Invesco Ltd. Purchases 56,993 Shares of California Water Service Group $CWT

Key Points

• Invesco Ltd. increased its stake in California Water Service Group by 6.1%, now holding approximately 1.65% of the company worth $47.74 million after acquiring an additional 56,993 shares in Q1.
• The company reported earnings per share of $0.71 for the last quarter, surpassing analysts' expectations of $0.46, and has projected a yearly EPS of 3.15.
• California Water Service Group announced a quarterly dividend of $0.30 per share, resulting in a dividend yield of 2.6%, with an ex-dividend date set for August 11th.

Invesco Ltd. grew its stake in shares of California Water Service Group (NYSE:CWT - Free Report) by 6.1% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 985,141 shares of the utilities provider's stock after buying an additional 56,993 shares during the period. Invesco Ltd. owned approximately 1.65% of California Water Service Group worth $47,740,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Versant Capital Management Inc raised its position in California Water Service Group by 751.3% in the first quarter. Versant Capital Management Inc now owns 681 shares of the utilities provider's stock worth $33,000 after purchasing an additional 601 shares in the last quarter. Banque Cantonale Vaudoise acquired a new position in California Water Service Group in the first quarter worth about $34,000. Sterling Capital Management LLC raised its position in California Water Service Group by 785.8% in the fourth quarter. Sterling Capital Management LLC now owns 1,435 shares of the utilities provider's stock worth $65,000 after purchasing an additional 1,273 shares in the last quarter. Mather Group LLC. acquired a new position in California Water Service Group in the first quarter worth about $74,000. Finally, Putney Financial Group LLC acquired a new position in California Water Service Group in the fourth quarter worth about $78,000. Institutional investors and hedge funds own 82.78% of the company's stock.

Insider Transactions at California Water Service Group

In other California Water Service Group news, Director Lester A. Snow sold 1,200 shares of the firm's stock in a transaction that occurred on 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 approximately $1,225,491.99. This trade represents a 4.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.77% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Wall Street Zen raised shares of California Water Service Group from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. 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 for the company in a research report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. According to data from MarketBeat.com, California Water Service Group presently has an average rating of "Buy" and an average price target of $56.00.

California Water Service Group Price Performance

Shares of NYSE CWT traded up $0.73 during mid-day trading on Friday, hitting $47.50. 64,737 shares of the stock were exchanged, compared to its average volume of 365,913. California Water Service Group has a twelve month low of $41.64 and a twelve month high of $56.25. 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 stock's fifty day simple moving average is $46.01 and its two-hundred day simple moving average is $46.88. The company has a market cap of $2.83 billion, a P/E ratio of 20.74, a PEG ratio of 2.23 and a beta of 0.66.

California Water Service Group (NYSE:CWT - Get Free Report) last released 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 for the quarter, compared to analysts' expectations of $238.20 million. During the same period in the prior year, the firm earned $0.70 earnings per share. California Water Service Group's revenue was up 8.5% compared to the same quarter last year. As a group, analysts forecast that California Water Service Group will post 3.15 EPS for the current fiscal year.

California Water Service Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Monday, August 11th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Monday, August 11th. This represents a $1.20 dividend on an annualized basis and a yield of 2.5%. California Water Service Group's dividend payout ratio (DPR) is presently 52.40%.

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.