Ieq Capital LLC Invests $3.08 Million in California Water Service Group $CWT

Key Points

• Ieq Capital acquired a new 63,323-share stake in California Water Service Group worth approximately $3.08 million, while institutional investors collectively own 82.78% of the company.
• California Water Service reported quarterly adjusted earnings of $0.93 per share and revenue of $308.6 million, exceeding analyst estimates; revenue increased 16.5% year over year.
• The company declared a quarterly dividend of $0.335 per share, equivalent to an annualized $1.34 payout and a 2.6% yield. Analysts maintain an overall “Hold” rating with an average price target of $54.

Ieq Capital LLC acquired a new stake in California Water Service Group (NYSE:CWT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 63,323 shares of the utilities provider's stock, valued at approximately $3,081,000. Ieq Capital LLC owned approximately 0.10% of California Water Service Group as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Danske Bank A S purchased a new stake in California Water Service Group during the 3rd quarter worth about $28,000. EverSource Wealth Advisors LLC boosted its stake 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 during the last quarter. Versant Capital Management Inc boosted its stake in shares of California Water Service Group by 228.2% during the 2nd 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 last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of California Water Service Group during the second quarter worth about $33,000. Finally, Bessemer Group Inc. grew its holdings in shares of California Water Service Group by 67.9% during the first quarter. Bessemer Group Inc. now owns 744 shares of the utilities provider's stock worth $34,000 after buying an additional 301 shares in the last quarter. Institutional investors and hedge funds own 82.78% of the company's stock.

California Water Service Group Stock Up 2.7%

Shares of NYSE CWT opened at $50.88 on Tuesday. California Water Service Group has a 52-week low of $41.29 and a 52-week high of $53.82. The firm has a fifty day moving average of $49.47 and a 200-day moving average of $46.57. The stock has a market capitalization of $3.15 billion, a PE ratio of 22.92, a P/E/G ratio of 1.76 and a beta of 0.50. The company has a quick ratio of 0.67, a current ratio of 0.70 and a debt-to-equity ratio of 0.81.

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

California Water Service Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 10th were issued a $0.335 dividend. This represents a $1.34 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Monday, August 10th. California Water Service Group's dividend payout ratio (DPR) is 60.36%.

Insider Transactions 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 stock was sold at an average price of $50.37, for a total transaction of $186,369.00. Following the completion of the sale, the director owned 20,104 shares in the company, valued at approximately $1,012,638.48. The trade was a 15.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lester A. Snow sold 1,100 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $44.00, for a total transaction of $48,400.00. Following the sale, the director directly owned 18,316 shares of the company's stock, valued at approximately $805,904. This trade represents a 5.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.78% of the company's stock.

Wall Street Analyst Weigh In

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

About California Water Service Group

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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