Artesian Resources Co. (NASDAQ:ARTNA) saw a large increase in short interest during the month of June. As of June 30th, there was short interest totalling 52,300 shares, an increase of 22.2% from the May 30th total of 42,800 shares. Based on an average daily volume of 13,700 shares, the days-to-cover ratio is currently 3.8 days. Approximately 0.7% of the company’s stock are sold short.
In other news, Director Kenneth R. Biederman sold 1,000 shares of the stock in a transaction on Friday, May 17th. The shares were sold at an average price of $35.99, for a total transaction of $35,990.00. Following the transaction, the director now owns 19,875 shares in the company, valued at approximately $715,301.25. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 20.59% of the company’s stock.
A number of institutional investors have recently modified their holdings of ARTNA. Marshall Wace North America L.P. bought a new position in shares of Artesian Resources during the 1st quarter worth about $40,000. BNP Paribas Arbitrage SA lifted its holdings in shares of Artesian Resources by 508.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,661 shares of the utilities provider’s stock worth $62,000 after acquiring an additional 1,388 shares during the period. Metropolitan Life Insurance Co. NY lifted its holdings in shares of Artesian Resources by 380.0% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 2,885 shares of the utilities provider’s stock worth $101,000 after acquiring an additional 2,284 shares during the period. SG Americas Securities LLC bought a new position in shares of Artesian Resources during the 1st quarter worth about $149,000. Finally, Hendershot Investments Inc. bought a new position in shares of Artesian Resources during the 1st quarter worth about $224,000. 42.30% of the stock is owned by hedge funds and other institutional investors.
Several research firms recently issued reports on ARTNA. ValuEngine downgraded shares of Zymeworks from a “buy” rating to a “hold” rating in a report on Saturday, May 18th. BidaskClub downgraded shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, June 26th.
NASDAQ ARTNA opened at $36.35 on Friday. The company has a current ratio of 0.33, a quick ratio of 0.29 and a debt-to-equity ratio of 0.75. The business’s fifty day moving average price is $36.72. The company has a market cap of $340.45 million, a P/E ratio of 23.68 and a beta of 0.11. Artesian Resources has a 1 year low of $32.27 and a 1 year high of $40.97.
Artesian Resources (NASDAQ:ARTNA) last issued its quarterly earnings results on Wednesday, May 8th. The utilities provider reported $0.39 earnings per share for the quarter. Artesian Resources had a net margin of 17.79% and a return on equity of 9.49%. The firm had revenue of $19.39 million during the quarter.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Friday, August 9th will be issued a $0.246 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This is an increase from Artesian Resources’s previous quarterly dividend of $0.25. This represents a $0.98 dividend on an annualized basis and a yield of 2.71%.
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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