Beck Bode LLC Buys Shares of 365,821 California Water Service Group $CWT

Key Points

• Beck Bode LLC has acquired a new stake in California Water Service Group, purchasing 365,821 shares valued at approximately $17.7 million, representing about 3.3% of their holdings.
• Analysts have upgraded California Water Service Group's rating from "sell" to "hold," with an average price target of $56.00 and one analyst rating it with a Strong Buy.
• During a recent quarter, California Water Service Group reported earnings of $0.71 EPS, exceeding expectations and showing an 8.5% increase in revenue year-over-year.

Beck Bode LLC purchased a new stake in California Water Service Group (NYSE:CWT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 365,821 shares of the utilities provider's stock, valued at approximately $17,728,000. California Water Service Group comprises 3.3% of Beck Bode LLC's investment portfolio, making the stock its 7th largest position. Beck Bode LLC owned about 0.61% of California Water Service Group at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Versant Capital Management Inc raised its position in shares of 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 purchasing an additional 601 shares during the period. Banque Cantonale Vaudoise bought a new stake in shares of California Water Service Group during the 1st quarter worth $34,000. Mather Group LLC. purchased a new stake in shares of California Water Service Group in the first quarter valued at $74,000. Putney Financial Group LLC purchased a new stake in shares of California Water Service Group in the fourth quarter valued at $78,000. Finally, Spirit of America Management Corp NY purchased a new stake in shares of California Water Service Group during the first quarter worth $97,000. Hedge funds and other institutional investors own 82.78% of the company's stock.

Insiders Place Their Bets

In other California Water Service Group news, Director Lester A. Snow sold 1,200 shares of the stock in a transaction dated Thursday, June 12th. The shares were 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 represents a 4.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.73% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CWT shares. Wells Fargo & Company dropped their price objective on 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 upgraded shares of California Water Service Group from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. One analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $56.00.

California Water Service Group Stock Down 1.3%

NYSE CWT traded down $0.61 on Tuesday, reaching $46.32. The company had a trading volume of 66,089 shares, compared to its average volume of 361,803. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of 20.21, a price-to-earnings-growth ratio of 2.24 and a beta of 0.69. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.50 and a current ratio of 0.53. California Water Service Group has a 1-year low of $41.64 and a 1-year high of $56.25. The company's fifty day moving average is $46.10 and its 200-day moving average is $47.02.

California Water Service Group (NYSE:CWT - Get Free Report) last announced its earnings results on Thursday, July 31st. The utilities provider reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $264.95 million during the quarter, compared to analyst estimates of $238.20 million. During the same period in the prior year, the business earned $0.70 EPS. The company's revenue for the quarter was up 8.5% compared to the same quarter last year. On average, research analysts forecast that California Water Service Group will post 3.15 earnings per share 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. Stockholders of record on Monday, August 11th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Monday, August 11th. California Water Service Group's dividend payout ratio is presently 52.40%.

California Water Service Group 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.