BidaskClub Downgrades Artesian Resources (NASDAQ:ARTNA) to Sell

BidaskClub lowered shares of Artesian Resources (NASDAQ:ARTNA) from a hold rating to a sell rating in a research report report published on Wednesday, June 26th, BidAskClub reports.

Separately, ValuEngine cut shares of Zymeworks from a buy rating to a hold rating in a report on Saturday, May 18th.

Artesian Resources stock traded up $0.03 during trading hours on Wednesday, hitting $36.04. 6,646 shares of the stock were exchanged, compared to its average volume of 12,611. Artesian Resources has a 12 month low of $32.27 and a 12 month high of $40.97. The stock has a 50-day moving average of $36.63. The stock has a market capitalization of $334.70 million, a PE ratio of 23.28 and a beta of 0.11. The company has a quick ratio of 0.29, a current ratio of 0.33 and a debt-to-equity ratio of 0.75.

Artesian Resources (NASDAQ:ARTNA) last issued its earnings results on Wednesday, May 8th. The utilities provider reported $0.39 EPS for the quarter. The firm had revenue of $19.39 million during the quarter. Artesian Resources had a net margin of 17.79% and a return on equity of 9.49%.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, August 9th will be given a dividend of $0.246 per share. This is a boost from Artesian Resources’s previous quarterly dividend of $0.25. This represents a $0.98 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Thursday, August 8th.

In related news, Director Kenneth R. Biederman sold 1,000 shares of Artesian Resources stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $35.99, for a total value of $35,990.00. Following the completion of the transaction, the director now owns 19,875 shares in the company, valued at $715,301.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 20.59% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace North America L.P. bought a new position in Artesian Resources in the 1st quarter worth approximately $40,000. BNP Paribas Arbitrage SA grew its stake in shares of Artesian Resources by 508.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,661 shares of the utilities provider’s stock valued at $62,000 after purchasing an additional 1,388 shares during the period. Metropolitan Life Insurance Co. NY boosted its stake in Artesian Resources by 380.0% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 2,885 shares of the utilities provider’s stock worth $101,000 after purchasing an additional 2,284 shares during the period. SG Americas Securities LLC bought a new position in Artesian Resources in the 1st quarter worth approximately $149,000. Finally, Hendershot Investments Inc. bought a new position in Artesian Resources in the 1st quarter worth approximately $224,000. Institutional investors and hedge funds own 42.30% of the company’s stock.

Artesian Resources Company Profile

Artesian Resources Corporation, through its subsidiaries, provides water, wastewater, and other services on the Delmarva Peninsula. 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 services to customers in Delaware.

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