Middlesex Water (NASDAQ:MSEX) Hits New 12-Month Low at $45.70

Middlesex Water (NASDAQ:MSEX - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $45.70 and last traded at $45.91, with a volume of 52560 shares traded. The stock had previously closed at $47.39.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird decreased their target price on Middlesex Water from $69.00 to $59.00 and set an "outperform" rating for the company in a research report on Friday, March 1st.

Middlesex Water Stock Down 3.3 %

The company has a quick ratio of 0.98, a current ratio of 1.05 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $816.41 million, a P/E ratio of 26.05 and a beta of 0.74. The firm has a 50-day moving average price of $51.67 and a two-hundred day moving average price of $59.70.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last posted its quarterly earnings data on Thursday, February 29th. The utilities provider reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.14). Middlesex Water had a net margin of 18.96% and a return on equity of 7.61%. The business had revenue of $38.60 million during the quarter, compared to the consensus estimate of $41.00 million. Equities research analysts anticipate that Middlesex Water will post 2.28 EPS for the current fiscal year.

Middlesex Water Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Thursday, February 15th were paid a $0.325 dividend. The ex-dividend date was Wednesday, February 14th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 2.84%. Middlesex Water's payout ratio is 73.86%.

Insider Activity at Middlesex Water

In other news, Director James F. Jr. Cosgrove bought 1,600 shares of the business's stock in a transaction that occurred on Wednesday, March 6th. The stock was acquired at an average cost of $51.70 per share, for a total transaction of $82,720.00. Following the completion of the purchase, the director now owns 9,342 shares of the company's stock, valued at approximately $482,981.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.86% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MSEX. Point72 Asset Management L.P. acquired a new position in Middlesex Water during the fourth quarter worth $25,000. GAMMA Investing LLC raised its stake in Middlesex Water by 290.8% during the first quarter. GAMMA Investing LLC now owns 594 shares of the utilities provider's stock worth $31,000 after acquiring an additional 442 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Middlesex Water by 71.1% during the third quarter. Tower Research Capital LLC TRC now owns 580 shares of the utilities provider's stock worth $38,000 after purchasing an additional 241 shares during the last quarter. Clarity Asset Management Inc. bought a new stake in shares of Middlesex Water during the fourth quarter worth $38,000. Finally, Lazard Asset Management LLC bought a new stake in shares of Middlesex Water during the fourth quarter worth $42,000. 79.52% of the stock is currently owned by institutional investors and hedge funds.

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.