Artesian Resources Co. (NASDAQ:ARTNA) Sees Large Increase in Short Interest

Artesian Resources Co. (NASDAQ:ARTNA - Get Free Report) was the target of a significant growth in short interest in October. As of October 15th, there was short interest totalling 111,700 shares, a growth of 29.7% from the September 30th total of 86,100 shares. Based on an average daily trading volume, of 31,400 shares, the days-to-cover ratio is currently 3.6 days.

Artesian Resources Stock Up 1.2 %

Shares of NASDAQ:ARTNA traded up $0.41 during midday trading on Monday, hitting $34.31. The stock had a trading volume of 17,271 shares, compared to its average volume of 50,705. Artesian Resources has a 12 month low of $33.34 and a 12 month high of $44.78. The company has a quick ratio of 1.09, a current ratio of 1.30 and a debt-to-equity ratio of 0.76. The business's 50-day simple moving average is $36.35 and its 200-day simple moving average is $36.74. The company has a market cap of $352.98 million, a P/E ratio of 20.01 and a beta of 0.19.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) last announced its quarterly earnings results on Monday, August 5th. The utilities provider reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.02). Artesian Resources had a net margin of 17.74% and a return on equity of 7.90%. The business had revenue of $27.42 million for the quarter, compared to analyst estimates of $27.00 million. On average, sell-side analysts forecast that Artesian Resources will post 1.92 earnings per share for the current fiscal year.

Artesian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Friday, August 16th were issued a dividend of $0.296 per share. This represents a $1.18 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend was Friday, August 16th. Artesian Resources's dividend payout ratio is 69.41%.

Institutional Investors Weigh In On Artesian Resources

Several hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of Artesian Resources by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,447 shares of the utilities provider's stock worth $351,000 after buying an additional 382 shares in the last quarter. Jacobi Capital Management LLC lifted its holdings in shares of Artesian Resources by 4.1% during the first quarter. Jacobi Capital Management LLC now owns 10,324 shares of the utilities provider's stock worth $383,000 after buying an additional 411 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Artesian Resources by 5.9% during the first quarter. Janney Montgomery Scott LLC now owns 12,081 shares of the utilities provider's stock worth $448,000 after buying an additional 678 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Artesian Resources by 6.9% in the first quarter. BNP Paribas Financial Markets now owns 11,266 shares of the utilities provider's stock worth $418,000 after purchasing an additional 732 shares during the period. Finally, Lazard Asset Management LLC bought a new position in shares of Artesian Resources in the first quarter worth $41,000. Institutional investors and hedge funds own 57.37% of the company's stock.

Artesian Resources Company Profile

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.