Middlesex Water (NASDAQ:MSEX) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
Several other research analysts also recently issued reports on the company. Zacks Investment Research raised Middlesex Water from a “sell” rating to a “hold” rating in a research note on Wednesday, October 4th. Janney Montgomery Scott reaffirmed a “buy” rating and set a $44.00 price target on shares of Middlesex Water in a research note on Wednesday, October 4th.
Middlesex Water (MSEX) opened at $43.53 on Wednesday. The stock has a market capitalization of $711.54, a price-to-earnings ratio of 36.55 and a beta of 0.44. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.43 and a current ratio of 0.51. Middlesex Water has a one year low of $32.23 and a one year high of $46.74.
Hedge funds have recently made changes to their positions in the stock. BB&T Investment Services Inc. acquired a new position in Middlesex Water in the 2nd quarter valued at about $119,000. Legal & General Group Plc raised its stake in Middlesex Water by 4.1% in the 2nd quarter. Legal & General Group Plc now owns 4,101 shares of the utilities provider’s stock valued at $162,000 after purchasing an additional 161 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in Middlesex Water in the 2nd quarter valued at about $207,000. ELCO Management Co. LLC acquired a new position in Middlesex Water in the 2nd quarter valued at about $208,000. Finally, Russell Investments Group Ltd. raised its stake in Middlesex Water by 15.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,313 shares of the utilities provider’s stock valued at $290,000 after purchasing an additional 965 shares during the last quarter. 50.98% of the stock is owned by hedge funds and other institutional investors.
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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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