Artesian Resources Corporation (NASDAQ:ARTNA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” 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. “

Several other research analysts also recently issued reports on the stock. BidaskClub downgraded shares of Artesian Resources Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Hilliard Lyons cut shares of Artesian Resources Corporation from a “buy” rating to a “neutral” rating and set a $41.00 target price on the stock. in a research note on Thursday, May 4th.

Artesian Resources Corporation (NASDAQ:ARTNA) traded down 1.42% during trading on Tuesday, reaching $36.74. The company had a trading volume of 13,531 shares. The firm has a 50-day moving average price of $38.01 and a 200 day moving average price of $35.88. Artesian Resources Corporation has a 12-month low of $26.28 and a 12-month high of $41.90. The stock has a market cap of $337.57 million, a P/E ratio of 25.16 and a beta of 0.10.

TRADEMARK VIOLATION NOTICE: This article was posted by American Banking News and is the property of of American Banking News. If you are reading this article on another site, it was illegally copied and republished in violation of U.S. and international copyright & trademark laws. The original version of this article can be viewed at https://www.americanbankingnews.com/2017/08/15/artesian-resources-corporation-artna-stock-rating-lowered-by-zacks-investment-research.html.

In other news, Director Nicholle Renee Taylor sold 2,678 shares of the company’s stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $40.10, for a total transaction of $107,387.80. Following the transaction, the director now directly owns 7,003 shares in the company, valued at $280,820.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John R. Eisenbrey, Jr. sold 13,500 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $40.59, for a total transaction of $547,965.00. Following the transaction, the director now owns 54,501 shares in the company, valued at $2,212,195.59. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,650 shares of company stock worth $954,969. Company insiders own 20.59% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. State Street Corp increased its stake in shares of Artesian Resources Corporation by 2.1% in the fourth quarter. State Street Corp now owns 174,038 shares of the utilities provider’s stock valued at $5,558,000 after buying an additional 3,529 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Artesian Resources Corporation by 4.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 192,170 shares of the utilities provider’s stock valued at $6,138,000 after buying an additional 7,779 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Artesian Resources Corporation by 229.2% in the first quarter. Bank of Montreal Can now owns 6,686 shares of the utilities provider’s stock valued at $218,000 after buying an additional 4,655 shares during the last quarter. Dalton Greiner Hartman Maher & Co. increased its stake in shares of Artesian Resources Corporation by 8.2% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 57,943 shares of the utilities provider’s stock valued at $1,887,000 after buying an additional 4,404 shares during the last quarter. Finally, First Manhattan Co. increased its stake in shares of Artesian Resources Corporation by 5.9% in the first quarter. First Manhattan Co. now owns 256,823 shares of the utilities provider’s stock valued at $7,329,000 after buying an additional 14,250 shares during the last quarter. Institutional investors and hedge funds own 39.87% of the company’s stock.

Artesian Resources Corporation Company Profile

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

Get a free copy of the Zacks research report on Artesian Resources Corporation (ARTNA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Artesian Resources Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Artesian Resources Corporation and related companies with MarketBeat.com's FREE daily email newsletter.