Middlesex Water Company (NASDAQ:MSEX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.

According to Zacks, “Middlesex Water Company treats, stores and distributes water for residential, commercial, industrial and fire prevention purposes. “

Other analysts have also recently issued reports about the company. ValuEngine raised Middlesex Water from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. BidaskClub cut Middlesex Water from a “hold” rating to a “sell” rating in a research note on Thursday, August 10th.

Middlesex Water (NASDAQ:MSEX) traded up 0.03% during mid-day trading on Thursday, hitting $39.02. 122,600 shares of the company traded hands. The company’s 50-day moving average price is $38.42 and its 200 day moving average price is $37.72. The company has a market capitalization of $637.47 million, a price-to-earnings ratio of 29.45 and a beta of 0.41. Middlesex Water has a one year low of $32.23 and a one year high of $44.48.

Middlesex Water (NASDAQ:MSEX) last posted its earnings results on Tuesday, August 1st. The utilities provider reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.05). Middlesex Water had a return on equity of 9.95% and a net margin of 16.46%. The business had revenue of $33.01 million for the quarter, compared to the consensus estimate of $34.00 million. On average, analysts anticipate that Middlesex Water will post $1.48 earnings per share for the current fiscal year.

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Several institutional investors and hedge funds have recently modified their holdings of MSEX. Vanguard Group Inc. grew its stake in shares of Middlesex Water by 19.6% during the 1st quarter. Vanguard Group Inc. now owns 923,000 shares of the utilities provider’s stock worth $34,105,000 after acquiring an additional 150,958 shares in the last quarter. Parametric Portfolio Associates LLC grew its stake in shares of Middlesex Water by 237.9% during the 1st quarter. Parametric Portfolio Associates LLC now owns 172,266 shares of the utilities provider’s stock worth $6,365,000 after acquiring an additional 121,279 shares in the last quarter. First Trust Advisors LP bought a new position in shares of Middlesex Water during the 2nd quarter worth approximately $3,309,000. Nuance Investments LLC bought a new position in shares of Middlesex Water during the 2nd quarter worth approximately $3,011,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Middlesex Water by 50.0% during the 1st quarter. Bank of New York Mellon Corp now owns 185,619 shares of the utilities provider’s stock worth $6,859,000 after acquiring an additional 61,885 shares in the last quarter. 49.11% of the stock is owned by institutional investors.

Middlesex Water Company Profile

Middlesex Water Company is a water utility company. The Company owns and operates regulated water utility and wastewater systems in New Jersey, Delaware and Pennsylvania. The Company also operates water and wastewater systems under contract on behalf of municipal and private clients in New Jersey and Delaware.

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