BidaskClub Downgrades Artesian Resources (ARTNA) to Strong Sell

Artesian Resources (NASDAQ:ARTNA) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued on Saturday, March 3rd.

Separately, Zacks Investment Research upgraded shares of Artesian Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, January 9th.

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ARTNA stock traded up $0.18 during trading on Friday, reaching $36.38. 13,809 shares of the company’s stock traded hands, compared to its average volume of 22,877. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.67 and a quick ratio of 0.61. The company has a market capitalization of $336.23, a P/E ratio of 23.97 and a beta of 0.17. Artesian Resources has a 1-year low of $32.00 and a 1-year high of $43.22.

In related news, Director Kenneth R. Biederman sold 6,750 shares of the business’s stock in a transaction dated Monday, March 19th. The shares were sold at an average price of $36.78, for a total transaction of $248,265.00. Following the transaction, the director now owns 26,625 shares in the company, valued at $979,267.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 20.59% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FCA Corp TX boosted its stake in Artesian Resources by 5.3% during the third quarter. FCA Corp TX now owns 87,149 shares of the utilities provider’s stock worth $3,294,000 after acquiring an additional 4,375 shares in the last quarter. State Street Corp boosted its stake in Artesian Resources by 5.0% during the second quarter. State Street Corp now owns 181,189 shares of the utilities provider’s stock worth $6,819,000 after acquiring an additional 8,679 shares in the last quarter. SG Americas Securities LLC bought a new stake in Artesian Resources during the third quarter worth about $538,000. JPMorgan Chase & Co. boosted its stake in Artesian Resources by 40.3% during the third quarter. JPMorgan Chase & Co. now owns 23,338 shares of the utilities provider’s stock worth $903,000 after acquiring an additional 6,707 shares in the last quarter. Finally, Algert Global LLC bought a new stake in Artesian Resources during the fourth quarter worth about $742,000. Institutional investors own 38.83% of the company’s stock.

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About Artesian Resources

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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