Redmond Asset Management LLC Grows Stake in 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 boosted its holdings in shares of Global Water Resources, Inc. (NASDAQ:GWRS - Free Report) by 202.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 134,496 shares of the utilities provider's stock after purchasing an additional 90,000 shares during the period. Redmond Asset Management LLC owned about 0.50% of Global Water Resources worth $1,387,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Rhumbline Advisers raised its position in shares of Global Water Resources by 12.0% in the 1st quarter. Rhumbline Advisers now owns 17,595 shares of the utilities provider's stock worth $181,000 after acquiring an additional 1,884 shares in the last quarter. Blair William & Co. IL bought a new stake in shares of Global Water Resources in the 1st quarter worth $113,000. JPMorgan Chase & Co. increased its holdings in shares of Global Water Resources by 110.3% in the 4th quarter. JPMorgan Chase & Co. now owns 44,067 shares of the utilities provider's stock worth $507,000 after purchasing an additional 23,113 shares in the last quarter. North Star Investment Management Corp. increased its holdings in shares of Global Water Resources by 46.3% in the 1st quarter. North Star Investment Management Corp. now owns 342,593 shares of the utilities provider's stock worth $3,532,000 after purchasing an additional 108,500 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Global Water Resources by 61.8% during the 4th quarter. Bank of America Corp DE now owns 24,539 shares of the utilities provider's stock valued at $282,000 after buying an additional 9,370 shares during the period. Hedge funds and other institutional investors own 27.91% of the company's stock.

Wall Street Analyst Weigh In

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

Global Water Resources Stock Performance

Shares of NASDAQ:GWRS traded up $0.01 during midday trading on Monday, hitting $9.87. The company had a trading volume of 85,480 shares, compared to its average volume of 64,883. Global Water Resources, Inc. has a 12-month low of $9.37 and a 12-month high of $13.98. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market cap of $271.13 million, a price-to-earnings ratio of 44.87, a PEG ratio of 3.06 and a beta of 1.05. The company has a fifty day moving average of $10.21 and a two-hundred day moving average of $10.50.

Global Water Resources (NASDAQ:GWRS - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The utilities provider reported $0.06 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.06. Global Water Resources had a return on equity of 9.67% and a net margin of 10.27%. The business had revenue of $14.24 million during the quarter, compared to analyst estimates of $14.20 million. On average, equities research analysts expect that Global Water Resources, Inc. will post 0.28 EPS 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 dividend of $0.0253 per share. The ex-dividend date is Friday, August 15th. This represents a dividend yield of 310.0%. Global Water Resources's dividend payout ratio (DPR) is presently 136.36%.

Global Water Resources Profile

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.