California Water Service Group $CWT Holdings Increased by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC has increased its holdings in California Water Service Group by 75.4% in the first quarter, acquiring an additional 49,420 shares to bring its total to 114,980 shares.
• California Water Service Group reported a profit of $0.71 per share for the last quarter, exceeding analyst expectations by $0.25 and achieving a revenue of $264.95 million.
• The company declared a quarterly dividend of $0.30 per share, with an annual yield of 2.6%, reflecting a dividend payout ratio of 52.40%.

AQR Capital Management LLC increased its position in shares of California Water Service Group (NYSE:CWT - Free Report) by 75.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 114,980 shares of the utilities provider's stock after buying an additional 49,420 shares during the period. AQR Capital Management LLC owned about 0.19% of California Water Service Group worth $5,572,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its stake in California Water Service Group by 751.3% during the 1st quarter. Versant Capital Management Inc now owns 681 shares of the utilities provider's stock worth $33,000 after buying an additional 601 shares during the period. Banque Cantonale Vaudoise purchased a new stake in California Water Service Group during the 1st quarter worth $34,000. Mather Group LLC. purchased a new stake in California Water Service Group during the 1st quarter worth $74,000. Putney Financial Group LLC purchased a new stake in California Water Service Group during the 4th quarter worth $78,000. Finally, Spirit of America Management Corp NY purchased a new stake in California Water Service Group during the 1st quarter worth $97,000. Hedge funds and other institutional investors own 82.78% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CWT shares. Wells Fargo & Company dropped their price target on shares of California Water Service Group from $59.00 to $55.00 and set an "overweight" rating on the stock in a research note on Friday, August 1st. Wall Street Zen raised shares of California Water Service Group from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. One analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. According to data from MarketBeat.com, California Water Service Group presently has a consensus rating of "Buy" and a consensus price target of $56.00.

California Water Service Group Stock Performance

Shares of NYSE CWT traded up $0.39 during midday trading on Thursday, hitting $45.61. The company's stock had a trading volume of 305,013 shares, compared to its average volume of 260,651. California Water Service Group has a 1-year low of $41.64 and a 1-year high of $54.75. The firm's fifty day moving average price is $46.14 and its 200-day moving average price is $47.02. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.50 and a current ratio of 0.53. The firm has a market cap of $2.72 billion, a P/E ratio of 19.92, a P/E/G ratio of 2.16 and a beta of 0.69.

California Water Service Group (NYSE:CWT - Get Free Report) last posted its quarterly earnings results 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 net margin of 13.71% and a return on equity of 8.28%. The business had revenue of $264.95 million during the quarter, compared to analyst estimates of $238.20 million. During the same period in the previous year, the business posted $0.70 EPS. The company's quarterly revenue was up 8.5% on a year-over-year basis. On average, sell-side analysts forecast that California Water Service Group will post 3.15 EPS for the current fiscal year.

California Water Service Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Monday, August 11th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Monday, August 11th. California Water Service Group's payout ratio is presently 52.40%.

California Water Service Group Company Profile

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.