Robert W. Baird Boosts Middlesex Water (NASDAQ:MSEX) Price Target to $61.00

Middlesex Water (NASDAQ:MSEX) had its price objective increased by Robert W. Baird from $58.00 to $61.00 in a report released on Friday, Benzinga reports. They currently have a neutral rating on the utilities provider’s stock.

Separately, Baird R W downgraded shares of Middlesex Water from a “strong-buy” rating to a “hold” rating in a report on Monday, August 5th.

Middlesex Water Trading Up 6.7 %

Shares of MSEX stock traded up $4.08 on Friday, reaching $65.27. The company had a trading volume of 160,231 shares, compared to its average volume of 134,893. The stock has a market cap of $1.16 billion, a PE ratio of 28.38 and a beta of 0.79. The company has a 50-day moving average of $64.03 and a 200-day moving average of $58.74. The company has a current ratio of 0.90, a quick ratio of 0.85 and a debt-to-equity ratio of 0.82. Middlesex Water has a 12 month low of $45.42 and a 12 month high of $73.47.

Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.05). Middlesex Water had a net margin of 21.14% and a return on equity of 8.69%. The firm had revenue of $49.15 million during the quarter, compared to the consensus estimate of $47.00 million. On average, equities analysts forecast that Middlesex Water will post 2.21 earnings per share for the current year.

Middlesex Water Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be given a dividend of $0.34 per share. The ex-dividend date is Friday, November 15th. This represents a $1.36 dividend on an annualized basis and a yield of 2.08%. This is an increase from Middlesex Water’s previous quarterly dividend of $0.33. Middlesex Water’s dividend payout ratio is 59.13%.

Institutional Investors Weigh In On Middlesex Water

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pathway Financial Advisers LLC acquired a new stake in shares of Middlesex Water in the 1st quarter valued at approximately $52,000. GAMMA Investing LLC raised its position in Middlesex Water by 107.2% during the second quarter. GAMMA Investing LLC now owns 1,231 shares of the utilities provider’s stock worth $64,000 after acquiring an additional 637 shares in the last quarter. CWM LLC lifted its stake in Middlesex Water by 65.1% in the second quarter. CWM LLC now owns 1,306 shares of the utilities provider’s stock valued at $68,000 after acquiring an additional 515 shares during the last quarter. Crestwood Advisors Group LLC bought a new position in shares of Middlesex Water in the 3rd quarter valued at about $210,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Middlesex Water during the 3rd quarter worth about $225,000. 79.52% of the stock is currently owned by institutional investors and hedge funds.

Middlesex Water Company Profile

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.