Zacks Investment Research Downgrades Middlesex Water (MSEX) to Sell

Middlesex Water (NASDAQ:MSEX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

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

MSEX has been the topic of several other reports. BidaskClub lowered Middlesex Water from a “buy” rating to a “hold” rating in a research report on Wednesday, December 6th. Janney Montgomery Scott restated a “buy” rating and set a $44.00 target price on shares of Middlesex Water in a research note on Wednesday, October 4th.

Middlesex Water (NASDAQ MSEX) traded down $0.45 during trading hours on Wednesday, reaching $38.30. The company’s stock had a trading volume of 64,283 shares, compared to its average volume of 65,605. The company has a quick ratio of 0.43, a current ratio of 0.51 and a debt-to-equity ratio of 0.60. Middlesex Water has a one year low of $32.23 and a one year high of $46.74. The stock has a market capitalization of $633.41, a price-to-earnings ratio of 30.64 and a beta of 0.45.

Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $0.46 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.09). Middlesex Water had a net margin of 15.77% and a return on equity of 9.32%. The company had revenue of $36.17 million during the quarter, compared to analysts’ expectations of $39.00 million. research analysts predict that Middlesex Water will post 1.4 EPS for the current fiscal year.

In other news, VP Bernadette M. Sohler sold 1,000 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $45.19, for a total transaction of $45,190.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP A Bruce Oconnor sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $43.83, for a total value of $175,320.00. Following the sale, the vice president now owns 16,803 shares of the company’s stock, valued at $736,475.49. The disclosure for this sale can be found here. 3.48% of the stock is owned by company insiders.

Institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new stake in shares of Middlesex Water during the fourth quarter valued at about $107,000. BB&T Investment Services Inc. acquired a new position in Middlesex Water in the second quarter worth about $119,000. Legal & General Group Plc grew its stake in Middlesex Water by 4.1% in the second quarter. Legal & General Group Plc now owns 4,101 shares of the utilities provider’s stock worth $162,000 after purchasing an additional 161 shares in the last quarter. ELCO Management Co. LLC acquired a new position in Middlesex Water in the second quarter worth about $208,000. Finally, Creative Planning grew its stake in Middlesex Water by 23.1% in the fourth quarter. Creative Planning now owns 7,284 shares of the utilities provider’s stock worth $291,000 after purchasing an additional 1,369 shares in the last quarter. Institutional investors own 50.28% of the company’s stock.

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About Middlesex Water

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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