Artesian Resources Co. (NASDAQ:ARTNA) Sees Significant Increase in Short Interest

Artesian Resources Co. (NASDAQ:ARTNA) was the target of a significant growth in short interest during the month of May. As of May 31st, there was short interest totalling 39,400 shares, a growth of 5.1% from the April 30th total of 37,500 shares. Approximately 0.5% of the shares of the stock are sold short. Based on an average trading volume of 13,900 shares, the days-to-cover ratio is presently 2.8 days.

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

A number of institutional investors have recently added to or reduced their stakes in ARTNA. Costello Asset Management INC purchased a new position in Artesian Resources in the fourth quarter valued at about $5,482,000. Deprince Race & Zollo Inc. purchased a new stake in shares of Artesian Resources during the 4th quarter valued at approximately $3,506,000. Foundry Partners LLC purchased a new stake in shares of Artesian Resources during the 1st quarter valued at approximately $1,371,000. BlackRock Inc. lifted its stake in shares of Artesian Resources by 4.0% during the 4th quarter. BlackRock Inc. now owns 439,716 shares of the utilities provider’s stock valued at $15,333,000 after buying an additional 16,890 shares in the last quarter. Finally, Water Asset Management LLC lifted its stake in shares of Artesian Resources by 20.5% during the 4th quarter. Water Asset Management LLC now owns 68,004 shares of the utilities provider’s stock valued at $2,371,000 after buying an additional 11,559 shares in the last quarter. Institutional investors and hedge funds own 42.30% of the company’s stock.

ARTNA traded up $0.06 during midday trading on Friday, hitting $36.41. The company had a trading volume of 7,934 shares, compared to its average volume of 11,491. Artesian Resources has a 52 week low of $32.27 and a 52 week high of $40.97. The company has a quick ratio of 0.29, a current ratio of 0.33 and a debt-to-equity ratio of 0.75. The stock has a market cap of $337.52 million, a P/E ratio of 23.45 and a beta of 0.11. The stock’s 50 day simple moving average is $36.70.

Artesian Resources (NASDAQ:ARTNA) last posted its earnings results on Wednesday, May 8th. The utilities provider reported $0.39 EPS for the quarter. The company 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. Investors of record on Friday, August 9th will be issued a dividend of $0.246 per share. The ex-dividend date of this dividend is Thursday, August 8th. This is a boost from Artesian Resources’s previous quarterly dividend of $0.25. This represents a $0.98 annualized dividend and a yield of 2.70%.

A number of equities analysts have recently commented on the stock. ValuEngine lowered 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 research note on Wednesday, June 26th.

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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