Artesian Resources (NASDAQ:ARTNA) Shares Up 2.9% Following Insider Buying Activity

Artesian Resources Co. (NASDAQ:ARTNAGet Rating) shares rose 2.9% during mid-day trading on Monday following insider buying activity. The company traded as high as $57.22 and last traded at $57.22. Approximately 34 shares were traded during mid-day trading, a decline of 100% from the average daily volume of 33,626 shares. The stock had previously closed at $55.62.

Specifically, SVP Nicholle Renee Taylor acquired 535 shares of the stock in a transaction dated Thursday, November 17th. The stock was bought at an average price of $50.00 per share, with a total value of $26,750.00. Following the completion of the purchase, the senior vice president now directly owns 281,674 shares of the company’s stock, valued at approximately $14,083,700. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Dian C. Taylor sold 6,750 shares of the stock in a transaction on Friday, September 16th. The stock was sold at an average price of $58.55, for a total value of $395,212.50. Following the transaction, the insider now directly owns 105,021 shares in the company, valued at approximately $6,148,979.55. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Nicholle Renee Taylor bought 535 shares of the business’s stock in a transaction that occurred on Thursday, November 17th. The stock was purchased at an average price of $50.00 per share, for a total transaction of $26,750.00. Following the completion of the acquisition, the senior vice president now owns 281,674 shares in the company, valued at $14,083,700. The disclosure for this purchase can be found here. Insiders sold 18,250 shares of company stock valued at $1,039,647 over the last quarter. 20.59% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on Artesian Resources in a report on Wednesday, October 12th. They issued a “hold” rating for the company.

Artesian Resources Stock Up 1.1 %

The stock has a 50-day moving average of $51.12 and a two-hundred day moving average of $50.74. The company has a market cap of $533.49 million, a P/E ratio of 28.53 and a beta of 0.18. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.62 and a current ratio of 0.70.

Artesian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 23rd. Stockholders of record on Monday, November 14th will be paid a dividend of $0.2784 per share. The ex-dividend date of this dividend is Thursday, November 10th. This is a boost from Artesian Resources’s previous quarterly dividend of $0.23. This represents a $1.11 annualized dividend and a dividend yield of 1.98%. Artesian Resources’s payout ratio is 56.35%.

Institutional Investors Weigh In On Artesian Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. lifted its holdings in shares of Artesian Resources by 12.9% during the second quarter. Russell Investments Group Ltd. now owns 32,486 shares of the utilities provider’s stock valued at $1,596,000 after purchasing an additional 3,713 shares in the last quarter. Jacobi Capital Management LLC increased its position in Artesian Resources by 34.7% in the first quarter. Jacobi Capital Management LLC now owns 8,207 shares of the utilities provider’s stock worth $398,000 after buying an additional 2,112 shares in the last quarter. Principal Financial Group Inc. increased its position in Artesian Resources by 27.7% in the first quarter. Principal Financial Group Inc. now owns 7,320 shares of the utilities provider’s stock worth $355,000 after buying an additional 1,590 shares in the last quarter. Avidian Wealth Solutions LLC purchased a new stake in shares of Artesian Resources during the second quarter worth about $423,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Artesian Resources by 82.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 37,459 shares of the utilities provider’s stock worth $1,841,000 after purchasing an additional 16,887 shares in the last quarter. 49.15% of the stock is owned by hedge funds and other institutional investors.

Artesian Resources Company Profile

(Get Rating)

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.

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