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

Artesian Resources Corporation (NASDAQ:ARTNA) was the recipient of a large increase in short interest in the month of March. As of March 13th, there was short interest totaling 140,879 shares, an increase of 30.6% from the February 26th total of 107,897 shares. Based on an average trading volume of 56,099 shares, the days-to-cover ratio is currently 2.5 days. Approximately 1.7% of the company’s shares are sold short.

Hedge Funds Weigh In On Artesian Resources

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Artesian Resources by 0.6% in the third quarter. Vanguard Group Inc. now owns 514,412 shares of the utilities provider’s stock valued at $16,767,000 after buying an additional 3,079 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in 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 worth $10,336,000 after acquiring an additional 326,902 shares during the period. 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. Legal & General Group Plc raised its position in shares of Artesian Resources by 14.3% in the 2nd quarter. Legal & General Group Plc now owns 142,048 shares of the utilities provider’s stock worth $4,767,000 after acquiring an additional 17,752 shares in the last quarter. Finally, Roffman Miller Associates Inc. PA lifted its stake in shares of Artesian Resources by 16.4% in the 4th quarter. Roffman Miller Associates Inc. PA now owns 137,337 shares of the utilities provider’s stock valued at $4,341,000 after purchasing an additional 19,342 shares during the period. Institutional investors own 57.37% of the company’s stock.

Artesian Resources Price Performance

Artesian Resources stock opened at $32.06 on Friday. The stock’s 50 day moving average is $33.00 and its 200 day moving average is $32.52. Artesian Resources has a one year low of $30.50 and a one year high of $36.19. The firm has a market cap of $330.86 million, a P/E ratio of 14.44 and a beta of 0.36. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.64 and a quick ratio of 0.52.

Artesian Resources (NASDAQ:ARTNA) last released its earnings results on Thursday, March 12th. The utilities provider reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.03. Artesian Resources had a net margin of 20.76% and a return on equity of 9.52%. The business had revenue of $28.02 million during the quarter, compared to the consensus estimate of $28.00 million. As a group, research analysts expect that Artesian Resources will post 1.92 EPS for the current year.

Artesian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 25th. Stockholders of record on Friday, February 13th were given a dividend of $0.3136 per share. The ex-dividend date was Friday, February 13th. This represents a $1.25 annualized dividend and a dividend yield of 3.9%. Artesian Resources’s dividend payout ratio is 56.31%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ARTNA shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Artesian Resources in a report on Wednesday, January 21st. Zacks Research raised Artesian Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock 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.