Renaissance Technologies LLC Buys 42,000 Shares of Artesian Resources Corporation $ARTNA

Key Points

• Renaissance Technologies increased its Artesian Resources stake by 15.1%, purchasing 42,000 additional shares to own 320,456 shares valued at approximately $10.2 million, or 3.11% of the company.
• Institutional ownership stands at 57.37%, with several firms—including Northwestern Mutual, Assenagon Asset Management and Wells Fargo—also significantly increasing their positions.
• Artesian Resources reported quarterly earnings of $0.57 per share, beating estimates by $0.09, and raised its quarterly dividend to $0.3199 per share, implying a 3.7% annual yield. Analysts maintain a consensus “Hold” rating.

Renaissance Technologies LLC raised its stake in Artesian Resources Corporation (NASDAQ:ARTNA - Free Report) by 15.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 320,456 shares of the utilities provider's stock after acquiring an additional 42,000 shares during the period. Renaissance Technologies LLC owned approximately 3.11% of Artesian Resources worth $10,207,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. increased its position 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 acquiring an additional 326,902 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in Artesian Resources in the 2nd quarter valued at approximately $5,034,000. Hotchkis & Wiley Capital Management LLC purchased a new stake in Artesian Resources during the 3rd quarter valued at $3,048,000. Assenagon Asset Management S.A. boosted its stake in Artesian Resources by 372.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 45,310 shares of the utilities provider's stock valued at $1,443,000 after purchasing an additional 35,718 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in Artesian Resources by 452.0% during the 4th quarter. Wells Fargo & Company MN now owns 38,525 shares of the utilities provider's stock valued at $1,218,000 after purchasing an additional 31,546 shares during the last quarter. 57.37% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded Artesian Resources from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, July 17th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has a consensus rating of "Hold".

Artesian Resources Stock Performance

Shares of ARTNA stock opened at $34.35 on Monday. The company has a current ratio of 1.01, a quick ratio of 0.89 and a debt-to-equity ratio of 0.73. Artesian Resources Corporation has a 12-month low of $30.50 and a 12-month high of $35.49. The stock has a market capitalization of $354.49 million, a P/E ratio of 15.20 and a beta of 0.33. The firm's 50 day moving average is $33.39 and its 200 day moving average is $32.91.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) last announced its earnings results on Tuesday, May 5th. The utilities provider reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.48 by $0.09. The business had revenue of $27.77 million during the quarter, compared to analyst estimates of $27.00 million. Artesian Resources had a net margin of 20.86% and a return on equity of 9.61%.

Artesian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were given a dividend of $0.3199 per share. This represents a $1.28 dividend on an annualized basis and a yield of 3.7%. This is a boost from Artesian Resources's previous quarterly dividend of $0.31. The ex-dividend date was Friday, May 15th. Artesian Resources's dividend payout ratio (DPR) is currently 56.64%.

Artesian Resources Profile

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.

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