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 purchased a new stake in California Water Service Group (NYSE:CWT - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 444,944 shares of the utilities provider's stock, valued at approximately $21,562,000. Nuveen LLC owned about 0.75% of California Water Service Group as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Versant Capital Management Inc grew its position in shares of California Water Service Group by 751.3% in the first quarter. Versant Capital Management Inc now owns 681 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 601 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of California Water Service Group in the first quarter valued at about $34,000. Sterling Capital Management LLC grew its position in shares of California Water Service Group by 785.8% in the fourth quarter. Sterling Capital Management LLC now owns 1,435 shares of the utilities provider's stock valued at $65,000 after purchasing an additional 1,273 shares during the last quarter. Mather Group LLC. acquired a new stake in shares of California Water Service Group in the first quarter valued at about $74,000. Finally, Putney Financial Group LLC acquired a new stake in shares of California Water Service Group in the fourth quarter valued at about $78,000. 82.78% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CWT has been the topic of several research analyst reports. 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 on the stock in a research report on Friday, August 1st.

California Water Service Group Stock Down 0.8%

NYSE CWT opened at $46.12 on Tuesday. 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 firm has a 50-day simple moving average of $46.01 and a 200 day simple moving average of $46.87. California Water Service Group has a twelve month low of $41.64 and a twelve month high of $56.25. The stock has a market cap of $2.75 billion, a PE ratio of 20.14, a PEG ratio of 2.22 and a beta of 0.66.

California Water Service Group (NYSE:CWT - Get Free Report) last released its earnings results on Thursday, July 31st. The utilities provider reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.25. California Water Service Group had a net margin of 13.71% and a return on equity of 8.28%. The business had revenue of $264.95 million during the quarter, compared to analysts' expectations of $238.20 million. During the same quarter last year, the company earned $0.70 earnings per share. The firm's revenue was up 8.5% on a year-over-year basis. On average, research analysts forecast that California Water Service Group will post 3.15 EPS for the current year.

California Water Service Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Monday, August 11th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Monday, August 11th. California Water Service Group's dividend payout ratio (DPR) is presently 52.40%.

Insider Buying and Selling at California Water Service Group

In other California Water Service Group news, Director Lester A. Snow sold 1,200 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $46.51, for a total transaction of $55,812.00. Following the completion of the transaction, the director owned 26,349 shares in the company, valued at $1,225,491.99. This trade 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 is available at this link. Insiders own 0.73% of the company's stock.

California Water Service Group 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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