Walter G. Reinhard, a director at Middlesex Water Co (NASDAQ:MSEX), has recently sold a total of 857 shares of the company's common stock, resulting in over $48,000 in proceeds. The transaction took place on May 22, 2024, with the shares being sold at a price of $57.16 each.
The sale by Reinhard has brought his direct holdings in the company down to zero, as indicated by the latest SEC filing. However, it's important to note that Reinhard still indirectly owns 7,151 shares of Middlesex Water Co's common stock held in "Street Name." This type of holding typically refers to securities held electronically in the accounts of a broker or other nominee, rather than in the name of the individual owner.
Middlesex Water Co, which is incorporated in New Jersey, operates within the water supply sector. The company has been serving its community for over a century, providing water and wastewater services, and is known for its commitment to quality and sustainability.
Investors often keep a close eye on insider transactions as they can provide insights into how executives and directors view the company's stock value and future prospects. While Reinhard's sale could be for a variety of personal or financial reasons, the market generally monitors such moves to gauge insider sentiment.
The transaction was officially signed off by Jay L. Kooper, who holds the power of attorney for Walter G. Reinhard, as documented in the filing dated May 23, 2024.
InvestingPro Insights
In the wake of Walter G. Reinhard's recent sale of Middlesex Water Co (NASDAQ:MSEX) shares, investors may be keen to understand the company's current financial health and market performance. Middlesex Water Co's commitment to its dividend is noteworthy, with the company having raised its dividend for 20 consecutive years and maintained dividend payments for 54 consecutive years. This consistency is a positive signal for investors looking for stable dividend income, as indicated by InvestingPro Tips.
On the valuation front, Middlesex Water Co is trading at a high EBIT valuation multiple and a high revenue valuation multiple. While this could suggest a premium pricing of the company's shares, it also reflects the market's valuation of the company's earnings and revenue generation capabilities. The company's stock has experienced a strong return over the last month, as evidenced by a 17.97% 1 Month Price Total Return, which aligns with the InvestingPro Tip highlighting the strong performance in the recent period.
From a data standpoint, Middlesex Water Co's market capitalization stands at $984.5M, with a Price/Earnings (P/E) Ratio of 27.17 for the last twelve months as of Q1 2024. The company also boasts a robust Gross Profit Margin of 50.59%, underscoring its ability to maintain profitability. Furthermore, the Dividend Yield as of the latest data is 2.3%, coupled with a Dividend Growth of 4.0% for the same period, reinforcing the company's investor-friendly approach.
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