Redmond Asset Management LLC Buys 90,000 Shares of Global Water Resources, Inc. $GWRS

Key Points

• Redmond Asset Management LLC increased its holdings in Global Water Resources, Inc. by 202.3%, owning 134,496 shares valued at approximately $1.39 million as of the latest SEC filing.
• Wall Street analysts upgraded Global Water Resources from a "sell" to a "hold" rating, indicating a positive shift in outlook.
• The company plans to issue a dividend of $0.0253 per share, resulting in a significant dividend yield of 310.0%, with a payout ratio of 130.43%.

Redmond Asset Management LLC increased its stake in shares of Global Water Resources, Inc. (NASDAQ:GWRS - Free Report) by 202.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 134,496 shares of the utilities provider's stock after purchasing an additional 90,000 shares during the quarter. Redmond Asset Management LLC owned about 0.50% of Global Water Resources worth $1,387,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Blair William & Co. IL acquired a new stake in Global Water Resources in the first quarter worth $113,000. Deutsche Bank AG increased its stake in Global Water Resources by 4,273.8% in the 4th quarter. Deutsche Bank AG now owns 15,002 shares of the utilities provider's stock valued at $173,000 after buying an additional 14,659 shares during the last quarter. Rhumbline Advisers increased its stake in Global Water Resources by 12.0% in the 1st quarter. Rhumbline Advisers now owns 17,595 shares of the utilities provider's stock valued at $181,000 after buying an additional 1,884 shares during the last quarter. Ameriprise Financial Inc. grew its position in shares of Global Water Resources by 7.0% in the 4th quarter. Ameriprise Financial Inc. now owns 20,210 shares of the utilities provider's stock valued at $232,000 after acquiring an additional 1,327 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Global Water Resources by 61.8% in the 4th quarter. Bank of America Corp DE now owns 24,539 shares of the utilities provider's stock valued at $282,000 after acquiring an additional 9,370 shares during the period. 27.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded shares of Global Water Resources from a "hold" rating to a "sell" rating in a report on Saturday.

Global Water Resources Stock Down 0.5%

GWRS traded down $0.05 during trading on Wednesday, hitting $9.72. 8,559 shares of the company's stock were exchanged, compared to its average volume of 47,036. The business's 50 day moving average is $10.19 and its two-hundred day moving average is $10.49. The stock has a market cap of $267.01 million, a P/E ratio of 44.19, a PEG ratio of 3.06 and a beta of 1.05. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.54. Global Water Resources, Inc. has a fifty-two week low of $9.37 and a fifty-two week high of $13.98.

Global Water Resources (NASDAQ:GWRS - Get Free Report) last announced its earnings results on Wednesday, August 13th. The utilities provider reported $0.06 EPS for the quarter, meeting the consensus estimate of $0.06. Global Water Resources had a net margin of 10.27% and a return on equity of 9.67%. The company had revenue of $14.24 million during the quarter, compared to the consensus estimate of $14.20 million. As a group, equities analysts expect that Global Water Resources, Inc. will post 0.28 earnings per share for the current fiscal year.

Global Water Resources Dividend Announcement

The company also recently disclosed a aug 25 dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.0253 dividend. This represents a dividend yield of 310.0%. The ex-dividend date is Friday, August 15th. Global Water Resources's dividend payout ratio (DPR) is 136.36%.

About Global Water Resources

Global Water Resources, Inc, a water resource management company, owns, operates, and manages regulated water, wastewater, and recycled water systems primarily in metropolitan Phoenix and Tucson, Arizona. It serves approximately 82,000 people in approximately 32,000 homes. The company was founded in 2003 and is based in Phoenix, Arizona.