Artesian Resources Corporation (NASDAQ:ARTNA) Sees Significant Growth in Short Interest

Artesian Resources Corporation (NASDAQ:ARTNA) was the target of a significant increase in short interest in February. As of February 13th, there was short interest totaling 90,163 shares, an increase of 19.7% from the January 29th total of 75,339 shares. Approximately 1.1% of the company’s stock are sold short. Based on an average trading volume of 40,602 shares, the days-to-cover ratio is currently 2.2 days. Based on an average trading volume of 40,602 shares, the days-to-cover ratio is currently 2.2 days. Approximately 1.1% of the company’s stock are sold short.

Institutional Investors Weigh In On Artesian Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARTNA. Prospera Financial Services Inc increased its holdings in shares of Artesian Resources by 93.9% during the 3rd quarter. Prospera Financial Services Inc now owns 117,493 shares of the utilities provider’s stock valued at $3,830,000 after purchasing an additional 56,890 shares in the last quarter. CSM Advisors LLC purchased a new position in Artesian Resources in the second quarter valued at $1,005,000. Roffman Miller Associates Inc. PA increased its holdings in 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 valued at $3,600,000 after buying an additional 15,981 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Artesian Resources by 24.6% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 37,547 shares of the utilities provider’s stock worth $1,260,000 after acquiring an additional 7,402 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in Artesian Resources by 14.3% in the second quarter. Legal & General Group Plc now owns 142,048 shares of the utilities provider’s stock valued at $4,767,000 after purchasing an additional 17,752 shares during the period. 57.37% of the stock is owned by institutional investors and hedge funds.

Artesian Resources Trading Down 1.7%

Artesian Resources stock opened at $33.72 on Friday. The stock has a 50-day moving average price of $33.03 and a 200 day moving average price of $32.64. The company has a market capitalization of $347.65 million, a price-to-earnings ratio of 15.40 and a beta of 0.36. Artesian Resources has a 52 week low of $30.50 and a 52 week high of $36.19. The company has a quick ratio of 0.54, a current ratio of 0.68 and a debt-to-equity ratio of 0.70.

Artesian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 25th. Investors of record on Friday, February 13th were issued a dividend of $0.3136 per share. This represents a $1.25 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Friday, February 13th. Artesian Resources’s dividend payout ratio (DPR) is 57.08%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ARTNA shares. Zacks Research raised shares of Artesian Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Artesian Resources in a research note on Wednesday, January 21st. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold”.

Artesian Resources Company Profile

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.