Zacks: Brokerages Set $66.00 Target Price for Middlesex Water (NASDAQ:MSEX)

Middlesex Water (NASDAQ:MSEX) has been assigned an average broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy rating. Middlesex Water’s rating score has improved by 66.7% in the last 90 days as a result of various analysts’ upgrades and downgrades.

Analysts have set a one year consensus target price of $66.00 for the company and are anticipating that the company will post $0.55 EPS for the current quarter, according to Zacks. Zacks has also given Middlesex Water an industry rank of 92 out of 256 based on the ratings given to related companies.

Several research analysts recently issued reports on the stock. BidaskClub upgraded shares of Winmark from a “sell” rating to a “hold” rating in a research note on Tuesday, May 14th. Janney Montgomery Scott reiterated a “buy” rating and issued a $37.00 price target on shares of SeaWorld Entertainment in a research note on Wednesday, May 8th. Finally, Zacks Investment Research lowered shares of ExlService from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th.

NASDAQ MSEX traded up $0.85 during trading on Friday, hitting $60.38. The company had a trading volume of 1,374 shares, compared to its average volume of 69,349. 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 has a one year low of $42.34 and a one year high of $63.67. The firm has a market capitalization of $973.29 million, a P/E ratio of 30.77 and a beta of 0.35. The stock has a fifty day simple moving average of $60.05.

Middlesex Water (NASDAQ:MSEX) last issued its quarterly earnings data on Monday, May 6th. The utilities provider reported $0.39 EPS for the quarter, topping the Thomson Reuters’ 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 business had revenue of $30.70 million during the quarter, compared to analyst estimates of $32.00 million. As a group, equities research analysts expect that Middlesex Water will post 2.17 EPS for the current fiscal year.

In related news, CFO A Bruce Oconnor sold 1,700 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $61.06, for a total transaction of $103,802.00. Following the sale, the chief financial officer now directly owns 19,155 shares of the company’s stock, valued at approximately $1,169,604.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Dennis W. Doll sold 3,127 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $61.33, for a total transaction of $191,778.91. Following the sale, the chief executive officer now directly owns 59,011 shares in the company, valued at $3,619,144.63. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,782 shares of company stock valued at $414,470. 3.49% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the stock. ETF Managers Group LLC grew its position in Middlesex Water by 11.0% during the 1st quarter. ETF Managers Group LLC now owns 3,941 shares of the utilities provider’s stock valued at $221,000 after purchasing an additional 390 shares during the last quarter. Raymond James & Associates purchased a new stake in shares of Middlesex Water during the 4th quarter valued at about $550,000. Dimensional Fund Advisors LP boosted its holdings in shares of Middlesex Water by 0.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 623,157 shares of the utilities provider’s stock valued at $33,245,000 after acquiring an additional 5,500 shares during the last quarter. Advisor Group Inc. boosted its holdings in shares of Middlesex Water by 36.9% during the 4th quarter. Advisor Group Inc. now owns 12,381 shares of the utilities provider’s stock valued at $661,000 after acquiring an additional 3,338 shares during the last quarter. Finally, Martingale Asset Management L P boosted its holdings in shares of Middlesex Water by 17.8% during the 1st quarter. Martingale Asset Management L P now owns 70,106 shares of the utilities provider’s stock valued at $3,927,000 after acquiring an additional 10,600 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors.

Middlesex Water Company Profile

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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