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Walter G. Reinhard, a director at Middlesex Water Co. (NASDAQ:MSEX), recently sold shares valued at approximately $40,273 in the $1.03 billion market cap utility company. According to a filing with the Securities and Exchange Commission, Reinhard sold 702 shares of common stock at an average price of $57.3703 per share on May 28, 2025. The stock currently trades at $57.50, with a P/E ratio of 23.7x. InvestingPro analysis indicates the stock is trading near its Fair Value. Following this transaction, Reinhard holds 6,351 shares in direct ownership. The company has maintained an impressive track record of raising dividends for 21 consecutive years, with a current yield of 2.37%. InvestingPro subscribers can access additional insights, including 6 more key tips about MSEX’s financial health and growth prospects.
In other recent news, Middlesex Water Company announced an at-the-market equity offering agreement to sell common stock shares worth up to $110 million. The agreement, made with BofA Securities, Inc., Robert W. Baird & Co. Incorporated, and Janney Montgomery Scott LLC as sales agents, allows Middlesex to sell shares at market prices on the Nasdaq Global Select Market. Proceeds from this offering will be used for capital expenditures and general corporate purposes. Additionally, Baird analysts upgraded Middlesex Water’s stock rating from Neutral to Outperform, setting a price target of $61.00. This upgrade follows a strong fourth-quarter performance and highlights the company’s long-term growth estimates for capital investment, which exceeded previous forecasts. Baird’s analysis suggests that Middlesex Water is well-positioned for future growth despite potential industry challenges. In leadership news, Middlesex Water appointed Nadine Leslie as the new Chair of the Board, succeeding Dennis W. Doll. Amy Mansue was also named Lead Independent (LON:IOG) Director, reinforcing the company’s commitment to strong governance.
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