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 lessened its position in California Water Service Group (NYSE:CWT - Free Report) by 4.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 187,820 shares of the utilities provider's stock after selling 8,056 shares during the period. Rhumbline Advisers owned approximately 0.32% of California Water Service Group worth $9,102,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Strs Ohio acquired a new position in shares of California Water Service Group in the first quarter valued at approximately $887,000. Intech Investment Management LLC boosted its holdings in shares of California Water Service Group by 16.4% in the first quarter. Intech Investment Management LLC now owns 28,810 shares of the utilities provider's stock valued at $1,396,000 after buying an additional 4,055 shares during the period. Focus Partners Wealth boosted its holdings in shares of California Water Service Group by 432.4% in the first quarter. Focus Partners Wealth now owns 27,161 shares of the utilities provider's stock valued at $1,316,000 after buying an additional 22,059 shares during the period. Jane Street Group LLC acquired a new position in shares of California Water Service Group in the first quarter valued at approximately $5,979,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of California Water Service Group by 21.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 311,502 shares of the utilities provider's stock valued at $15,095,000 after buying an additional 54,277 shares during the period. Institutional investors own 82.78% of the company's stock.

California Water Service Group Price Performance

CWT stock traded down $0.06 during mid-day trading on Tuesday, hitting $45.14. The stock had a trading volume of 123,012 shares, compared to its average volume of 358,023. The firm has a fifty day simple moving average of $46.18 and a 200 day simple moving average of $47.06. California Water Service Group has a 52 week low of $41.64 and a 52 week high of $56.25. The company has a current ratio of 0.53, a quick ratio of 0.50 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $2.69 billion, a P/E ratio of 19.72, a P/E/G ratio of 2.21 and a beta of 0.69.

California Water Service Group (NYSE:CWT - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.71 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $264.95 million for the quarter, compared to the consensus estimate of $238.20 million. During the same period last year, the company posted $0.70 EPS. The firm's quarterly revenue was up 8.5% compared to the same quarter last year. As a group, research analysts forecast that California Water Service Group will post 3.15 EPS for the current 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 paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Monday, August 11th. California Water Service Group's dividend payout ratio (DPR) is presently 52.40%.

Analyst Ratings Changes

Several research analysts have recently weighed in on CWT shares. Wells Fargo & Company reduced 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 report on Friday, August 1st. Wall Street Zen upgraded shares of California Water Service Group from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. Based on data from MarketBeat, California Water Service Group has a consensus rating of "Buy" and a consensus price target of $56.00.

About California Water Service Group

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.