Separately, ValuEngine upgraded Artesian Resources from a hold rating to a buy rating in a research report on Saturday, May 18th.
Artesian Resources stock opened at $34.85 on Friday. The firm has a market cap of $330.52 million, a price-to-earnings ratio of 22.99 and a beta of 0.09. Artesian Resources has a 1 year low of $32.27 and a 1 year high of $40.97. The stock’s 50-day moving average is $36.12. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.33 and a quick ratio of 0.29.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Friday, August 9th will be paid a $0.246 dividend. This is a boost from Artesian Resources’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $0.98 annualized dividend and a yield of 2.82%.
In other Artesian Resources news, Director Kenneth R. Biederman sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $35.99, for a total value of $35,990.00. Following the sale, the director now owns 19,875 shares in the company, valued at approximately $715,301.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 20.59% of the company’s stock.
Several institutional investors have recently made changes to their positions in ARTNA. BlackRock Inc. raised its stake in shares of Artesian Resources by 4.0% during the 4th quarter. BlackRock Inc. now owns 439,716 shares of the utilities provider’s stock worth $15,333,000 after purchasing an additional 16,890 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Artesian Resources by 0.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 270,179 shares of the utilities provider’s stock worth $9,421,000 after purchasing an additional 1,518 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Artesian Resources by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 132,956 shares of the utilities provider’s stock worth $4,636,000 after purchasing an additional 4,699 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Artesian Resources by 106.3% during the 4th quarter. Bank of America Corp DE now owns 17,643 shares of the utilities provider’s stock worth $615,000 after purchasing an additional 9,090 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY raised its stake in shares of Artesian Resources by 380.0% during 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 in the last quarter. Institutional investors own 42.13% of the company’s stock.
About Artesian Resources
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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