BlackRock Inc. acquired a new stake in California Water Service Group (NYSE:CWT - Free Report) in the second quarter, according to its most recent filing with the SEC. The fund acquired 10,755,498 shares of the utilities provider's stock, valued at approximately $523,255,000. BlackRock Inc. owned approximately 17.39% of California Water Service Group at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of CWT. Amundi boosted its holdings in shares of California Water Service Group by 26.7% in the first quarter. Amundi now owns 3,470,997 shares of the utilities provider's stock worth $157,421,000 after acquiring an additional 732,004 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of California Water Service Group during the 2nd quarter valued at $25,642,000. Millennium Management LLC lifted its holdings in California Water Service Group by 5,365.1% during the 3rd quarter. Millennium Management LLC now owns 368,074 shares of the utilities provider's stock worth $16,891,000 after purchasing an additional 361,339 shares in the last quarter. ExodusPoint Capital Management LP bought a new position in California Water Service Group in the 4th quarter worth about $10,349,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in California Water Service Group by 416.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 257,970 shares of the utilities provider's stock worth $11,696,000 after purchasing an additional 208,061 shares during the period. Institutional investors own 82.78% of the company's stock.
Insider Buying and Selling at California Water Service Group
In other news, Director Lester A. Snow sold 1,100 shares of California Water Service Group stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $44.00, for a total transaction of $48,400.00. Following the completion of the sale, the director directly owned 18,316 shares of the company's stock, valued at approximately $805,904. The trade was a 5.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas M. Krummel sold 3,700 shares of the company's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $50.37, for a total transaction of $186,369.00. Following the completion of the transaction, the director owned 20,104 shares of the company's stock, valued at $1,012,638.48. This trade represents a 15.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.78% of the company's stock.
California Water Service Group Price Performance
Shares of NYSE CWT opened at $50.88 on Tuesday. The stock's 50-day simple moving average is $49.47 and its two-hundred day simple moving average is $46.57. California Water Service Group has a twelve month low of $41.29 and a twelve month high of $53.82. The firm has a market capitalization of $3.15 billion, a P/E ratio of 22.92, a P/E/G ratio of 1.76 and a beta of 0.50. The company has a quick ratio of 0.67, a current ratio of 0.70 and a debt-to-equity ratio of 0.81.
California Water Service Group (NYSE:CWT - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The utilities provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.13. The firm had revenue of $308.60 million during the quarter, compared to the consensus estimate of $283.50 million. California Water Service Group had a return on equity of 7.74% and a net margin of 12.63%.The company's revenue for the quarter was up 16.5% on a year-over-year basis. During the same quarter last year, the company posted $0.71 EPS. As a group, equities analysts anticipate that California Water Service Group will post 2.57 EPS for the current fiscal year.
California Water Service Group Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 10th were given a dividend of $0.335 per share. The ex-dividend date was Monday, August 10th. This represents a $1.34 annualized dividend and a dividend yield of 2.6%. California Water Service Group's dividend payout ratio (DPR) is 60.36%.
Analyst Ratings Changes
A number of research analysts have weighed in on CWT shares. Wall Street Zen raised California Water Service Group from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. 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. Robert W. Baird set a $54.00 price objective on shares of California Water Service Group in a research note on Friday, May 1st. Finally, Seaport Research Partners reaffirmed a "buy" rating and set a $53.00 price objective on shares of California Water Service Group in a research note on Wednesday, August 12th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, California Water Service Group presently has an average rating of "Hold" and an average price target of $54.00.
Check Out Our Latest Stock Report on California Water Service Group
About California Water Service Group
(
Free Report)
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.
Further Reading
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