Consolidated Water (NASDAQ:CWCO) Reaches New 52-Week High on Strong Earnings

Key Points

• Consolidated Water achieved a new 52-week high with shares reaching $31.99 after reporting earnings per share (EPS) of $0.32, significantly exceeding the estimate of $0.20.
• The company announced a dividend increase to $0.14 per share, representing an annualized yield of 1.8%, up from the previous $0.11.
• Several institutional investors have increased their stakes in Consolidated Water, with 55.16% of the stock now owned by such entities.

Consolidated Water Co. Ltd. (NASDAQ:CWCO - Get Free Report) shares reached a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $31.99 and last traded at $31.55, with a volume of 6675 shares changing hands. The stock had previously closed at $29.71.

The utilities provider reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.12. The company had revenue of $33.59 million for the quarter, compared to the consensus estimate of $32.75 million. Consolidated Water had a net margin of 20.75% and a return on equity of 7.43%.

Consolidated Water Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Tuesday, July 1st were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Tuesday, July 1st. This is a positive change from Consolidated Water's previous quarterly dividend of $0.11. Consolidated Water's payout ratio is 34.57%.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Consolidated Water from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd.

Hedge Funds Weigh In On Consolidated Water

Several institutional investors and hedge funds have recently modified their holdings of CWCO. American Century Companies Inc. acquired a new stake in Consolidated Water during the fourth quarter worth about $259,000. Franklin Resources Inc. raised its holdings in Consolidated Water by 1.6% in the 4th quarter. Franklin Resources Inc. now owns 30,327 shares of the utilities provider's stock valued at $785,000 after buying an additional 467 shares during the last quarter. Geode Capital Management LLC raised its holdings in Consolidated Water by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 438,223 shares of the utilities provider's stock valued at $11,347,000 after buying an additional 15,060 shares during the last quarter. Wells Fargo & Company MN raised its holdings in Consolidated Water by 16.4% in the 4th quarter. Wells Fargo & Company MN now owns 11,601 shares of the utilities provider's stock valued at $300,000 after buying an additional 1,635 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Consolidated Water by 13.0% in the 4th quarter. Russell Investments Group Ltd. now owns 6,905 shares of the utilities provider's stock valued at $179,000 after buying an additional 794 shares during the last quarter. 55.16% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Water Trading Up 6.1%

The firm has a market cap of $502.04 million, a price-to-earnings ratio of 19.47 and a beta of 0.53. The business's 50-day simple moving average is $29.39 and its two-hundred day simple moving average is $27.00.

Consolidated Water Company Profile

Consolidated Water Co Ltd., together with its subsidiaries, designs, constructs, manages, and operates water production and water treatment plants primarily in the Cayman Islands, the Bahamas, and the United States. The company operates through four segments: Retail, Bulk, Services, and Manufacturing.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.