Artesian Resources Co. (NASDAQ:ARTNA) Sees Significant Decline in Short Interest

Artesian Resources Co. (NASDAQ:ARTNA) was the target of a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 66,600 shares, a decline of 23.5% from the January 15th total of 87,100 shares. Based on an average trading volume of 37,000 shares, the days-to-cover ratio is presently 1.8 days.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Foundry Partners LLC grew its position in Artesian Resources by 12.2% in the third quarter. Foundry Partners LLC now owns 143,470 shares of the utilities provider’s stock valued at $5,334,000 after acquiring an additional 15,580 shares during the period. Geode Capital Management LLC grew its holdings in shares of Artesian Resources by 2.1% in the 3rd quarter. Geode Capital Management LLC now owns 110,317 shares of the utilities provider’s stock worth $4,104,000 after purchasing an additional 2,225 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Artesian Resources by 169.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 16,035 shares of the utilities provider’s stock worth $596,000 after purchasing an additional 10,089 shares in the last quarter. State Street Corp increased its position in shares of Artesian Resources by 0.6% during the 3rd quarter. State Street Corp now owns 66,146 shares of the utilities provider’s stock worth $2,459,000 after purchasing an additional 384 shares in the last quarter. Finally, Walleye Capital LLC bought a new position in Artesian Resources during the 3rd quarter valued at about $289,000. 57.37% of the stock is currently owned by institutional investors and hedge funds.

Artesian Resources Stock Performance

NASDAQ:ARTNA opened at $31.26 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.07 and a current ratio of 1.22. The firm’s 50-day moving average is $31.31 and its 200-day moving average is $34.30. Artesian Resources has a 52-week low of $29.45 and a 52-week high of $41.29. The company has a market cap of $321.98 million, a price-to-earnings ratio of 16.03 and a beta of 0.23.

Artesian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Friday, February 7th will be issued a dividend of $0.3014 per share. This represents a $1.21 annualized dividend and a dividend yield of 3.86%. The ex-dividend date is Friday, February 7th. This is a positive change from Artesian Resources’s previous quarterly dividend of $0.30. Artesian Resources’s dividend payout ratio (DPR) is presently 62.05%.

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.