Artesian Resources Corp. (NASDAQ:ARTNA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “Artesian Resources Corporation operates as the parent holding company of Artesian Water Company, Inc a regulated public water utility. Artesian Water provides water utility service to customers with in its established service territory in portions of New Castle County, Delaware. “

Artesian Resources Corp. (NASDAQ:ARTNA) traded up 0.97% during midday trading on Tuesday, reaching $28.49. The company’s stock had a trading volume of 30,172 shares. The company’s 50-day moving average is $29.50 and its 200 day moving average is $29.38. The firm has a market cap of $259.46 million, a price-to-earnings ratio of 22.61 and a beta of 0.18. Artesian Resources Corp. has a 12-month low of $22.66 and a 12-month high of $35.00.

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The company also recently announced a quarterly dividend, which was paid on Monday, August 22nd. Stockholders of record on Wednesday, August 10th were issued a $0.225 dividend. This represents a $0.90 annualized dividend and a dividend yield of 3.16%. This is a boost from Artesian Resources Corp.’s previous quarterly dividend of $0.22. The ex-dividend date was Monday, August 8th. Artesian Resources Corp.’s payout ratio is 71.43%.

Several large investors have recently modified their holdings of the company. Acadian Asset Management LLC boosted its stake in shares of Artesian Resources Corp. by 5.8% in the first quarter. Acadian Asset Management LLC now owns 28,649 shares of the company’s stock valued at $801,000 after buying an additional 1,570 shares during the period. First Manhattan Co. boosted its stake in shares of Artesian Resources Corp. by 1.2% in the first quarter. First Manhattan Co. now owns 262,544 shares of the company’s stock valued at $7,340,000 after buying an additional 3,062 shares during the period. IFP Advisors Inc boosted its stake in shares of Artesian Resources Corp. by 7.0% in the first quarter. IFP Advisors Inc now owns 5,350 shares of the company’s stock valued at $150,000 after buying an additional 350 shares during the period. Los Angeles Capital Management & Equity Research Inc. boosted its stake in shares of Artesian Resources Corp. by 6.3% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 22,842 shares of the company’s stock valued at $639,000 after buying an additional 1,350 shares during the period. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of Artesian Resources Corp. by 1.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 76,433 shares of the company’s stock valued at $2,137,000 after buying an additional 1,113 shares during the period. 39.08% of the stock is currently owned by hedge funds and other institutional investors.

About Artesian Resources Corp.

Artesian Resources Corporation is a holding company. The Company, through its subsidiaries, offers water, wastewater and other services on the Delmarva Peninsula. It distributes and sells water, including water for public and private fire protection, to residential, commercial, industrial, municipal and utility customers in Delaware, Maryland and Pennsylvania.

5 Day Chart for NASDAQ:ARTNA

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