California Water Service Group $CWT Position Trimmed by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management cut its California Water Service Group stake by 50.9% in the third quarter, selling 28,000 shares and retaining 27,000 shares valued at about $1.25 million. Institutional investors collectively own 82.78% of the stock.
• Quarterly EPS was $1.05, below the $1.16 analyst consensus, while revenue rose 6.7% year over year to $332.17 million. The company announced a quarterly dividend of $0.335 per share, equivalent to a 2.7% yield.
• Analysts’ consensus rating was “Moderate Buy”, with a $53.50 average price target.

Kornitzer Capital Management Inc. KS trimmed its holdings in California Water Service Group (NYSE:CWT - Free Report) by 50.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,000 shares of the utilities provider's stock after selling 28,000 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in California Water Service Group were worth $1,249,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CWT. BlackRock Inc. purchased a new stake in California Water Service Group in the second quarter valued at $523,255,000. Amundi lifted its holdings in shares of California Water Service Group by 0.5% in the 2nd quarter. Amundi now owns 3,486,859 shares of the utilities provider's stock valued at $169,741,000 after purchasing an additional 15,862 shares during the last quarter. Nuance Investments LLC purchased a new stake in shares of California Water Service Group in the 2nd quarter valued at about $53,324,000. Dimensional Fund Advisors LP lifted its holdings in shares of California Water Service Group by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,158,359 shares of the utilities provider's stock valued at $52,522,000 after purchasing an additional 4,428 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of California Water Service Group in the 2nd quarter valued at about $39,285,000. 82.78% of the stock is currently owned by hedge funds and other institutional investors.

California Water Service Group Stock Down 1.7%

CWT opened at $50.15 on Tuesday. California Water Service Group has a 52 week low of $41.29 and a 52 week high of $53.82. The business has a 50 day moving average price of $47.55 and a two-hundred day moving average price of $46.80. The company has a quick ratio of 0.68, a current ratio of 0.71 and a debt-to-equity ratio of 0.77. The company has a market cap of $3.15 billion, a PE ratio of 22.39, a P/E/G ratio of 1.80 and a beta of 0.47.

California Water Service Group (NYSE:CWT - Get Free Report) last released its earnings results on Thursday, October 29th. The utilities provider reported $1.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.16 by ($0.11). California Water Service Group had a net margin of 12.78% and a return on equity of 7.75%. The company had revenue of $332.17 million during the quarter, compared to analyst estimates of $332.17 million. During the same period in the previous year, the firm posted $1.03 EPS. The company's revenue for the quarter was up 6.7% on a year-over-year basis. As a group, research analysts anticipate that California Water Service Group will post 2.53 EPS for the current year.

California Water Service Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Monday, November 9th will be paid a $0.3350 dividend. This represents a $1.34 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Monday, November 9th. California Water Service Group's payout ratio is currently 59.82%.

Wall Street Analyst Weigh In

Several research firms have commented on CWT. Freedom Broker raised California Water Service Group from a "hold" rating to a "buy" rating and lifted their price target for the stock from $49.00 to $53.00 in a research report on Thursday, October 29th. 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 restated a "hold (c+)" rating on shares of California Water Service Group in a research report on Monday, November 2nd. Finally, Seaport Research Partners reaffirmed a "buy" rating and issued a $53.00 target price on shares of California Water Service Group in a report on Wednesday, August 12th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, California Water Service Group presently has an average rating of "Moderate Buy" and a consensus price target of $53.50.

Insider Buying and Selling at California Water Service Group

In other news, Director Thomas M. Krummel sold 3,700 shares of the business's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $50.37, for a total transaction of $186,369.00. Following the transaction, the director directly owned 20,104 shares in the company, valued at $1,012,638.48. The trade was a 15.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lester A. Snow sold 500 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $50.21, for a total transaction of $25,105.00. Following the transaction, the director directly owned 17,817 shares of the company's stock, valued at $894,591.57. This represents a 2.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.78% of the stock is currently owned by company insiders.

California Water Service Group Company Profile

California Water Service Group is a holding company that provides water and wastewater services through regulated utility subsidiaries. Its operations serve residential, commercial, industrial and public-sector customers, with services that include water delivery, wastewater collection and treatment, and related utility operations.

The company serves communities in California, Hawaii, New Mexico and Washington. Its subsidiaries include California Water Service, Hawaii Water Service, New Mexico Water Service and Washington Water Service.

The group traces its history to 1926 and is headquartered in San Jose, California.

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