Middlesex Water (NASDAQ:MSEX) Price Target Increased to $58.00 by Analysts at Robert W. Baird

Middlesex Water (NASDAQ:MSEX - Free Report) had its price objective boosted by Robert W. Baird from $56.00 to $58.00 in a research note issued to investors on Thursday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the utilities provider's stock.

Middlesex Water Stock Performance

NASDAQ:MSEX traded up $2.53 during trading hours on Thursday, reaching $56.97. The stock had a trading volume of 164,520 shares, compared to its average volume of 163,450. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.98 and a current ratio of 1.05. The stock has a 50 day simple moving average of $50.43 and a 200 day simple moving average of $58.08. Middlesex Water has a 12-month low of $45.42 and a 12-month high of $84.38. The stock has a market cap of $1.01 billion, a P/E ratio of 32.97 and a beta of 0.74.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last announced its quarterly earnings results on Wednesday, May 8th. The utilities provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.14. The company had revenue of $40.52 million during the quarter, compared to analysts' expectations of $42.00 million. Middlesex Water had a return on equity of 7.61% and a net margin of 18.96%. On average, research analysts forecast that Middlesex Water will post 2.28 EPS for the current fiscal year.

Middlesex Water Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th will be given a $0.325 dividend. This represents a $1.30 annualized dividend and a dividend yield of 2.28%. The ex-dividend date is Tuesday, May 14th. Middlesex Water's dividend payout ratio (DPR) is presently 73.86%.

Insider Activity

In related news, Director James F. Jr. Cosgrove purchased 1,600 shares of Middlesex Water stock in a transaction dated Wednesday, March 6th. The stock was bought at an average cost of $51.70 per share, for a total transaction of $82,720.00. Following the completion of the transaction, the director now owns 9,342 shares in the company, valued at $482,981.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.86% of the stock is owned by company insiders.

Hedge Funds Weigh In On Middlesex Water

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its position 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 buying an additional 442 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in Middlesex Water by 958.1% during the fourth quarter. Quadrant Capital Group LLC now owns 1,439 shares of the utilities provider's stock worth $94,000 after purchasing an additional 1,303 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its stake in Middlesex Water by 114.9% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 1,923 shares of the utilities provider's stock worth $126,000 after purchasing an additional 1,028 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in Middlesex Water by 138.3% during the third quarter. Daiwa Securities Group Inc. now owns 2,903 shares of the utilities provider's stock worth $192,000 after purchasing an additional 1,685 shares during the last quarter. Finally, Crestwood Advisors Group LLC bought a new stake in Middlesex Water during the third quarter worth about $212,000. 79.52% of the stock is currently owned by hedge funds and other institutional investors.

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.