Meiji Yasuda Asset Management Co Ltd. Raises Stock Holdings in California Water Service Group $CWT

Key Points

• Meiji Yasuda Asset Management Co Ltd. increased its stake in California Water Service Group by 26.8%, acquiring an additional 21,303 shares during the first quarter, bringing its total to 100,842 shares worth approximately $4.89 million.
• Several other institutional investors also expanded their holdings in California Water Service Group, with 82.78% of the stock owned by institutional investors.
• The company reported $0.71 earnings per share (EPS) for the last quarter, exceeding expectations and reflecting an 8.5% year-over-year revenue increase.

Meiji Yasuda Asset Management Co Ltd. raised its position in shares of California Water Service Group (NYSE:CWT - Free Report) by 26.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 100,842 shares of the utilities provider's stock after buying an additional 21,303 shares during the quarter. Meiji Yasuda Asset Management Co Ltd. owned about 0.17% of California Water Service Group worth $4,887,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CWT. Nuance Investments LLC lifted its position in California Water Service Group by 35.4% during the first quarter. Nuance Investments LLC now owns 2,017,511 shares of the utilities provider's stock valued at $97,769,000 after buying an additional 527,343 shares during the period. Nuveen LLC purchased a new position in California Water Service Group during the first quarter valued at $21,562,000. Beck Bode LLC purchased a new position in California Water Service Group during the first quarter valued at $17,728,000. Raymond James Financial Inc. lifted its position in California Water Service Group by 204.2% during the first quarter. Raymond James Financial Inc. now owns 315,685 shares of the utilities provider's stock valued at $15,298,000 after buying an additional 211,914 shares during the period. Finally, 1832 Asset Management L.P. purchased a new position in California Water Service Group during the first quarter valued at $9,692,000. Hedge funds and other institutional investors own 82.78% of the company's stock.

California Water Service Group Stock Down 0.2%

Shares of CWT traded down $0.10 during trading hours on Friday, hitting $46.27. The company had a trading volume of 223,593 shares, compared to its average volume of 250,982. The firm has a fifty day moving average price of $46.19 and a 200-day moving average price of $47.04. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.50 and a current ratio of 0.53. The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of 20.20, a P/E/G ratio of 2.21 and a beta of 0.69. California Water Service Group has a 52-week low of $41.64 and a 52-week high of $56.25.

California Water Service Group (NYSE:CWT - Get Free Report) last issued its 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. California Water Service Group had a return on equity of 8.28% and a net margin of 13.71%.The business had revenue of $264.95 million during the quarter, compared to analyst estimates of $238.20 million. During the same quarter in the previous year, the firm earned $0.70 EPS. California Water Service Group's revenue was up 8.5% on a year-over-year basis. On average, equities research analysts forecast that California Water Service Group will post 3.15 EPS for the current fiscal year.

California Water Service Group Dividend Announcement

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

Analyst Ratings Changes

Several brokerages have commented on CWT. Wall Street Zen raised California Water Service Group from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Wells Fargo & Company lowered their price target on California Water Service Group from $59.00 to $55.00 and set an "overweight" rating for the company in a research report on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average 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.