Middlesex Water (NASDAQ:MSEX – Get Free Report) announced a quarterly dividend on Monday, January 29th, Zacks reports. Stockholders of record on Thursday, February 15th will be given a dividend of 0.325 per share by the utilities provider on Friday, March 1st. This represents a $1.30 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Wednesday, February 14th.
Middlesex Water has increased its dividend by an average of 6.6% per year over the last three years and has increased its dividend every year for the last 51 years. Middlesex Water has a payout ratio of 52.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Middlesex Water to earn $2.43 per share next year, which means the company should continue to be able to cover its $1.30 annual dividend with an expected future payout ratio of 53.5%.
Middlesex Water Trading Up 0.7 %
Shares of Middlesex Water stock opened at $56.44 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.12 and a debt-to-equity ratio of 0.84. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of 30.67 and a beta of 0.77. Middlesex Water has a 52-week low of $54.01 and a 52-week high of $86.97. The company’s 50-day simple moving average is $62.89 and its 200-day simple moving average is $67.68.
Analyst Upgrades and Downgrades
Separately, TheStreet downgraded shares of Middlesex Water from a “b-” rating to a “c+” rating in a report on Friday, October 20th.
Insider Transactions at Middlesex Water
In related news, Director James F. Jr. Cosgrove sold 1,352 shares of Middlesex Water stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $66.83, for a total transaction of $90,354.16. Following the completion of the transaction, the director now directly owns 7,742 shares in the company, valued at approximately $517,397.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.86% of the company’s stock.
Institutional Trading of Middlesex Water
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 Asset Management L.P. purchased a new stake in shares of Middlesex Water during the fourth quarter worth about $25,000. Lazard Asset Management LLC acquired a new stake in Middlesex Water during the fourth quarter worth approximately $42,000. Tower Research Capital LLC TRC grew its stake in Middlesex Water by 71.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 580 shares of the utilities provider’s stock worth $38,000 after acquiring an additional 241 shares during the period. US Bancorp DE raised its holdings in Middlesex Water by 60.4% in the 4th quarter. US Bancorp DE now owns 648 shares of the utilities provider’s stock valued at $43,000 after acquiring an additional 244 shares during the last quarter. Finally, Captrust Financial Advisors lifted its stake in shares of Middlesex Water by 2,666.7% during the 2nd quarter. Captrust Financial Advisors now owns 664 shares of the utilities provider’s stock worth $58,000 after purchasing an additional 640 shares during the period. 70.52% of the stock is currently owned by hedge funds and other institutional investors.
Middlesex Water Company Profile
Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. 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.
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