed as "hold (C-)" by Weiss Ratings in their latest report.
• Middlesex Water reported earnings of $0.60 per share, missing the consensus estimate of $0.68, with revenues of $49.32 million below expectations of $52.60 million.
• Recent hedge fund activity shows significant increases in investment in Middlesex Water, with notable boosts from firms such as GAMMA Investing LLC and the State of Tennessee Department of Treasury.

Middlesex Water (NASDAQ:MSEX - Get Free Report)'s stock had its "hold (c-)" rating reiterated by analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Middlesex Water Stock Performance

NASDAQ:MSEX opened at $55.19 on Wednesday. The stock has a market capitalization of $994.52 million, a P/E ratio of 22.81, a P/E/G ratio of 3.79 and a beta of 0.83. The stock has a 50-day moving average price of $53.28 and a 200 day moving average price of $56.53. The company has a current ratio of 0.41, a quick ratio of 0.35 and a debt-to-equity ratio of 0.77. Middlesex Water has a 12-month low of $48.18 and a 12-month high of $70.73.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.08). The firm had revenue of $49.32 million for the quarter, compared to analysts' expectations of $52.60 million. Middlesex Water had a net margin of 22.15% and a return on equity of 9.67%. Equities research analysts forecast that Middlesex Water will post 2.34 EPS for the current fiscal year.

Institutional Trading of Middlesex Water

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in shares of Middlesex Water by 28.4% in the third quarter. GAMMA Investing LLC now owns 4,649 shares of the utilities provider's stock valued at $252,000 after acquiring an additional 1,027 shares in the last quarter. Squarepoint Ops LLC increased its stake in Middlesex Water by 77.2% during the second quarter. Squarepoint Ops LLC now owns 27,380 shares of the utilities provider's stock worth $1,483,000 after acquiring an additional 11,929 shares during the last quarter. Public Sector Pension Investment Board increased its stake in Middlesex Water by 7.9% during the second quarter. Public Sector Pension Investment Board now owns 61,099 shares of the utilities provider's stock worth $3,310,000 after acquiring an additional 4,479 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of Middlesex Water by 8.1% in the second quarter. CANADA LIFE ASSURANCE Co now owns 32,223 shares of the utilities provider's stock valued at $1,746,000 after buying an additional 2,410 shares in the last quarter. Finally, State of Tennessee Department of Treasury boosted its holdings in Middlesex Water by 51.6% in the second quarter. State of Tennessee Department of Treasury now owns 6,597 shares of the utilities provider's stock valued at $357,000 after purchasing an additional 2,246 shares during the period. Hedge funds and other institutional investors own 79.52% of the company's stock.

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.

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