Clear Harbor Asset Management LLC Invests $2.39 Million in California Water Service Group $CWT

Key Points

• Clear Harbor Asset Management acquired 49,211 shares of California Water Service Group, worth approximately $2.39 million, giving it a 0.08% stake. Institutional investors collectively own 82.78% of the company.
• Analyst sentiment is largely neutral: California Water Service Group has a consensus “Hold” rating and a $54 average price target, compared with a recent share price of $49.62.
• The utility exceeded quarterly expectations, reporting $0.93 in EPS and $308.6 million in revenue, while revenue grew 16.5% year over year. The company also maintains a $0.335 quarterly dividend, equivalent to a 2.7% yield.

Clear Harbor Asset Management LLC purchased a new position in shares of California Water Service Group (NYSE:CWT - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 49,211 shares of the utilities provider's stock, valued at approximately $2,394,000. Clear Harbor Asset Management LLC owned about 0.08% of California Water Service Group at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Danske Bank A S acquired a new stake in California Water Service Group in the 3rd quarter worth about $28,000. EverSource Wealth Advisors LLC grew its position in shares of California Water Service Group by 109.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 697 shares of the utilities provider's stock worth $32,000 after purchasing an additional 365 shares in the last quarter. Versant Capital Management Inc increased its holdings in shares of California Water Service Group by 228.2% during the second quarter. Versant Capital Management Inc now owns 676 shares of the utilities provider's stock worth $33,000 after purchasing an additional 470 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of California Water Service Group in the second quarter valued at approximately $33,000. Finally, Bessemer Group Inc. raised its position in shares of California Water Service Group by 67.9% in the first quarter. Bessemer Group Inc. now owns 744 shares of the utilities provider's stock valued at $34,000 after buying an additional 301 shares in the last quarter. 82.78% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CWT shares. Wall Street Zen raised California Water Service Group from a "sell" rating to a "hold" rating in a research report on Saturday, July 18th. Robert W. Baird set a $54.00 price objective on California Water Service Group in a report on Friday, May 1st. Weiss Ratings upgraded California Water Service Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 4th. Finally, Seaport Research Partners reiterated a "buy" rating and set a $53.00 target price on shares of California Water Service Group in a research report on Wednesday, August 12th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $54.00.

California Water Service Group Price Performance

Shares of NYSE:CWT opened at $49.62 on Friday. The firm has a 50 day moving average of $49.36 and a 200-day moving average of $46.52. The stock has a market capitalization of $3.07 billion, a PE ratio of 22.35, a PEG ratio of 1.76 and a beta of 0.50. The company has a current ratio of 0.70, a quick ratio of 0.67 and a debt-to-equity ratio of 0.81. California Water Service Group has a 12 month low of $41.29 and a 12 month high of $53.82.

California Water Service Group (NYSE:CWT - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The utilities provider reported $0.93 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.13. The company had revenue of $308.60 million during the quarter, compared to the consensus estimate of $283.50 million. California Water Service Group had a net margin of 12.63% and a return on equity of 7.74%. The firm's quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.71 EPS. On average, equities research analysts predict that California Water Service Group will post 2.57 EPS for the current fiscal year.

California Water Service Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were paid a dividend of $0.335 per share. The ex-dividend date was Monday, August 10th. This represents a $1.34 annualized dividend and a yield of 2.7%. California Water Service Group's dividend payout ratio is presently 60.36%.

Insider Buying and Selling at California Water Service Group

In other news, Director Thomas M. Krummel sold 3,700 shares of California Water Service Group stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $50.37, for a total value of $186,369.00. Following the transaction, the director owned 20,104 shares in the company, valued at approximately $1,012,638.48. This trade represents a 15.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lester A. Snow sold 1,100 shares of the business's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $44.00, for a total value of $48,400.00. Following the transaction, the director directly owned 18,316 shares of the company's stock, valued at $805,904. This trade represents a 5.67% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.78% of the stock is owned by corporate insiders.

California Water Service Group Profile

California Water Service Group NYSE: CWT is a publicly traded holding company that provides regulated water utility services through its subsidiaries. The company delivers safe, reliable drinking water and wastewater management to residential, commercial, industrial and municipal customers across California, Hawaii and New Mexico. Its principal operating units include California Water Service, New Mexico Water Service and Hawaii Water Service, each responsible for end‐to‐end water supply operations—from source development and treatment to distribution and customer service.

Founded in 1926 as the California Water Service Company, the group has grown to become one of the largest investor‐owned water utilities in the United States by customer count.

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