TD Asset Management Inc Grows Stock Holdings in California Water Service Group $CWT

TD Asset Management Inc grew its holdings in California Water Service Group (NYSE:CWT) by 17.4% during the 2nd quarter, Holdings Channel reports. The fund owned 51,888 shares of the utilities provider’s stock after purchasing an additional 7,692 shares during the period. TD Asset Management Inc’s holdings in California Water Service Group were worth $2,360,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in CWT. Nuance Investments LLC boosted its holdings in California Water Service Group by 35.4% during the first quarter. Nuance Investments LLC now owns 2,017,511 shares of the utilities provider’s stock worth $97,769,000 after buying an additional 527,343 shares in the last quarter. Nuveen LLC purchased a new stake in California Water Service Group during the first quarter worth $21,562,000. Beck Bode LLC purchased a new stake in California Water Service Group during the first quarter worth $17,728,000. Raymond James Financial Inc. boosted its holdings in California Water Service Group by 204.2% during the first quarter. Raymond James Financial Inc. now owns 315,685 shares of the utilities provider’s stock worth $15,298,000 after buying an additional 211,914 shares in the last quarter. Finally, 1832 Asset Management L.P. purchased a new stake in California Water Service Group during the first quarter worth $9,692,000. 82.78% of the stock is owned by hedge funds and other institutional investors.

California Water Service Group Stock Performance

CWT opened at $49.67 on Wednesday. The company has a quick ratio of 0.50, a current ratio of 0.53 and a debt-to-equity ratio of 0.67. The company has a market cap of $2.96 billion, a price-to-earnings ratio of 21.69, a PEG ratio of 2.37 and a beta of 0.68. California Water Service Group has a 52-week low of $41.64 and a 52-week high of $53.28. The firm’s fifty day simple moving average is $46.46 and its two-hundred day simple moving average is $46.91.

California Water Service Group (NYSE:CWT) last posted its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.25. The business had revenue of $264.95 million for the quarter, compared to the consensus estimate of $238.20 million. California Water Service Group had a net margin of 13.71% and a return on equity of 8.28%. The company’s revenue was up 8.5% compared to the same quarter last year. During the same period last year, the firm posted $0.70 earnings per share. Equities analysts anticipate that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Monday, August 11th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Monday, August 11th. California Water Service Group’s dividend payout ratio (DPR) is currently 52.40%.

Wall Street Analysts Forecast Growth

CWT has been the topic of a number of recent analyst reports. Wells Fargo & Company lowered their price target on shares of California Water Service Group from $59.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, August 1st. Weiss Ratings reissued a “hold (c)” rating on shares of California Water Service Group in a report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of California Water Service Group from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $56.00.

California Water Service Group Profile

California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, Hawaii, and Texas. The company is involved in the production, purchase, storage, treatment, testing, distribution, and sale of water for domestic, industrial, public, and irrigation uses, as well as for fire protection services.