BidaskClub downgraded shares of Artesian Resources (NASDAQ:ARTNA) from a hold rating to a sell rating in a research note issued to investors on Thursday.

Separately, Zacks Investment Research lowered Artesian Resources from a hold rating to a sell rating in a research report on Tuesday, August 15th.

Artesian Resources (NASDAQ:ARTNA) traded down $0.65 on Thursday, reaching $38.45. The company had a trading volume of 12,400 shares, compared to its average volume of 22,585. Artesian Resources has a 1 year low of $29.36 and a 1 year high of $43.22. The company has a current ratio of 0.71, a quick ratio of 0.64 and a debt-to-equity ratio of 0.73. The firm has a market cap of $357.93, a price-to-earnings ratio of 27.27 and a beta of 0.09.

Artesian Resources (NASDAQ:ARTNA) last posted its earnings results on Thursday, November 2nd. The utilities provider reported $0.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.03). Artesian Resources had a return on equity of 9.18% and a net margin of 15.96%. The firm had revenue of $22.36 million for the quarter. research analysts anticipate that Artesian Resources will post 1.42 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 22nd. Shareholders of record on Monday, November 13th were given a $0.2352 dividend. The ex-dividend date of this dividend was Friday, November 10th. This represents a $0.94 dividend on an annualized basis and a yield of 2.45%. This is a positive change from Artesian Resources’s previous quarterly dividend of $0.23. Artesian Resources’s dividend payout ratio (DPR) is currently 66.67%.

In other news, insider Dian C. Taylor sold 8,798 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $42.36, for a total transaction of $372,683.28. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William C. Wyer sold 6,750 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $42.00, for a total value of $283,500.00. The disclosure for this sale can be found here. Insiders sold a total of 17,548 shares of company stock worth $734,283 in the last ninety days. 20.59% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Cornerstone Capital Management Holdings LLC. grew its stake in Artesian Resources by 139.7% during the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 2,917 shares of the utilities provider’s stock worth $109,000 after buying an additional 1,700 shares during the last quarter. Citigroup Inc. grew its stake in Artesian Resources by 543.1% during the 2nd quarter. Citigroup Inc. now owns 3,640 shares of the utilities provider’s stock worth $137,000 after buying an additional 3,074 shares during the last quarter. Bank of America Corp DE grew its stake in Artesian Resources by 79.3% during the 1st quarter. Bank of America Corp DE now owns 3,823 shares of the utilities provider’s stock worth $124,000 after buying an additional 1,691 shares during the last quarter. AT Bancorp purchased a new position in Artesian Resources during the 2nd quarter worth approximately $188,000. Finally, OxFORD Asset Management LLP purchased a new position in Artesian Resources during the 3rd quarter worth approximately $208,000. Hedge funds and other institutional investors own 40.34% of the company’s stock.

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Artesian Resources Company Profile

Artesian Resources Corporation is a holding company. The Company’s subsidiaries offer water, wastewater and other services on the Delmarva Peninsula. The Company distributes and sells water, including water for public and private fire protection, to residential, commercial, industrial, municipal and utility customers in the states of Delaware, Maryland and Pennsylvania.

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