Jacobs Levy Equity Management Inc. Makes New $4.19 Million Investment in California Water Service Group $CWT

Key Points

• Jacobs Levy Equity Management Inc. has acquired a new stake in California Water Service Group, purchasing 86,379 shares valued at approximately $4.2 million, representing about 0.15% of the company's stock.
• California Water Service Group reported earnings per share of $0.71 for the last quarter, exceeding analysts' expectations, and had a revenue of $264.95 million, up 8.5% year-over-year.
• The company declared a quarterly dividend of $0.30 per share, resulting in an annualized dividend yield of 2.6% and a payout ratio of 52.40%.

Jacobs Levy Equity Management Inc. bought a new stake in California Water Service Group (NYSE:CWT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 86,379 shares of the utilities provider's stock, valued at approximately $4,186,000. Jacobs Levy Equity Management Inc. owned 0.15% of California Water Service Group as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Versant Capital Management Inc lifted its holdings 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 valued at $33,000 after buying an additional 601 shares during the period. Banque Cantonale Vaudoise acquired a new position in California Water Service Group in the first quarter valued at $34,000. Mather Group LLC. acquired a new position in California Water Service Group in the first quarter valued at $74,000. Putney Financial Group LLC acquired a new position in California Water Service Group in the fourth quarter valued at $78,000. Finally, Spirit of America Management Corp NY acquired a new position in California Water Service Group in the first quarter valued at $97,000. Institutional investors and hedge funds own 82.78% of the company's stock.

California Water Service Group Stock Down 0.2%

Shares of NYSE:CWT traded down $0.10 during midday trading on Friday, hitting $46.27. 223,593 shares of the company's stock were exchanged, compared to its average volume of 250,784. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.53 and a quick ratio of 0.50. The stock has a 50 day moving average price of $46.19 and a 200-day moving average price of $47.06. The company has a market cap of $2.76 billion, a PE ratio of 20.20, a price-to-earnings-growth ratio of 2.21 and a beta of 0.69. California Water Service Group has a 12 month low of $41.64 and a 12 month high of $56.25.

California Water Service Group (NYSE:CWT - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $238.20 million. During the same period in the prior year, the firm posted $0.70 EPS. The firm's quarterly revenue was up 8.5% compared to the same quarter last year. On average, sell-side analysts anticipate that California Water Service Group will post 3.15 EPS for the current fiscal year.

California Water Service Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Monday, August 11th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Monday, August 11th. California Water Service Group's dividend payout ratio is presently 52.40%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CWT shares. Wells Fargo & Company dropped their target price on shares of California Water Service Group from $59.00 to $55.00 and set an "overweight" rating on the stock in a report on Friday, August 1st. Wall Street Zen raised shares of California Water Service Group from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. One investment analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $56.00.

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.