Jennison Associates LLC Sells 5,602 Shares of California Water Service Group (NYSE:CWT)

Jennison Associates LLC reduced its holdings in California Water Service Group (NYSE:CWT - Free Report) by 20.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,007 shares of the utilities provider's stock after selling 5,602 shares during the period. Jennison Associates LLC's holdings in California Water Service Group were worth $1,066,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Victory Capital Management Inc. raised its stake in shares of California Water Service Group by 39.7% during the 1st quarter. Victory Capital Management Inc. now owns 255,232 shares of the utilities provider's stock worth $12,369,000 after buying an additional 72,519 shares during the last quarter. ELCO Management Co. LLC boosted its position in shares of California Water Service Group by 51.3% in the 1st quarter. ELCO Management Co. LLC now owns 9,916 shares of the utilities provider's stock valued at $481,000 after purchasing an additional 3,361 shares during the period. CWM LLC raised its stake in shares of California Water Service Group by 76.3% during the 1st quarter. CWM LLC now owns 5,558 shares of the utilities provider's stock worth $269,000 after purchasing an additional 2,406 shares in the last quarter. New York State Common Retirement Fund raised its stake in shares of California Water Service Group by 3.4% in the 1st quarter. New York State Common Retirement Fund now owns 30,544 shares of the utilities provider's stock valued at $1,480,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Xponance Inc. bought a new position in California Water Service Group in the 1st quarter worth approximately $218,000. 82.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CWT. Wall Street Zen downgraded California Water Service Group from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Wells Fargo & Company increased their target price on California Water Service Group from $54.00 to $59.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. Finally, Seaport Res Ptn upgraded California Water Service Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 11th.

California Water Service Group Stock Up 0.4%

CWT opened at $45.29 on Tuesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.49 and a current ratio of 0.53. California Water Service Group has a fifty-two week low of $41.64 and a fifty-two week high of $56.25. The firm's fifty day moving average is $46.31 and its 200 day moving average is $46.58. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of 19.86, a price-to-earnings-growth ratio of 2.22 and a beta of 0.64.

California Water Service Group (NYSE:CWT - Get Free Report) last posted its 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 firm had revenue of $203.97 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the firm posted $1.21 EPS. On average, sell-side analysts forecast that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Monday, May 12th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend was Monday, May 12th. California Water Service Group's payout ratio is 52.63%.

Insider Transactions at California Water Service Group

In other news, Director Lester A. Snow sold 1,200 shares of the company'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 completion of the transaction, the director owned 26,349 shares in the company, valued at approximately $1,225,491.99. This represents a 4.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.73% of the stock is currently owned by insiders.

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.

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