Artesian Resources Co. (NASDAQ:ARTNA) Short Interest Update

Artesian Resources Co. (NASDAQ:ARTNA) was the target of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 39,200 shares, a decrease of 15.7% from the September 30th total of 46,500 shares. Currently, 0.5% of the company’s shares are short sold. Based on an average daily volume of 12,100 shares, the short-interest ratio is currently 3.2 days.

ARTNA has been the topic of several research reports. BidaskClub raised Artesian Resources from a “sell” rating to a “hold” rating in a research note on Friday, September 27th. ValuEngine raised Artesian Resources from a “hold” rating to a “buy” rating in a research note on Thursday, October 10th.

In other news, Director William C. Wyer sold 2,000 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $36.76, for a total value of $73,520.00. Following the transaction, the director now owns 19,500 shares of the company’s stock, valued at approximately $716,820. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 20.59% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Strs Ohio increased its holdings in Artesian Resources by 7.3% during the 2nd quarter. Strs Ohio now owns 13,300 shares of the utilities provider’s stock worth $494,000 after purchasing an additional 900 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Artesian Resources by 2.8% in the 2nd quarter. Renaissance Technologies LLC now owns 383,300 shares of the utilities provider’s stock valued at $14,247,000 after acquiring an additional 10,600 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Artesian Resources by 8.3% in the 2nd quarter. BlackRock Inc. now owns 464,354 shares of the utilities provider’s stock valued at $17,260,000 after acquiring an additional 35,453 shares during the last quarter. Morgan Stanley increased its holdings in shares of Artesian Resources by 7.8% in the 2nd quarter. Morgan Stanley now owns 110,329 shares of the utilities provider’s stock valued at $4,101,000 after acquiring an additional 7,999 shares during the last quarter. Finally, Boenning & Scattergood Inc. increased its holdings in shares of Artesian Resources by 82.0% in the 3rd quarter. Boenning & Scattergood Inc. now owns 34,252 shares of the utilities provider’s stock valued at $1,267,000 after acquiring an additional 15,437 shares during the last quarter. Institutional investors own 42.62% of the company’s stock.

ARTNA opened at $36.41 on Friday. The stock’s 50-day moving average price is $36.95 and its 200 day moving average price is $36.43. The company has a current ratio of 0.30, a quick ratio of 0.22 and a debt-to-equity ratio of 0.73. Artesian Resources has a 12-month low of $32.84 and a 12-month high of $40.97. The firm has a market cap of $344.34 million, a price-to-earnings ratio of 23.19 and a beta of 0.06.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 8th will be issued a dividend of $0.25 per share. This is an increase from Artesian Resources’s previous quarterly dividend of $0.25. The ex-dividend date is Thursday, November 7th. This represents a $1.00 annualized dividend and a yield of 2.75%.

About Artesian Resources

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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