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Dennis W. Doll, a director at Middlesex Water Co. (NASDAQ:MSEX), has recently sold a notable amount of company stock. According to a Form 4 filing with the Securities and Exchange Commission, Doll sold 4,067 shares of Middlesex Water at a weighted-average price of $60.045 per share. This transaction, executed on March 21, 2025, resulted in a total sale value of approximately $244,203. The sale comes as MSEX shares have shown strong momentum, posting a 20.4% return over the past year and trading near $60.81.
The shares sold were held in a joint account with Doll’s spouse, Barbara A. Doll, as indicated in the filing. Following this transaction, Doll retains ownership of 52,112 shares in Middlesex Water, including those held directly and through other accounts. The company, with a market capitalization of $1.09 billion, has maintained a strong dividend track record, raising payments for 21 consecutive years.
Middlesex Water Co., headquartered in Iselin, New Jersey, operates in the water supply industry, providing essential services across its operational regions. The company has demonstrated solid performance with 15.4% revenue growth in the last twelve months. Investors often keep a close eye on insider transactions like these as potential indicators of company performance and executive sentiment. InvestingPro analysis reveals additional insights about MSEX’s financial health and growth prospects, with 8 more exclusive tips available for subscribers.
In other recent news, Middlesex Water received an upgrade from Baird analysts, who changed their rating from Neutral to Outperform and set a price target of $61. This decision followed a strong fourth-quarter performance that exceeded Baird’s expectations across key financial metrics, including regulated capital expenditure spending. The company’s annual report now includes long-term growth estimates for capital investment, which were not previously provided and have surpassed analyst forecasts. Although total capital expenditures for 2024 are projected to be lower than in past years, Middlesex Water and its industry peers are maintaining their spending despite challenges such as rising capital costs and PFAS contamination issues. Baird analysts expressed optimism about the water sector, suggesting that current market conditions could be favorable for investors interested in Middlesex Water shares. They highlighted the company’s long-term investment strategy as a key factor in their positive outlook. This upgrade underscores confidence in Middlesex Water’s ability to manage industry challenges and pursue growth opportunities. Investors will be watching closely as the market absorbs this updated analysis.
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