Perigon Wealth Management LLC bought a new stake in California Water Service Group (NYSE:CWT – Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 10,518 shares of the utilities provider’s stock, valued at approximately $512,000.
A number of other institutional investors have also recently bought and sold shares of the business. California State Teachers Retirement System boosted its stake in shares of California Water Service Group by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 54,416 shares of the utilities provider’s stock worth $2,475,000 after acquiring an additional 278 shares during the period. Bessemer Group Inc. lifted its holdings in California Water Service Group by 67.9% during the 1st quarter. Bessemer Group Inc. now owns 744 shares of the utilities provider’s stock valued at $34,000 after purchasing an additional 301 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of California Water Service Group by 109.9% in the second 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 during the last quarter. New York State Teachers Retirement System raised its position in shares of California Water Service Group by 0.6% in the fourth quarter. New York State Teachers Retirement System now owns 63,002 shares of the utilities provider’s stock valued at $2,730,000 after purchasing an additional 400 shares during the period. Finally, D.A. Davidson & CO. lifted its stake in shares of California Water Service Group by 3.9% during the 1st quarter. D.A. Davidson & CO. now owns 10,894 shares of the utilities provider’s stock worth $494,000 after buying an additional 411 shares during the last quarter. Institutional investors and hedge funds own 82.78% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts have issued reports on CWT shares. Robert W. Baird set a $54.00 price objective on shares of California Water Service Group in a research report on Friday, May 1st. Wall Street Zen raised California Water Service Group from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Seaport Research Partners reiterated a “buy” rating and issued a $53.00 price objective on shares of California Water Service Group in a research note on Wednesday, August 12th. Finally, Weiss Ratings raised shares of California Water Service Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, California Water Service Group presently has a consensus rating of “Hold” and an average target price of $54.00.
California Water Service Group Price Performance
Shares of NYSE:CWT opened at $49.90 on Thursday. The firm has a 50 day simple moving average of $49.19 and a 200 day simple moving average of $46.46. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 1.77 and a beta of 0.50. California Water Service Group has a one year low of $41.29 and a one year high of $53.82. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.70 and a quick ratio of 0.67.
California Water Service Group (NYSE:CWT – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The utilities provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.13. The company had revenue of $308.60 million during the quarter, compared to analysts’ expectations of $283.50 million. California Water Service Group had a return on equity of 7.74% and a net margin of 12.63%.California Water Service Group’s revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.71 EPS. Research analysts predict that California Water Service Group will post 2.57 earnings per share for the current fiscal year.
California Water Service Group Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 10th will be given a $0.335 dividend. This represents a $1.34 annualized dividend and a yield of 2.7%. The ex-dividend date is Monday, August 10th. California Water Service Group’s dividend payout ratio is 60.36%.
Insider Buying and Selling at California Water Service Group
In other news, Director Thomas M. Krummel sold 3,700 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $50.37, for a total value of $186,369.00. Following the transaction, the director owned 20,104 shares in the company, valued at approximately $1,012,638.48. The trade was a 15.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lester A. Snow sold 1,100 shares of California Water Service Group stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $44.00, for a total transaction of $48,400.00. Following the transaction, the director directly owned 18,316 shares of the company’s stock, valued at $805,904. This represents a 5.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.78% of the stock is owned by company insiders.
About California Water Service Group
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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