Middlesex Water (NASDAQ:MSEX) Price Target Raised to $61.00

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

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

Middlesex Water Stock Performance

Shares of Middlesex Water stock opened at $65.27 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.85 and a current ratio of 0.90. Middlesex Water has a 1 year low of $45.42 and a 1 year high of $73.47. The firm’s 50-day simple moving average is $64.03 and its 200-day simple moving average is $58.83. The firm has a market cap of $1.16 billion, a PE ratio of 28.38 and a beta of 0.79.

Middlesex Water Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.08%. This is a boost from Middlesex Water’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Friday, November 15th. Middlesex Water’s dividend payout ratio is 56.52%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MSEX. Vanguard Group Inc. lifted its holdings in Middlesex Water by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 1,427,157 shares of the utilities provider’s stock worth $93,650,000 after acquiring an additional 20,712 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new position in Middlesex Water during the 1st quarter valued at approximately $266,000. BNP Paribas Financial Markets grew its stake in Middlesex Water by 36.8% during the 1st quarter. BNP Paribas Financial Markets now owns 18,679 shares of the utilities provider’s stock worth $981,000 after buying an additional 5,020 shares during the last quarter. Daiwa Securities Group Inc. increased its position in Middlesex Water by 73.6% in the first quarter. Daiwa Securities Group Inc. now owns 6,302 shares of the utilities provider’s stock worth $331,000 after buying an additional 2,671 shares during the period. Finally, Texas Permanent School Fund Corp lifted its stake in Middlesex Water by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 15,584 shares of the utilities provider’s stock valued at $818,000 after buying an additional 208 shares during the last quarter. 79.52% of the stock is 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.