Artesian Resources Corporation (NASDAQ:ARTNA) Shares Sold by Foundry Partners LLC

Foundry Partners LLC decreased its holdings in shares of Artesian Resources Corporation (NASDAQ:ARTNA - Free Report) by 79.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,755 shares of the utilities provider's stock after selling 119,911 shares during the quarter. Foundry Partners LLC owned about 0.30% of Artesian Resources worth $1,004,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in ARTNA. GAMMA Investing LLC lifted its position in Artesian Resources by 4,084.4% in the first quarter. GAMMA Investing LLC now owns 1,339 shares of the utilities provider's stock valued at $41,000 after buying an additional 1,307 shares during the last quarter. Aquatic Capital Management LLC raised its stake in shares of Artesian Resources by 703.3% during the 4th quarter. Aquatic Capital Management LLC now owns 2,410 shares of the utilities provider's stock worth $76,000 after buying an additional 2,110 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Artesian Resources by 100.2% in the 4th quarter. Wells Fargo & Company MN now owns 3,514 shares of the utilities provider's stock valued at $111,000 after buying an additional 1,759 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Artesian Resources during the 4th quarter worth about $272,000. Finally, Assenagon Asset Management S.A. acquired a new position in Artesian Resources during the 1st quarter worth approximately $407,000. Hedge funds and other institutional investors own 57.37% of the company's stock.

Artesian Resources Trading Down 0.5%

Artesian Resources stock traded down $0.17 during midday trading on Wednesday, reaching $33.64. The stock had a trading volume of 2,001 shares, compared to its average volume of 35,679. The firm has a market cap of $346.83 million, a price-to-earnings ratio of 16.17 and a beta of 0.33. The company has a fifty day moving average of $33.79 and a 200 day moving average of $32.78. Artesian Resources Corporation has a 52-week low of $29.45 and a 52-week high of $40.43. The company has a quick ratio of 0.77, a current ratio of 0.98 and a debt-to-equity ratio of 0.73.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The utilities provider reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.18. Artesian Resources had a net margin of 19.60% and a return on equity of 8.98%. The firm had revenue of $25.89 million for the quarter, compared to analyst estimates of $25.00 million. On average, analysts anticipate that Artesian Resources Corporation will post 1.92 earnings per share for the current fiscal year.

Artesian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 27th. Stockholders of record on Friday, May 16th were given a dividend of $0.3074 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.23 annualized dividend and a dividend yield of 3.66%. This is a positive change from Artesian Resources's previous quarterly dividend of $0.30. Artesian Resources's dividend payout ratio is currently 59.13%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded Artesian Resources from a "hold" rating to a "buy" rating in a research report on Monday, May 5th.

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.