Middlesex Water (NASDAQ:MSEX) Sees Significant Growth in Short Interest

by · The Cerbat Gem

Middlesex Water (NASDAQ:MSEX – Get Free Report) was the recipient of a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 500,200 shares, a growth of 21.6% from the March 15th total of 411,500 shares. Currently, 2.9% of the company’s shares are sold short. Based on an average trading volume of 165,200 shares, the days-to-cover ratio is presently 3.0 days.

Insider Buying and Selling at Middlesex Water

In other news, Director Dennis W. Doll sold 4,067 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $60.05, for a total transaction of $244,223.35. Following the transaction, the director now directly owns 52,112 shares of the company’s stock, valued at approximately $3,129,325.60. The trade was a 7.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.86% of the company’s stock.

Hedge Funds Weigh In On Middlesex Water

Hedge funds have recently modified their holdings of the company. Exchange Traded Concepts LLC bought a new stake in Middlesex Water during the first quarter valued at about $831,000. CX Institutional purchased a new position in Middlesex Water in the 1st quarter worth approximately $38,000. Assenagon Asset Management S.A. boosted its stake in Middlesex Water by 22.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 23,357 shares of the utilities provider’s stock worth $1,497,000 after purchasing an additional 4,291 shares during the period. GAMMA Investing LLC boosted its stake in Middlesex Water by 6,702.0% in the 1st quarter. GAMMA Investing LLC now owns 139,033 shares of the utilities provider’s stock worth $8,912,000 after purchasing an additional 136,989 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Middlesex Water by 15.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 56,873 shares of the utilities provider’s stock valued at $2,993,000 after buying an additional 7,562 shares in the last quarter. 79.52% of the stock is currently owned by institutional investors.

Middlesex Water Stock Performance

Shares of MSEX traded up $0.36 on Friday, reaching $62.66. The company’s stock had a trading volume of 102,858 shares, compared to its average volume of 131,138. The stock’s 50 day simple moving average is $59.00 and its two-hundred day simple moving average is $58.84. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.65 and a quick ratio of 0.57. The stock has a market capitalization of $1.12 billion, a P/E ratio of 27.24, a PEG ratio of 1.50 and a beta of 0.80. Middlesex Water has a 12-month low of $47.40 and a 12-month high of $70.73.

Middlesex Water (NASDAQ:MSEX – Get Free Report) last released its earnings results on Friday, February 28th. The utilities provider reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.13. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. The company had revenue of $47.11 million for the quarter, compared to the consensus estimate of $45.00 million. During the same period in the previous year, the business earned $0.32 earnings per share. Research analysts forecast that Middlesex Water will post 2.34 earnings per share for the current fiscal year.

Middlesex Water Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend was Tuesday, February 18th. Middlesex Water’s dividend payout ratio is currently 55.06%.

Analysts Set New Price Targets

MSEX has been the topic of a number of research analyst reports. StockNews.com raised shares of Middlesex Water from a “sell” rating to a “hold” rating in a research report on Friday. Robert W. Baird upgraded shares of Middlesex Water from a “neutral” rating to an “outperform” rating and set a $61.00 price target on the stock in a research report on Monday, March 3rd. Janney Montgomery Scott reiterated a “neutral” rating on shares of Middlesex Water in a research note on Friday, April 4th. Finally, Baird R W upgraded shares of Middlesex Water from a “hold” rating to a “strong-buy” rating in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $58.50.

Check Out Our Latest Report on MSEX

About Middlesex Water

(Get Free Report)

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.

Featured Articles