Ieq Capital LLC Acquires 7,963 Shares of California Water Service Group $CWT

Key Points

• Ieq Capital LLC significantly increased its holdings in California Water Service Group by 178.3%, acquiring a total of 12,430 shares worth $602,000.
• Other institutional investors, including Northern Trust Corp and Deutsche Bank AG, also raised their stakes, showing strong institutional support as 82.78% of the stock is owned by institutional investors.
• California Water Service Group reported a quarterly earnings per share of $0.71, surpassing analyst expectations, alongside a dividend of $0.30, which represents a yield of 2.6%.

Ieq Capital LLC grew its position in California Water Service Group (NYSE:CWT - Free Report) by 178.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,430 shares of the utilities provider's stock after acquiring an additional 7,963 shares during the quarter. Ieq Capital LLC's holdings in California Water Service Group were worth $602,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Versant Capital Management Inc lifted its position in shares of California Water Service Group by 751.3% in the 1st quarter. Versant Capital Management Inc now owns 681 shares of the utilities provider's stock worth $33,000 after acquiring an additional 601 shares during the period. Banque Cantonale Vaudoise bought a new position in shares of California Water Service Group during the 1st quarter worth approximately $34,000. Mather Group LLC. bought a new position in shares of California Water Service Group during the 1st quarter worth approximately $74,000. Putney Financial Group LLC bought a new position in shares of California Water Service Group during the 4th quarter worth approximately $78,000. Finally, Spirit of America Management Corp NY bought a new position in shares of California Water Service Group during the 1st quarter worth approximately $97,000. Institutional investors own 82.78% of the company's stock.

California Water Service Group Price Performance

CWT stock traded down $0.10 during midday trading on Tuesday, reaching $46.23. 39,238 shares of the company's stock traded hands, compared to its average volume of 359,912. The company has a 50-day simple moving average of $46.18 and a two-hundred day simple moving average of $47.05. The company has a market cap of $2.75 billion, a price-to-earnings ratio of 20.17, a PEG ratio of 2.25 and a beta of 0.69. California Water Service Group has a 1-year low of $41.64 and a 1-year high of $56.25. The company has a quick ratio of 0.50, a current ratio of 0.53 and a debt-to-equity ratio of 0.67.

California Water Service Group (NYSE:CWT - Get Free Report) last released its 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 return on equity of 8.28% and a net margin of 13.71%.The company had revenue of $264.95 million during the quarter, compared to analysts' expectations of $238.20 million. During the same period last year, the firm earned $0.70 EPS. The business's revenue for the quarter was up 8.5% on a year-over-year basis. On average, analysts anticipate that California Water Service Group will post 3.15 earnings per share for the current year.

California Water Service Group Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on CWT shares. 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 cut their target price 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 equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $56.00.

Insider Activity

In other news, Director Lester A. Snow sold 1,200 shares of the firm's stock in a transaction on 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 in the company, valued at $1,225,491.99. This trade represents a 4.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.77% of the stock is owned by corporate insiders.

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.