Zacks: Artesian Resources Corporation (ARTNA) Receives Average Recommendation of “Hold” from Brokerages

Artesian Resources Corporation (NASDAQ:ARTNA) has earned a consensus broker rating score of 3.00 (Hold) from the one analysts that cover the company, Zacks Investment Research reports. One investment analyst has rated the stock with a hold recommendation.

Zacks has also given Artesian Resources Corporation an industry rank of 117 out of 265 based on the ratings given to its competitors.

Several research analysts have recently commented on ARTNA shares. Zacks Investment Research lowered Artesian Resources Corporation from a “hold” rating to a “sell” rating in a report on Thursday. BidaskClub lowered Artesian Resources Corporation from a “hold” rating to a “sell” rating in a report on Friday, August 11th.

In related news, Director Kenneth R. Biederman sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $39.05, for a total value of $78,100.00. Following the completion of the sale, the director now owns 21,875 shares in the company, valued at approximately $854,218.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 20.59% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its position in Artesian Resources Corporation by 3.3% in the second quarter. The Manufacturers Life Insurance Company now owns 7,415 shares of the utilities provider’s stock valued at $279,000 after purchasing an additional 235 shares during the last quarter. American International Group Inc. lifted its position in Artesian Resources Corporation by 7.4% in the first quarter. American International Group Inc. now owns 4,785 shares of the utilities provider’s stock valued at $156,000 after purchasing an additional 329 shares during the last quarter. Strs Ohio lifted its position in Artesian Resources Corporation by 5.9% in the second quarter. Strs Ohio now owns 9,000 shares of the utilities provider’s stock valued at $338,000 after purchasing an additional 500 shares during the last quarter. Nationwide Fund Advisors lifted its position in Artesian Resources Corporation by 9.3% in the second quarter. Nationwide Fund Advisors now owns 8,200 shares of the utilities provider’s stock valued at $309,000 after purchasing an additional 700 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Artesian Resources Corporation by 1.0% in the second quarter. Bank of New York Mellon Corp now owns 101,186 shares of the utilities provider’s stock valued at $3,809,000 after purchasing an additional 992 shares during the last quarter. Hedge funds and other institutional investors own 40.01% of the company’s stock.

Artesian Resources Corporation (NASDAQ ARTNA) opened at $39.34 on Monday. The company has a current ratio of 0.71, a quick ratio of 0.64 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $361.61, a PE ratio of 27.90 and a beta of 0.09. Artesian Resources Corporation has a twelve month low of $29.36 and a twelve month high of $43.22.

Artesian Resources Corporation (NASDAQ:ARTNA) last posted its earnings results on Thursday, November 2nd. The utilities provider reported $0.42 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.03). The company had revenue of $22.36 million for the quarter. Artesian Resources Corporation had a net margin of 15.96% and a return on equity of 9.18%. equities research analysts expect that Artesian Resources Corporation will post 1.42 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Monday, November 13th will be issued a dividend of $0.2352 per share. This is a positive change from Artesian Resources Corporation’s previous quarterly dividend of $0.23. The ex-dividend date is Friday, November 10th. This represents a $0.94 annualized dividend and a dividend yield of 2.39%. Artesian Resources Corporation’s payout ratio is presently 66.67%.

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Artesian Resources Corporation Company Profile

Artesian Resources Corporation is a holding company. The Company’s subsidiaries offer water, wastewater and other services on the Delmarva Peninsula. The Company distributes and sells water, including water for public and private fire protection, to residential, commercial, industrial, municipal and utility customers in the states of Delaware, Maryland and Pennsylvania.

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