Exchange Traded Concepts LLC Buys 24,182 Shares of California Water Service Group (NYSE:CWT)

Exchange Traded Concepts LLC lifted its stake in California Water Service Group (NYSE:CWT - Free Report) by 97.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 48,918 shares of the utilities provider's stock after purchasing an additional 24,182 shares during the period. Exchange Traded Concepts LLC owned 0.08% of California Water Service Group worth $2,371,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. grew its holdings in California Water Service Group by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 7,514,709 shares of the utilities provider's stock worth $340,642,000 after acquiring an additional 158,295 shares during the period. First Trust Advisors LP grew its holdings in California Water Service Group by 4.9% during the 4th quarter. First Trust Advisors LP now owns 1,689,977 shares of the utilities provider's stock worth $76,607,000 after acquiring an additional 79,658 shares during the period. Geode Capital Management LLC grew its holdings in California Water Service Group by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 1,360,158 shares of the utilities provider's stock worth $61,670,000 after acquiring an additional 22,192 shares during the period. Northern Trust Corp grew its holdings in California Water Service Group by 13.1% during the 4th quarter. Northern Trust Corp now owns 979,138 shares of the utilities provider's stock worth $44,384,000 after acquiring an additional 113,622 shares during the period. Finally, Invesco Ltd. grew its holdings in California Water Service Group by 5.6% during the 4th quarter. Invesco Ltd. now owns 928,148 shares of the utilities provider's stock worth $42,073,000 after acquiring an additional 49,107 shares during the period. Institutional investors and hedge funds own 82.78% of the company's stock.

Analyst Upgrades and Downgrades

CWT has been the subject of a number of analyst reports. Wells Fargo & Company lifted their target price on shares of California Water Service Group from $54.00 to $59.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Seaport Res Ptn raised shares of California Water Service Group from a "hold" rating to a "strong-buy" rating in a report on Friday, April 11th. Finally, Wall Street Zen raised shares of California Water Service Group from a "sell" rating to a "hold" rating in a report on Friday, June 6th.

Insider Transactions at California Water Service Group

In related news, Director Lester A. Snow sold 1,200 shares of the business's stock in a transaction 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 sale, the director now directly owns 26,349 shares of the company's stock, valued at approximately $1,225,491.99. The trade was a 4.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.77% of the company's stock.

California Water Service Group Trading Up 0.5%

Shares of NYSE CWT traded up $0.21 during midday trading on Thursday, reaching $46.10. 310,497 shares of the stock were exchanged, compared to its average volume of 332,127. The business has a 50-day simple moving average of $48.04 and a two-hundred day simple moving average of $46.75. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of 20.22, a P/E/G ratio of 2.27 and a beta of 0.66. California Water Service Group has a 12 month low of $41.64 and a 12 month high of $56.25. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.53 and a quick ratio of 0.49.

California Water Service Group (NYSE:CWT - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The utilities provider reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates of $0.16 by $0.06. The company had revenue of $203.97 million for the quarter, compared to analysts' expectations of $194.80 million. California Water Service Group had a net margin of 13.84% and a return on equity of 8.32%. The business's quarterly revenue was down 24.7% compared to the same quarter last year. During the same period last year, the firm posted $1.21 earnings per share. As a group, equities research analysts expect that California Water Service Group will post 3.15 EPS for the current year.

California Water Service Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Monday, May 12th were given a dividend of $0.30 per share. The ex-dividend date was Monday, May 12th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.60%. California Water Service Group's dividend payout ratio is 52.63%.

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.