Louisiana State Employees Retirement System acquired a new stake in shares of California Water Service Group (NYSE:CWT – Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 26,400 shares of the utilities provider’s stock, valued at approximately $1,197,000.
A number of other institutional investors also recently modified their holdings of CWT. Danske Bank A S bought a new position in shares of California Water Service Group in the 3rd quarter worth $28,000. EverSource Wealth Advisors LLC increased its stake in California Water Service Group by 109.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 697 shares of the utilities provider’s stock valued at $32,000 after purchasing an additional 365 shares in the last quarter. Advisory Services Network LLC bought a new stake in California Water Service Group during the 3rd quarter valued at $44,000. CIBC Private Wealth Group LLC raised its holdings in California Water Service Group by 1,475.3% during the third quarter. CIBC Private Wealth Group LLC now owns 1,150 shares of the utilities provider’s stock worth $53,000 after buying an additional 1,077 shares during the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in shares of California Water Service Group in the fourth quarter valued at $85,000. 82.78% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on CWT. Robert W. Baird set a $54.00 price objective on shares of California Water Service Group in a report on Friday, May 1st. Wall Street Zen lowered shares of California Water Service Group from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Finally, Weiss Ratings raised shares of California Water Service Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, June 12th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.50.
California Water Service Group Trading Down 0.0%
Shares of California Water Service Group stock opened at $50.22 on Friday. The company has a market capitalization of $3.01 billion, a P/E ratio of 25.11, a price-to-earnings-growth ratio of 1.85 and a beta of 0.51. The stock has a fifty day simple moving average of $45.26 and a 200 day simple moving average of $44.98. California Water Service Group has a 12-month low of $41.29 and a 12-month high of $50.44. The company has a current ratio of 0.69, a quick ratio of 0.65 and a debt-to-equity ratio of 0.87.
California Water Service Group (NYSE:CWT – Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.18). The firm had revenue of $214.57 million for the quarter, compared to analysts’ expectations of $210.27 million. California Water Service Group had a return on equity of 7.06% and a net margin of 11.77%.California Water Service Group’s revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.22 earnings per share. On average, sell-side analysts anticipate that California Water Service Group will post 2.56 earnings per share for the current fiscal year.
California Water Service Group Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 11th were given a dividend of $0.335 per share. This represents a $1.34 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Monday, May 11th. California Water Service Group’s dividend payout ratio (DPR) is presently 67.00%.
Insider Activity
In other California Water Service Group news, Director Lester A. Snow sold 1,100 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $44.00, for a total value of $48,400.00. Following the completion of the sale, the director owned 18,316 shares in the company, valued at approximately $805,904. This trade represents a 5.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Thomas M. Krummel sold 3,700 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $43.30, for a total transaction of $160,210.00. Following the completion of the sale, the director owned 23,805 shares of the company’s stock, valued at approximately $1,030,756.50. This trade represents a 13.45% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.78% of the stock is currently owned by insiders.
California Water Service Group Profile
California Water Service Group (NYSE: CWT) is a publicly traded holding company that provides regulated water utility services through its subsidiaries. The company delivers safe, reliable drinking water and wastewater management to residential, commercial, industrial and municipal customers across California, Hawaii and New Mexico. Its principal operating units include California Water Service, New Mexico Water Service and Hawaii Water Service, each responsible for end‐to‐end water supply operations—from source development and treatment to distribution and customer service.
Founded in 1926 as the California Water Service Company, the group has grown to become one of the largest investor‐owned water utilities in the United States by customer count.
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