Short Interest in Artesian Resources Co. (NASDAQ:ARTNA) Rises By 22.2%

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. Currently, 0.7% of the shares of the stock are sold short.

In other Artesian Resources news, Director Kenneth R. Biederman sold 1,000 shares of Artesian Resources 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 sale, the director now owns 19,875 shares of the company’s stock, valued at approximately $715,301.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 20.59% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Deprince Race & Zollo Inc. purchased a new stake in Artesian Resources in the 4th quarter valued at about $3,506,000. Foundry Partners LLC purchased a new stake in Artesian Resources in the 1st quarter valued at about $1,371,000. BlackRock Inc. raised its holdings in Artesian Resources by 4.0% in 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 during the period. Water Asset Management LLC raised its holdings in Artesian Resources by 20.5% in 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 during the period. Finally, Bank of America Corp DE raised its holdings in Artesian Resources by 106.3% in the 4th quarter. Bank of America Corp DE now owns 17,643 shares of the utilities provider’s stock valued at $615,000 after buying an additional 9,090 shares during the period. 42.30% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts have issued reports on the stock. BidaskClub cut shares of Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, June 26th. ValuEngine cut shares of Zymeworks from a “buy” rating to a “hold” rating in a research report on Saturday, May 18th.

Shares of ARTNA stock opened at $36.41 on Friday. The firm’s 50-day moving average price is $36.70. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.29 and a current ratio of 0.33. The firm has a market cap of $337.67 million, a PE ratio of 23.49 and a beta of 0.11. Artesian Resources has a twelve month low of $32.27 and a twelve month high of $40.97.

Artesian Resources (NASDAQ:ARTNA) last announced its quarterly earnings results on Wednesday, May 8th. The utilities provider reported $0.39 earnings per share for the quarter. The firm had revenue of $19.39 million for 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. Stockholders of record on Friday, August 9th will be given a dividend of $0.246 per share. This is a boost from Artesian Resources’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.98 annualized dividend and a dividend yield of 2.70%.

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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