Artesian Resources (NASDAQ:ARTNA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Artesian Resources Corporation operates as the parent holding company of Artesian Water Company, Inc a regulated public water utility. Artesian Water provides water utility service to customers with in its established service territory in portions of New Castle County, Delaware. “
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Separately, BidaskClub upgraded Artesian Resources from a “strong sell” rating to a “sell” rating in a report on Tuesday, March 20th.
Artesian Resources stock traded down $0.76 during mid-day trading on Tuesday, hitting $38.74. The company’s stock had a trading volume of 14,629 shares, compared to its average volume of 18,854. The company has a market capitalization of $362.88 million, a PE ratio of 16.84 and a beta of 0.11. The company has a quick ratio of 0.43, a current ratio of 0.47 and a debt-to-equity ratio of 0.71. Artesian Resources has a one year low of $32.00 and a one year high of $43.22.
Artesian Resources (NASDAQ:ARTNA) last issued its earnings results on Wednesday, March 14th. The utilities provider reported $0.50 earnings per share for the quarter. Artesian Resources had a return on equity of 10.49% and a net margin of 17.54%. The business had revenue of $20.19 million during the quarter. research analysts anticipate that Artesian Resources will post 1.53 earnings per share for the current year.
In related news, Director Kenneth R. Biederman sold 6,750 shares of the company’s stock in a transaction on Monday, March 19th. The stock was sold at an average price of $36.78, for a total transaction of $248,265.00. Following the completion of the sale, the director now directly owns 26,625 shares in the company, valued at approximately $979,267.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 20.59% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Trustcore Financial Services LLC purchased a new stake in Artesian Resources in the fourth quarter valued at about $143,000. MetLife Investment Advisors LLC purchased a new position in Artesian Resources during the fourth quarter worth approximately $145,000. Goldman Sachs Group Inc. boosted its position in Artesian Resources by 87.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 13,336 shares of the utilities provider’s stock worth $515,000 after purchasing an additional 6,212 shares in the last quarter. Deutsche Bank AG boosted its position in Artesian Resources by 139.6% during the fourth quarter. Deutsche Bank AG now owns 17,943 shares of the utilities provider’s stock worth $691,000 after purchasing an additional 10,454 shares in the last quarter. Finally, Wedge Capital Management L L P NC purchased a new position in Artesian Resources during the fourth quarter worth approximately $752,000. Hedge funds and other institutional investors own 38.54% 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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