Jacobs Levy Equity Management Inc. Invests $4.19 Million 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. purchased a new position in California Water Service Group (NYSE:CWT - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 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 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CWT. T. Rowe Price Investment Management Inc. lifted its position in California Water Service Group by 2.3% in the first quarter. T. Rowe Price Investment Management Inc. now owns 3,029,785 shares of the utilities provider's stock worth $146,824,000 after purchasing an additional 67,002 shares during the period. Nuance Investments LLC raised its stake in shares of California Water Service Group by 35.4% in the 1st quarter. Nuance Investments LLC now owns 2,017,511 shares of the utilities provider's stock worth $97,769,000 after buying an additional 527,343 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of California Water Service Group by 6.1% in the first quarter. Invesco Ltd. now owns 985,141 shares of the utilities provider's stock valued at $47,740,000 after buying an additional 56,993 shares during the period. Cbre Investment Management Listed Real Assets LLC boosted its stake in California Water Service Group by 8.0% during the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 700,564 shares of the utilities provider's stock valued at $33,949,000 after buying an additional 52,158 shares in the last quarter. Finally, Nuveen LLC acquired a new position in California Water Service Group during the first quarter worth about $21,562,000. Institutional investors and hedge funds own 82.78% of the company's stock.

California Water Service Group Trading Down 0.2%

Shares of NYSE CWT traded down $0.10 during mid-day trading on Friday, hitting $46.27. 223,593 shares of the company traded hands, compared to its average volume of 250,982. The company has a quick ratio of 0.50, a current ratio of 0.53 and a debt-to-equity ratio of 0.67. California Water Service Group has a 1 year low of $41.64 and a 1 year high of $56.25. The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of 20.20, a PEG ratio of 2.21 and a beta of 0.69. The business has a 50 day moving average of $46.19 and a two-hundred day moving average of $47.04.

California Water Service Group (NYSE:CWT - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $0.25. The firm had revenue of $264.95 million for the quarter, compared to analysts' expectations of $238.20 million. California Water Service Group had a return on equity of 8.28% and a net margin of 13.71%.California Water Service Group's revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the business posted $0.70 EPS. On average, sell-side analysts anticipate that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CWT shares. 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 on the stock in a research 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 analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $56.00.

California Water Service Group Company Profile

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.