Korea Investment CORP Reduces Stock Holdings in Essential Utilities Inc. $WTRG

Key Points

• Korea Investment CORP decreased its stake in Essential Utilities Inc. (NYSE: WTRG) by 52.4%, reducing its holdings to 41,429 shares worth approximately $1.6 million.
• Despite Korea Investment's reduction, other institutional investors like Brooklyn Investment Group and Raymond James Financial Inc. increased their positions significantly in the same quarter.
• Essential Utilities has recently announced a dividend increase to $0.3426 per share, and it is projected to achieve 1.99 EPS for the current fiscal year.

Korea Investment CORP trimmed its position in Essential Utilities Inc. (NYSE:WTRG - Free Report) by 52.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 41,429 shares of the company's stock after selling 45,600 shares during the quarter. Korea Investment CORP's holdings in Essential Utilities were worth $1,638,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Brooklyn Investment Group grew its position in Essential Utilities by 101.8% in the first quarter. Brooklyn Investment Group now owns 1,360 shares of the company's stock worth $54,000 after acquiring an additional 686 shares during the period. Northwest & Ethical Investments L.P. lifted its stake in shares of Essential Utilities by 42.0% in the 1st quarter. Northwest & Ethical Investments L.P. now owns 32,627 shares of the company's stock valued at $1,290,000 after purchasing an additional 9,647 shares during the last quarter. Raymond James Financial Inc. increased its position in shares of Essential Utilities by 64.3% during the 1st quarter. Raymond James Financial Inc. now owns 333,965 shares of the company's stock worth $13,202,000 after purchasing an additional 130,701 shares during the last quarter. Cresset Asset Management LLC raised its holdings in Essential Utilities by 7.4% in the 1st quarter. Cresset Asset Management LLC now owns 7,862 shares of the company's stock valued at $311,000 after buying an additional 542 shares during the period. Finally, American Century Companies Inc. lifted its position in Essential Utilities by 4.2% in the first quarter. American Century Companies Inc. now owns 126,646 shares of the company's stock valued at $5,006,000 after buying an additional 5,085 shares during the last quarter. Hedge funds and other institutional investors own 74.78% of the company's stock.

Essential Utilities Price Performance

Shares of NYSE WTRG opened at $39.5940 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.73 and a quick ratio of 0.58. The company has a market cap of $11.10 billion, a price-to-earnings ratio of 16.99, a price-to-earnings-growth ratio of 3.64 and a beta of 0.78. The stock's 50-day moving average is $37.76 and its two-hundred day moving average is $38.32. Essential Utilities Inc. has a 1-year low of $33.18 and a 1-year high of $41.65.

Essential Utilities (NYSE:WTRG - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.38 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.09. The business had revenue of $514.91 million during the quarter, compared to the consensus estimate of $462.70 million. Essential Utilities had a return on equity of 10.10% and a net margin of 27.62%.The business's revenue for the quarter was up 18.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.28 earnings per share. Essential Utilities has set its FY 2025 guidance at 2.070-2.110 EPS. Analysts forecast that Essential Utilities Inc. will post 1.99 EPS for the current fiscal year.

Essential Utilities Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 12th will be given a dividend of $0.3426 per share. This is an increase from Essential Utilities's previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Tuesday, August 12th. This represents a $1.37 annualized dividend and a dividend yield of 3.5%. Essential Utilities's dividend payout ratio is presently 58.80%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on WTRG shares. Wall Street Zen lowered shares of Essential Utilities from a "hold" rating to a "sell" rating in a report on Saturday. Robert W. Baird boosted their price objective on Essential Utilities from $46.00 to $47.00 and gave the company an "outperform" rating in a report on Monday, August 4th. Finally, UBS Group raised their target price on Essential Utilities from $42.00 to $47.00 and gave the company a "buy" rating in a report on Friday, August 15th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $44.50.

Essential Utilities Profile

Essential Utilities, Inc, through its subsidiaries, operates regulated utilities that provide water, wastewater, or natural gas services in the United States. The company operates through Regulated Water and Regulated Natural Gas segments. It offers water services through operating and maintenance contract with municipal authorities and other parties.

Want to see what other hedge funds are holding WTRG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Essential Utilities Inc. (NYSE:WTRG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.