Artesian Resources (NASDAQ:ARTNA) Upgraded to “Hold” by Zacks Investment Research

Artesian Resources (NASDAQ:ARTNAGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday, Zacks.com reports.

According to Zacks, “Artesian Resources Corporation operates as the parent holding company of Artesian Water Company, Inc a regulated public water utility. Artesian Water provides water utility service to customers with in its established service territory in portions of New Castle County, Delaware. “

Separately, StockNews.com assumed coverage on shares of Artesian Resources in a research note on Thursday, March 31st. They set a “buy” rating for the company.

ARTNA stock traded up $0.64 during midday trading on Tuesday, reaching $46.99. 712 shares of the company’s stock traded hands, compared to its average volume of 24,395. The company has a market cap of $441.99 million, a price-to-earnings ratio of 26.25 and a beta of 0.06. The firm’s fifty day moving average price is $47.45 and its 200-day moving average price is $44.68. The company has a quick ratio of 0.36, a current ratio of 0.40 and a debt-to-equity ratio of 0.80. Artesian Resources has a 52 week low of $35.90 and a 52 week high of $50.88.

Artesian Resources (NASDAQ:ARTNAGet Rating) last announced its quarterly earnings results on Wednesday, March 9th. The utilities provider reported $0.32 EPS for the quarter, missing the Zacks’ consensus estimate of $0.35 by ($0.03). Artesian Resources had a net margin of 18.52% and a return on equity of 9.67%. Analysts forecast that Artesian Resources will post 1.9 earnings per share for the current year.

In related news, Director Nicholle Renee Taylor sold 2,000 shares of the business’s stock in a transaction dated Wednesday, March 16th. The shares were sold at an average price of $47.02, for a total value of $94,040.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kenneth R. Biederman sold 6,750 shares of the business’s stock in a transaction dated Monday, March 14th. The stock was sold at an average price of $47.80, for a total transaction of $322,650.00. The disclosure for this sale can be found here. Insiders sold a total of 10,524 shares of company stock worth $500,788 over the last three months. 20.59% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its holdings in Artesian Resources by 4.0% during the third quarter. Geode Capital Management LLC now owns 140,952 shares of the utilities provider’s stock valued at $5,380,000 after purchasing an additional 5,445 shares during the last quarter. Roffman Miller Associates Inc. PA lifted its holdings in Artesian Resources by 5.9% during the third quarter. Roffman Miller Associates Inc. PA now owns 102,671 shares of the utilities provider’s stock valued at $3,919,000 after purchasing an additional 5,717 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Artesian Resources by 19.5% during the third quarter. Russell Investments Group Ltd. now owns 39,640 shares of the utilities provider’s stock valued at $1,512,000 after purchasing an additional 6,480 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in Artesian Resources during the fourth quarter valued at about $599,000. Finally, Alliancebernstein L.P. lifted its holdings in Artesian Resources by 31.4% during the third quarter. Alliancebernstein L.P. now owns 10,953 shares of the utilities provider’s stock valued at $418,000 after purchasing an additional 2,619 shares during the last quarter. 46.91% of the stock is currently owned by institutional investors and hedge funds.

Artesian Resources Company Profile (Get Rating)

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.

See Also

Get a free copy of the Zacks research report on Artesian Resources (ARTNA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Artesian Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Artesian Resources and related companies with MarketBeat.com's FREE daily email newsletter.