Zacks Investment Research Lowers Global Water Resources (NASDAQ:GWRS) to Hold

Zacks Investment Research cut shares of Global Water Resources (NASDAQ:GWRS) from a buy rating to a hold rating in a research note issued to investors on Thursday morning, Zacks.com reports.

According to Zacks, “Global Water Resources, Inc. is a water resource management company. It owns and operates regulated water, wastewater and recycled water utilities. Global Water Resources, Inc. is headquartered in Phoenix, Arizona. “

Shares of GWRS stock opened at $10.67 on Thursday. Global Water Resources has a 12 month low of $9.00 and a 12 month high of $11.61. The company has a market cap of $229.76 million, a PE ratio of 71.13, a PEG ratio of 4.74 and a beta of -0.01. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 4.24. The firm’s fifty day simple moving average is $10.12.

Global Water Resources (NASDAQ:GWRS) last announced its earnings results on Wednesday, May 8th. The utilities provider reported $0.03 EPS for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.02. Global Water Resources had a net margin of 9.58% and a return on equity of 13.74%. The firm had revenue of $7.72 million for the quarter, compared to analysts’ expectations of $8.30 million. Equities research analysts expect that Global Water Resources will post 0.15 earnings per share for the current year.

The firm also recently announced a monthly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Wednesday, July 17th will be issued a dividend of $0.024 per share. This represents a $0.29 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend is Tuesday, July 16th. This is a boost from Global Water Resources’s previous monthly dividend of $0.02. Global Water Resources’s payout ratio is 193.33%.

Several hedge funds have recently made changes to their positions in the company. Granite Investment Partners LLC boosted its holdings in shares of Global Water Resources by 87.8% during the 1st quarter. Granite Investment Partners LLC now owns 77,156 shares of the utilities provider’s stock valued at $757,000 after buying an additional 36,066 shares in the last quarter. Kennedy Capital Management Inc. raised its position in shares of Global Water Resources by 3.5% in the 1st quarter. Kennedy Capital Management Inc. now owns 179,558 shares of the utilities provider’s stock worth $1,761,000 after purchasing an additional 6,078 shares during the last quarter. Spark Investment Management LLC raised its position in shares of Global Water Resources by 9.3% in the 1st quarter. Spark Investment Management LLC now owns 14,100 shares of the utilities provider’s stock worth $138,000 after purchasing an additional 1,196 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Global Water Resources in the 1st quarter worth about $110,000. Finally, Clear Harbor Asset Management LLC purchased a new position in shares of Global Water Resources in the 1st quarter worth about $245,000. Hedge funds and other institutional investors own 28.26% of the company’s stock.

Global Water Resources Company Profile

Global Water Resources, Inc, a water resource management company, owns, operates, and manages regulated water, wastewater, and recycled water utilities primarily in metropolitan Phoenix, Arizona. As of December 31, 2018, it served approximately 55,000 people in 21,000 homes. The company was founded in 2003 and is based in Phoenix, Arizona.

Further Reading: Outstanding Shares

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