Robert W. Baird Issues Positive Forecast for Middlesex Water (NASDAQ:MSEX) Stock Price

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

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

Middlesex Water Trading Down 1.5 %

Shares of MSEX stock opened at $64.27 on Friday. The firm’s 50-day simple moving average is $64.03 and its 200-day simple moving average is $58.92. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.90 and a quick ratio of 0.85. Middlesex Water has a 1-year low of $45.42 and a 1-year high of $73.47. The firm has a market cap of $1.15 billion, a P/E ratio of 27.94 and a beta of 0.79.

Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings results on Thursday, October 31st. The utilities provider reported $0.80 EPS for the quarter, topping the consensus estimate of $0.67 by $0.13. Middlesex Water had a return on equity of 9.66% and a net margin of 22.53%. The company had revenue of $55.10 million during the quarter, compared to analyst estimates of $50.00 million. During the same period in the prior year, the firm posted $0.56 earnings per share. As a group, equities analysts forecast that Middlesex Water will post 2.21 EPS for the current year.

Middlesex Water Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date is Friday, November 15th. This is a positive change from Middlesex Water’s previous quarterly dividend of $0.33. Middlesex Water’s dividend payout ratio (DPR) is 56.52%.

Hedge Funds Weigh In On Middlesex Water

A number of institutional investors have recently made changes to their positions in MSEX. Louisiana State Employees Retirement System increased its stake in shares of Middlesex Water by 2.3% in the second quarter. Louisiana State Employees Retirement System now owns 9,000 shares of the utilities provider’s stock worth $470,000 after buying an additional 200 shares during the last quarter. Creative Financial Designs Inc. ADV increased its position in shares of Middlesex Water by 5.0% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 4,236 shares of the utilities provider’s stock worth $276,000 after purchasing an additional 201 shares during the last quarter. Texas Permanent School Fund Corp raised its stake in shares of Middlesex Water by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 15,584 shares of the utilities provider’s stock valued at $818,000 after purchasing an additional 208 shares in the last quarter. Illinois Municipal Retirement Fund lifted its position in shares of Middlesex Water by 2.9% during the first quarter. Illinois Municipal Retirement Fund now owns 10,139 shares of the utilities provider’s stock worth $532,000 after purchasing an additional 287 shares during the last quarter. Finally, Squarepoint Ops LLC grew its stake in Middlesex Water by 4.7% in the second quarter. Squarepoint Ops LLC now owns 9,462 shares of the utilities provider’s stock worth $494,000 after purchasing an additional 421 shares in the last quarter. 79.52% of the stock is 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.