Algert Global LLC Cuts Stake in California Water Service Group $CWT

Key Points

• Algert Global LLC has significantly reduced its holdings in California Water Service Group by 86.5% in the first quarter, selling 33,900 shares and retaining only 5,307 shares valued at $257,000.
• Several other institutional investors have also modified their positions, with Jupiter Asset Management acquiring a stake worth $5.46 million and Parallel Advisors increasing their holdings by 686.4%.
• Analysts have issued new target prices, with Wells Fargo lowering their price target for California Water Service Group from $59.00 to $55.00, while the company holds an average price target of $56.00.

Algert Global LLC cut its holdings in shares of California Water Service Group (NYSE:CWT - Free Report) by 86.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,307 shares of the utilities provider's stock after selling 33,900 shares during the quarter. Algert Global LLC's holdings in California Water Service Group were worth $257,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC lifted its position in California Water Service Group by 2.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 10,806 shares of the utilities provider's stock worth $524,000 after buying an additional 272 shares during the period. Choreo LLC lifted its position in California Water Service Group by 6.6% during the first quarter. Choreo LLC now owns 4,766 shares of the utilities provider's stock worth $231,000 after buying an additional 294 shares during the period. Kovitz Investment Group Partners LLC lifted its position in California Water Service Group by 1.0% during the first quarter. Kovitz Investment Group Partners LLC now owns 38,438 shares of the utilities provider's stock worth $1,863,000 after buying an additional 373 shares during the period. California State Teachers Retirement System lifted its position in California Water Service Group by 0.8% during the fourth quarter. California State Teachers Retirement System now owns 55,060 shares of the utilities provider's stock worth $2,496,000 after buying an additional 418 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in California Water Service Group by 8.9% during the first quarter. PNC Financial Services Group Inc. now owns 7,075 shares of the utilities provider's stock worth $343,000 after buying an additional 577 shares during the period. 82.78% of the stock is currently owned by hedge funds and other institutional investors.

California Water Service Group Trading Up 0.1%

CWT stock traded up $0.06 during trading on Friday, reaching $46.93. 250,738 shares of the stock traded hands, compared to its average volume of 285,192. The business's 50 day moving average price is $46.11 and its 200-day moving average price is $47.00. California Water Service Group has a 52-week low of $41.64 and a 52-week high of $56.25. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.53 and a quick ratio of 0.50. The firm has a market capitalization of $2.80 billion, a PE ratio of 20.49, a P/E/G ratio of 2.24 and a beta of 0.69.

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

California Water Service Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Monday, August 11th were given a $0.30 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.20 annualized dividend and a yield of 2.6%. California Water Service Group's dividend payout ratio (DPR) is 52.40%.

Insider Buying and Selling

In other California Water Service Group news, Director Lester A. Snow sold 1,200 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $46.51, for a total value of $55,812.00. Following the transaction, the director directly owned 26,349 shares of the company's stock, valued at $1,225,491.99. This trade represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.73% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently weighed in on CWT. Wall Street Zen upgraded California Water Service Group from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Wells Fargo & Company lowered their price target on California Water Service Group from $59.00 to $55.00 and set an "overweight" rating for the company in a research report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $56.00.

About California Water Service Group

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.