Middlesex Water (MSEX) Downgraded by Zacks Investment Research to Sell

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

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

Separately, BidaskClub lowered Middlesex Water from a “buy” rating to a “hold” rating in a report on Wednesday, December 6th.

Shares of Middlesex Water (NASDAQ:MSEX) opened at $37.23 on Wednesday. Middlesex Water has a twelve month low of $32.23 and a twelve month high of $46.74. The stock has a market capitalization of $605.29, a PE ratio of 29.62 and a beta of 0.40. The company has a current ratio of 0.51, a quick ratio of 0.43 and a debt-to-equity ratio of 0.60.

In other Middlesex Water news, VP Bernadette M. Sohler sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $45.19, for a total value of $45,190.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 3.48% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in MSEX. Schwab Charles Investment Management Inc. raised its stake in Middlesex Water by 0.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 74,346 shares of the utilities provider’s stock valued at $2,945,000 after buying an additional 655 shares during the period. Wells Fargo & Company MN grew its position in shares of Middlesex Water by 2.6% in the second quarter. Wells Fargo & Company MN now owns 24,263 shares of the utilities provider’s stock valued at $961,000 after purchasing an additional 612 shares during the last quarter. Teachers Advisors LLC grew its position in shares of Middlesex Water by 7.3% in the second quarter. Teachers Advisors LLC now owns 28,109 shares of the utilities provider’s stock valued at $1,113,000 after purchasing an additional 1,912 shares during the last quarter. TIAA CREF Investment Management LLC grew its position in shares of Middlesex Water by 1.4% in the second quarter. TIAA CREF Investment Management LLC now owns 68,804 shares of the utilities provider’s stock valued at $2,725,000 after purchasing an additional 922 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of Middlesex Water by 24.9% in the second quarter. Ameriprise Financial Inc. now owns 13,550 shares of the utilities provider’s stock valued at $536,000 after purchasing an additional 2,698 shares during the last quarter. Hedge funds and other institutional investors own 49.97% of the company’s stock.

COPYRIGHT VIOLATION WARNING: “Middlesex Water (MSEX) Downgraded by Zacks Investment Research to Sell” was originally posted by American Banking News and is the sole property of of American Banking News. If you are accessing this article on another site, it was copied illegally and reposted in violation of U.S. & international copyright laws. The correct version of this article can be accessed at https://www.americanbankingnews.com/2018/02/14/middlesex-water-msex-downgraded-by-zacks-investment-research-to-sell.html.

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.

Get a free copy of the Zacks research report on Middlesex Water (MSEX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Middlesex Water Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Middlesex Water and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply