Nuveen LLC Makes New $21.56 Million Investment in California Water Service Group $CWT

Key Points

• Nuveen LLC has made a significant investment of approximately $21.56 million in California Water Service Group, acquiring 444,944 shares of the company.
• California Water Service Group has recently been rated by analysts, with Wall Street Zen upgrading the stock from a "sell" to a "hold" rating.
• The company reported a net income of $0.71 per share for the last quarter, exceeding analyst expectations of $0.46, alongside a revenue increase of 8.5% year-over-year.

Nuveen LLC acquired a new stake in California Water Service Group (NYSE:CWT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 444,944 shares of the utilities provider's stock, valued at approximately $21,562,000. Nuveen LLC owned 0.75% of California Water Service Group at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CWT. Northern Trust Corp increased its position in shares of California Water Service Group by 13.1% in the fourth quarter. Northern Trust Corp now owns 979,138 shares of the utilities provider's stock valued at $44,384,000 after acquiring an additional 113,622 shares during the period. Jupiter Asset Management Ltd. purchased a new position in shares of California Water Service Group in the first quarter valued at about $5,461,000. Van Lanschot Kempen Investment Management N.V. purchased a new position in shares of California Water Service Group in the fourth quarter valued at about $4,763,000. Raymond James Financial Inc. purchased a new position in shares of California Water Service Group in the fourth quarter valued at about $4,704,000. Finally, First Trust Advisors LP increased its position in shares of California Water Service Group by 4.9% in the fourth quarter. First Trust Advisors LP now owns 1,689,977 shares of the utilities provider's stock valued at $76,607,000 after acquiring an additional 79,658 shares during the period. Hedge funds and other institutional investors own 82.78% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CWT shares. Wells Fargo & Company decreased their price target on shares of California Water Service Group from $59.00 to $55.00 and set an "overweight" rating for the company in a research note 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 research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to MarketBeat, California Water Service Group has an average rating of "Buy" and a consensus target price of $56.00.

California Water Service Group Trading Up 1.7%

CWT stock traded up $0.7990 during trading on Friday, reaching $47.5690. The company had a trading volume of 290,725 shares, compared to its average volume of 342,090. California Water Service Group has a 52 week low of $41.64 and a 52 week high of $56.25. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.53 and a quick ratio of 0.50. The business has a 50 day moving average of $46.03 and a 200 day moving average of $46.91. The company has a market cap of $2.83 billion, a P/E ratio of 20.77, a PEG ratio of 2.27 and a beta of 0.66.

California Water Service Group (NYSE:CWT - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $264.95 million for the quarter, compared to analysts' expectations of $238.20 million. California Water Service Group had a net margin of 13.71% and a return on equity of 8.28%. The business's revenue was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.70 earnings per share. As a group, 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Monday, August 11th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Monday, August 11th. California Water Service Group's dividend payout ratio is 52.40%.

Insiders Place Their Bets

In other California Water Service Group news, Director Lester A. Snow sold 1,200 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $46.51, for a total value of $55,812.00. Following the sale, the director owned 26,349 shares in the company, valued at approximately $1,225,491.99. This represents a 4.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.77% of the company's stock.

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.