Artesian Resources Corporation (NASDAQ:ARTNA) Short Interest Down 36.6% in July

Artesian Resources Corporation (NASDAQ:ARTNA) saw a large decrease in short interest in July. As of July 15th, there was short interest totaling 86,194 shares, a decrease of 36.6% from the June 30th total of 135,967 shares. Based on an average daily volume of 30,883 shares, the short-interest ratio is currently 2.8 days. Approximately 1.1% of the company’s shares are short sold.

Artesian Resources Trading Up 1.0%

Shares of Artesian Resources stock traded up $0.35 during trading on Friday, reaching $34.77. 491 shares of the stock were exchanged, compared to its average volume of 48,859. The company has a quick ratio of 0.89, a current ratio of 1.01 and a debt-to-equity ratio of 0.73. The stock’s fifty day moving average is $33.35 and its 200 day moving average is $32.89. The firm has a market cap of $358.83 million, a price-to-earnings ratio of 15.38 and a beta of 0.34. Artesian Resources has a 1 year low of $30.50 and a 1 year high of $35.49.

Artesian Resources (NASDAQ:ARTNA) last announced its quarterly earnings results on Tuesday, May 5th. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. Artesian Resources had a return on equity of 9.61% and a net margin of 20.86%.The company had revenue of $27.77 million for the quarter, compared to the consensus estimate of $27.00 million.

Artesian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were issued a dividend of $0.3199 per share. This is a boost from Artesian Resources’s previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Friday, May 15th. Artesian Resources’s dividend payout ratio is currently 56.64%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ARTNA. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Artesian Resources by 344,107.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 326,997 shares of the utilities provider’s stock valued at $10,336,000 after purchasing an additional 326,902 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in shares of Artesian Resources in the 2nd quarter worth about $5,034,000. Hotchkis & Wiley Capital Management LLC bought a new position in Artesian Resources in the 3rd quarter worth about $3,048,000. Renaissance Technologies LLC lifted its stake in shares of Artesian Resources by 15.1% in the first quarter. Renaissance Technologies LLC now owns 320,456 shares of the utilities provider’s stock worth $10,207,000 after buying an additional 42,000 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of Artesian Resources by 372.4% in the first quarter. Assenagon Asset Management S.A. now owns 45,310 shares of the utilities provider’s stock worth $1,443,000 after purchasing an additional 35,718 shares during the last quarter. 57.37% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded Artesian Resources from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, July 17th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Artesian Resources presently has a consensus rating of “Hold”.

About Artesian Resources

Artesian Resources Corporation (NASDAQ: ARTNA) is a publicly traded water and wastewater utility company headquartered in Wilmington, Delaware. The company provides regulated water distribution and wastewater collection services to residential, commercial and industrial customers. Through its operating subsidiaries, Artesian is subject to oversight by public utility commissions in Delaware, Maryland and Pennsylvania, ensuring the delivery of safe, high-quality water in compliance with state and federal standards.

Traced back to its roots as the Artesian Water Company founded in 1905, the organization has expanded its footprint through a combination of organic growth and strategic acquisitions.