Rhumbline Advisers Sells 8,056 Shares of California Water Service Group $CWT

Key Points

• Rhumbline Advisers has reduced its stake in California Water Service Group by 4.1%, selling 8,056 shares and remaining with 187,820 shares valued at approximately $9.1 million.
• Multiple institutional investors have either increased or decreased their holdings in California Water Service Group, with 82.78% of the stock currently owned by these groups.
• The company reported earnings of $0.71 per share, surpassing analysts' expectations and showing an 8.5% year-over-year revenue increase.

Rhumbline Advisers cut its stake in shares of California Water Service Group (NYSE:CWT - Free Report) by 4.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 187,820 shares of the utilities provider's stock after selling 8,056 shares during the quarter. Rhumbline Advisers owned 0.32% of California Water Service Group worth $9,102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its position in shares of California Water Service Group by 2.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 10,806 shares of the utilities provider's stock valued at $524,000 after purchasing an additional 272 shares during the last quarter. Choreo LLC grew its stake in shares of California Water Service Group by 6.6% during the first quarter. Choreo LLC now owns 4,766 shares of the utilities provider's stock valued at $231,000 after buying an additional 294 shares during the last quarter. Kovitz Investment Group Partners LLC boosted its holdings in California Water Service Group by 1.0% during the 1st quarter. Kovitz Investment Group Partners LLC now owns 38,438 shares of the utilities provider's stock valued at $1,863,000 after acquiring an additional 373 shares during the period. California State Teachers Retirement System grew its position in California Water Service Group by 0.8% during the 4th quarter. California State Teachers Retirement System now owns 55,060 shares of the utilities provider's stock worth $2,496,000 after acquiring an additional 418 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of California Water Service Group by 8.9% during the first quarter. PNC Financial Services Group Inc. now owns 7,075 shares of the utilities provider's stock valued at $343,000 after purchasing an additional 577 shares during the period. 82.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Wall Street Zen upgraded shares of California Water Service Group from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Wells Fargo & Company decreased their price objective on shares of California Water Service Group from $59.00 to $55.00 and set an "overweight" rating for the company in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $56.00.

California Water Service Group Stock Performance

Shares of CWT opened at $45.64 on Thursday. California Water Service Group has a 52 week low of $41.64 and a 52 week high of $56.25. The stock has a market cap of $2.72 billion, a P/E ratio of 19.93, a P/E/G ratio of 2.21 and a beta of 0.69. The business's 50 day moving average price is $46.17 and its 200-day moving average price is $47.04. The company has a quick ratio of 0.50, a current ratio of 0.53 and a debt-to-equity ratio of 0.67.

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 company had revenue of $264.95 million during the quarter, compared to analyst estimates of $238.20 million. California Water Service Group had a net margin of 13.71% and a return on equity of 8.28%. The firm's revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.70 EPS. Equities research analysts anticipate that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Monday, August 11th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Monday, August 11th. California Water Service Group's dividend payout ratio (DPR) is presently 52.40%.

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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