Artesian Resources Corporation (NASDAQ:ARTNA) Sees Large Decrease in Short Interest

Artesian Resources Corporation (NASDAQ:ARTNA) was the recipient of a large decrease in short interest during the month of August. As of August 15th, there was short interest totaling 56,900 shares, adecreaseof22.5% from the July 31st total of 73,400 shares. Based on an average daily trading volume, of 28,600 shares, the short-interest ratio is presently 2.0 days. Based on an average daily trading volume, of 28,600 shares, the short-interest ratio is presently 2.0 days.

Artesian Resources Price Performance

NASDAQ ARTNA traded up $0.35 during trading on Tuesday, reaching $32.95. The company’s stock had a trading volume of 2,768 shares, compared to its average volume of 35,752. The stock has a market capitalization of $339.66 million, a PE ratio of 15.18 and a beta of 0.35. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.87 and a quick ratio of 0.69. The firm has a fifty day moving average of $33.33 and a 200 day moving average of $33.33. Artesian Resources has a one year low of $29.45 and a one year high of $38.94.

Artesian Resources (NASDAQ:ARTNA) last announced its quarterly earnings data on Monday, August 4th. The utilities provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.56 by $0.05. The firm had revenue of $28.55 million for the quarter, compared to analyst estimates of $29.00 million. Artesian Resources had a return on equity of 9.55% and a net margin of 20.84%. Analysts expect that Artesian Resources will post 1.92 EPS for the current fiscal year.

Artesian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Friday, August 15th were paid a dividend of $0.3074 per share. The ex-dividend date was Friday, August 15th. This represents a $1.23 dividend on an annualized basis and a yield of 3.7%. Artesian Resources’s payout ratio is presently 56.68%.

Insider Transactions at Artesian Resources

In related news, SVP John M. Thaeder sold 1,000 shares of the stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $33.37, for a total transaction of $33,370.00. Following the sale, the senior vice president owned 20,592 shares of the company’s stock, valued at approximately $687,155.04. This represents a 4.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 20.59% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. T. Rowe Price Investment Management Inc. raised its stake in shares of Artesian Resources by 4.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 927,232 shares of the utilities provider’s stock worth $30,275,000 after purchasing an additional 41,357 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new position in shares of Artesian Resources in the second quarter worth about $5,034,000. Legal & General Group Plc lifted its position in shares of Artesian Resources by 14.3% in the second quarter. Legal & General Group Plc now owns 142,048 shares of the utilities provider’s stock worth $4,767,000 after buying an additional 17,752 shares in the last quarter. Roffman Miller Associates Inc. PA lifted its position in shares of Artesian Resources by 17.5% in the second quarter. Roffman Miller Associates Inc. PA now owns 107,275 shares of the utilities provider’s stock worth $3,600,000 after buying an additional 15,981 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Artesian Resources by 5.9% during the 1st quarter. Russell Investments Group Ltd. now owns 92,840 shares of the utilities provider’s stock valued at $3,031,000 after buying an additional 5,134 shares during the period. Hedge funds and other institutional investors own 57.37% of the company’s stock.

About Artesian Resources

Artesian Resources Corporation, through its subsidiaries, provides water, wastewater, and other services in Delaware, Maryland, and Pennsylvania. 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 collection, treatment infrastructure, and wastewater services to customers in Delaware.