Middlesex Water (NASDAQ:MSEX) Stock Crosses Above 50-Day Moving Average – Should You Sell?

Shares of Middlesex Water Company (NASDAQ:MSEX) crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $55.50 and traded as high as $57.29. Middlesex Water shares last traded at $56.79, with a volume of 174,955 shares.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. New Street Research set a $64.00 price objective on Middlesex Water in a research report on Thursday, July 9th. Weiss Ratings raised Middlesex Water from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, October 12th. Finally, Robert W. Baird set a $66.00 target price on Middlesex Water in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.67.

Middlesex Water Trading Up 2.6%

The stock has a market capitalization of $1.07 billion, a P/E ratio of 20.50 and a beta of 0.74. The stock’s fifty day moving average price is $55.50 and its two-hundred day moving average price is $54.19. The company has a current ratio of 0.50, a quick ratio of 0.41 and a debt-to-equity ratio of 0.76.

Middlesex Water (NASDAQ:MSEX) last released its earnings results on Thursday, October 29th. The utilities provider reported $0.95 EPS for the quarter, beating the consensus estimate of $0.82 by $0.13. Middlesex Water had a net margin of 24.50% and a return on equity of 10.29%. The company had revenue of $60.21 million for the quarter, compared to analyst estimates of $59.90 million.

Middlesex Water Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Monday, November 16th will be paid a $0.38 dividend. This is a boost from Middlesex Water’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Monday, November 16th. Middlesex Water’s payout ratio is presently 55.60%.

Insider Transactions at Middlesex Water

In other Middlesex Water news, VP Lorrie Ginegaw sold 615 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $57.61, for a total transaction of $35,430.15. Following the completion of the sale, the vice president directly owned 3,978 shares in the company, valued at $229,172.58. This represents a 13.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.92% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Middlesex Water

Several institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Middlesex Water in the 2nd quarter worth approximately $176,031,000. Legal & General Group Plc bought a new stake in Middlesex Water in the second quarter valued at approximately $24,570,000. Bank of New York Mellon Corp bought a new stake in Middlesex Water in the second quarter valued at approximately $10,054,000. Jupiter Topco LLC purchased a new stake in shares of Middlesex Water during the second quarter valued at approximately $7,264,000. Finally, Nuance Investments LLC purchased a new stake in shares of Middlesex Water during the second quarter valued at approximately $4,820,000. 79.52% of the stock is currently owned by hedge funds and other institutional investors.

About Middlesex Water

Middlesex Water Company (NASDAQ:MSEX) is a regulated water and wastewater utility that owns and operates systems serving residential, commercial, industrial and municipal customers. Its services include the production, treatment, distribution and sale of potable water, as well as wastewater collection and treatment.

Founded in 1897, the company primarily serves communities in New Jersey and Delaware through its regulated utility operations. Its New Jersey service area includes portions of Middlesex, Union, Somerset and Mercer counties, while its Delaware operations serve customers through the Tidewater Utilities subsidiary.

Middlesex Water also provides contract operations, maintenance and related services for municipal and other public water and wastewater systems.