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

Key Points

• Short interest plunged 56.0% to 62,041 shares as of March 31, cutting the short-interest ratio to 0.4 days and leaving roughly 0.8% of shares sold short.
• Institutional investors hold 57.37% of the stock, with major inflows including Northwestern Mutual Wealth Management dramatically increasing its stake by 326,902 shares to 326,997 shares (about $10.3M).
• Artesian beat quarterly EPS estimates ($0.40 vs. $0.37) and pays a quarterly dividend that annualizes to $1.25 for a 3.8% yield

Artesian Resources Corporation (NASDAQ:ARTNA - Get Free Report) was the target of a significant drop in short interest during the month of March. As of March 31st, there was short interest totaling 62,041 shares, a drop of 56.0% from the March 15th total of 140,879 shares. Based on an average trading volume of 176,888 shares, the short-interest ratio is currently 0.4 days. Approximately 0.8% of the company's shares are sold short.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Teton Advisors LLC purchased a new stake in shares of Artesian Resources during the third quarter valued at approximately $1,021,000. Prospera Financial Services Inc raised its stake in shares of Artesian Resources by 93.9% during the third 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 during the period. R Squared Ltd purchased a new stake in shares of Artesian Resources during the third quarter valued at approximately $485,000. Roffman Miller Associates Inc. PA raised its stake in shares of Artesian Resources by 16.4% during the fourth 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. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Artesian Resources by 344,107.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 326,997 shares of the utilities provider's stock valued at $10,336,000 after purchasing an additional 326,902 shares during the period. Hedge funds and other institutional investors own 57.37% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ARTNA. Weiss Ratings reissued a "hold (c-)" rating on shares of Artesian Resources in a research report on Wednesday, January 21st. Zacks Research raised shares of Artesian Resources from a "strong sell" rating to a "hold" rating in a research report on Friday, January 30th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of "Hold".

Artesian Resources Trading Up 1.7%

NASDAQ ARTNA opened at $33.26 on Friday. Artesian Resources has a one year low of $30.50 and a one year high of $36.19. The company's 50 day moving average price is $32.81 and its 200 day moving average price is $32.50. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.52 and a current ratio of 0.64. The firm has a market capitalization of $343.24 million, a price-to-earnings ratio of 14.98 and a beta of 0.37.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) last posted its quarterly earnings results on Friday, March 13th. The utilities provider reported $0.40 EPS for the quarter, beating the consensus estimate of $0.37 by $0.03. Artesian Resources had a net margin of 20.76% and a return on equity of 9.52%. The firm had revenue of $28.02 million for the quarter, compared to analyst estimates of $28.00 million. On average, sell-side analysts predict that Artesian Resources will post 1.92 EPS for the current year.

Artesian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 25th. Investors of record on Friday, February 13th were issued a $0.3136 dividend. The ex-dividend date was Friday, February 13th. This represents a $1.25 annualized dividend and a yield of 3.8%. Artesian Resources's dividend payout ratio (DPR) is presently 56.31%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.