Artesian Resources Co. (NASDAQ:ARTNA) Short Interest Update

Artesian Resources Co. (NASDAQ:ARTNA - Get Free Report) was the target of a large drop in short interest in October. As of October 31st, there was short interest totalling 97,700 shares, a drop of 12.5% from the October 15th total of 111,700 shares. Based on an average trading volume of 29,100 shares, the short-interest ratio is currently 3.4 days.

Artesian Resources Stock Performance

NASDAQ ARTNA traded up $0.43 during trading hours on Friday, hitting $34.09. The company had a trading volume of 35,153 shares, compared to its average volume of 49,193. The business has a 50 day moving average of $35.88 and a 200-day moving average of $36.72. The company has a market cap of $351.13 million, a PE ratio of 17.48 and a beta of 0.21. Artesian Resources has a 1-year low of $32.93 and a 1-year high of $44.78. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.09 and a current ratio of 1.22.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.05. The company had revenue of $29.14 million during the quarter, compared to analysts' expectations of $29.00 million. Artesian Resources had a return on equity of 8.57% and a net margin of 18.96%. As a group, equities research analysts expect that Artesian Resources will post 1.92 EPS for the current year.

Artesian Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.301 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.53%. The ex-dividend date is Friday, November 15th. This is a boost from Artesian Resources's previous quarterly dividend of $0.30. Artesian Resources's dividend payout ratio is 60.51%.

Hedge Funds Weigh In On Artesian Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC lifted its position in Artesian Resources by 2.1% in the third quarter. Geode Capital Management LLC now owns 110,317 shares of the utilities provider's stock valued at $4,104,000 after purchasing an additional 2,225 shares during the period. State Street Corp lifted its holdings in shares of Artesian Resources by 0.6% in the 3rd quarter. State Street Corp now owns 66,146 shares of the utilities provider's stock valued at $2,459,000 after buying an additional 384 shares during the period. Walleye Capital LLC purchased a new stake in shares of Artesian Resources in the third quarter valued at approximately $289,000. Foundry Partners LLC grew its holdings in Artesian Resources by 12.2% during the third quarter. Foundry Partners LLC now owns 143,470 shares of the utilities provider's stock worth $5,334,000 after acquiring an additional 15,580 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Artesian Resources in the third quarter worth $413,000. 57.37% of the stock is currently owned by hedge funds and other institutional investors.

About Artesian Resources

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.