Jupiter Topco LLC Purchases Shares of 25,873 California Water Service Group $CWT

Key Points

• Jupiter Topco LLC purchased 25,873 shares of California Water Service Group worth approximately $1.26 million in the second quarter. Institutional investors collectively own 82.78% of the company.
• California Water Service Group reported quarterly earnings of $0.93 per share, beating estimates of $0.80, while revenue rose 16.5% year over year to $308.6 million. The company also pays an annualized dividend of $1.34 per share, yielding about 2.7%.
• CWT shares opened at $49.90, compared with a 52-week range of $41.29 to $53.82. Analysts maintain a consensus “Hold” rating with a $54.00 price target, while two directors recently sold shares.

Jupiter Topco LLC acquired a new position in shares of California Water Service Group (NYSE:CWT - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 25,873 shares of the utilities provider's stock, valued at approximately $1,260,000.

Several other hedge funds also recently modified their holdings of the stock. Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of California Water Service Group during the 2nd quarter worth approximately $6,009,000. Sei Investments Co. boosted its holdings in shares of California Water Service Group by 129.1% in the 1st quarter. Sei Investments Co. now owns 52,883 shares of the utilities provider's stock valued at $2,398,000 after buying an additional 29,797 shares during the last quarter. Vanguard Group Inc. increased its holdings in California Water Service Group by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 7,346,457 shares of the utilities provider's stock worth $318,322,000 after buying an additional 34,155 shares during the last quarter. Kornitzer Capital Management Inc. KS bought a new stake in California Water Service Group during the first quarter worth $1,927,000. Finally, Arrowstreet Capital Limited Partnership raised its position in California Water Service Group by 416.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 257,970 shares of the utilities provider's stock worth $11,696,000 after acquiring an additional 208,061 shares in the last quarter. Institutional investors own 82.78% of the company's stock.

Insider Buying and Selling

In other California Water Service Group news, Director Thomas M. Krummel sold 3,700 shares of the company's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $50.37, for a total value of $186,369.00. Following the transaction, the director directly owned 20,104 shares of the company's stock, valued at $1,012,638.48. This represents a 15.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Lester A. Snow sold 500 shares of California Water Service Group stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $50.21, for a total value of $25,105.00. Following the sale, the director directly owned 17,817 shares of the company's stock, valued at $894,591.57. This represents a 2.73% decrease in their position. The SEC filing for this sale provides additional information. 0.78% of the stock is currently owned by company insiders.

California Water Service Group Price Performance

Shares of CWT opened at $49.90 on Friday. The firm has a market capitalization of $3.09 billion, a PE ratio of 22.48, a PEG ratio of 1.79 and a beta of 0.50. The company's 50-day moving average is $50.17 and its 200-day moving average is $46.89. California Water Service Group has a fifty-two week low of $41.29 and a fifty-two week high of $53.82. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.70 and a quick ratio of 0.67.

California Water Service Group (NYSE:CWT - Get Free Report) last announced its earnings results on Thursday, July 30th. The utilities provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.80 by $0.13. The business had revenue of $308.60 million during the quarter, compared to the consensus estimate of $283.50 million. California Water Service Group had a net margin of 12.63% and a return on equity of 7.74%. California Water Service Group's revenue was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.71 EPS. Equities analysts forecast that California Water Service Group will post 2.57 EPS for the current year.

California Water Service Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Monday, August 10th were given a $0.335 dividend. The ex-dividend date of this dividend was Monday, August 10th. This represents a $1.34 annualized dividend and a dividend yield of 2.7%. California Water Service Group's dividend payout ratio is presently 60.36%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Weiss Ratings raised shares of California Water Service Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 4th. Seaport Research Partners reaffirmed a "buy" rating and issued a $53.00 target price on shares of California Water Service Group in a report on Wednesday, August 12th. Finally, Wall Street Zen upgraded shares of California Water Service Group from a "sell" rating to a "hold" rating in a research note on Saturday, July 18th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target 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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