Short Interest in Artesian Resources Co. (NASDAQ:ARTNA) Rises By 22.2%

Artesian Resources Co. (NASDAQ:ARTNA) was the target of a significant growth in short interest in June. As of June 30th, there was short interest totalling 52,300 shares, a growth of 22.2% from the May 30th total of 42,800 shares. Based on an average trading volume of 13,700 shares, the short-interest ratio is currently 3.8 days. Approximately 0.7% of the company’s stock are short sold.

Shares of NASDAQ ARTNA opened at $36.41 on Friday. The firm’s 50 day simple moving average is $36.70. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.33 and a quick ratio of 0.29. The company has a market capitalization of $337.67 million, a price-to-earnings ratio of 23.49 and a beta of 0.11. Artesian Resources has a 12-month low of $32.27 and a 12-month high of $40.97.

Artesian Resources (NASDAQ:ARTNA) last posted its quarterly earnings results on Wednesday, May 8th. The utilities provider reported $0.39 earnings per share for the quarter. The business had revenue of $19.39 million during the quarter. Artesian Resources had a net margin of 17.79% and a return on equity of 9.49%.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Friday, August 9th will be given a $0.246 dividend. This is a positive change from Artesian Resources’s previous quarterly dividend of $0.25. This represents a $0.98 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Thursday, August 8th.

In related news, Director Kenneth R. Biederman sold 1,000 shares of the business’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $35.99, for a total transaction of $35,990.00. Following the sale, the director now owns 19,875 shares of the company’s stock, valued at $715,301.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 20.59% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the business. Marshall Wace North America L.P. purchased a new position in Artesian Resources during the 1st quarter worth approximately $40,000. Martingale Asset Management L P raised its position in Artesian Resources by 11.3% during the 1st quarter. Martingale Asset Management L P now owns 39,304 shares of the utilities provider’s stock worth $1,465,000 after buying an additional 4,000 shares during the last quarter. Hendershot Investments Inc. purchased a new position in Artesian Resources during the 1st quarter worth approximately $224,000. Teton Advisors Inc. raised its position in Artesian Resources by 0.9% during the 1st quarter. Teton Advisors Inc. now owns 35,426 shares of the utilities provider’s stock worth $1,320,000 after buying an additional 300 shares during the last quarter. Finally, Rhumbline Advisers raised its position in Artesian Resources by 3.3% during the 1st quarter. Rhumbline Advisers now owns 11,703 shares of the utilities provider’s stock worth $436,000 after buying an additional 370 shares during the last quarter. Institutional investors and hedge funds own 42.30% of the company’s stock.

Several research firms have recently weighed in on ARTNA. BidaskClub cut shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, June 26th. ValuEngine cut shares of Zymeworks from a “buy” rating to a “hold” rating in a report on Saturday, May 18th.

Artesian Resources Company Profile

Artesian Resources Corporation, through its subsidiaries, provides water, wastewater, and other services on the Delmarva Peninsula. The company distributes and sells water to residential, commercial, industrial, governmental, municipal, and utility customers, as well as for public and private fire protection in the states of Delaware, Maryland, and Pennsylvania; and offers wastewater services to customers in Delaware.

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