Thematics Asset Management Has $7.49 Million Position in California Water Service Group $CWT

Key Points

• Thematics Asset Management has reduced its stake in California Water Service Group by 17.2%, selling 32,000 shares and holding 154,470 shares worth approximately $7.5 million as of the last quarter.
• Brokerage firm Wall Street Zen upgraded the stock from a "sell" to a "hold" rating, while other analysts have given it an average rating of "Buy" with a consensus price target of $56.00.
• California Water Service Group reported earnings per share of $0.71 for the last quarter, exceeding analysts' expectations and marking an 8.5% year-over-year revenue increase.

Thematics Asset Management cut its holdings in California Water Service Group (NYSE:CWT - Free Report) by 17.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 154,470 shares of the utilities provider's stock after selling 32,000 shares during the period. Thematics Asset Management owned approximately 0.26% of California Water Service Group worth $7,486,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Versant Capital Management Inc grew its stake in California Water Service Group by 751.3% in the 1st quarter. Versant Capital Management Inc now owns 681 shares of the utilities provider's stock valued at $33,000 after buying an additional 601 shares during the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of California Water Service Group in the first quarter valued at approximately $34,000. Mather Group LLC. acquired a new stake in shares of California Water Service Group in the first quarter worth $74,000. Putney Financial Group LLC acquired a new stake in shares of California Water Service Group in the fourth quarter worth $78,000. Finally, Spirit of America Management Corp NY bought a new position in California Water Service Group during the first quarter worth $97,000. Institutional investors and hedge funds own 82.78% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently 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 report on Saturday, August 2nd. Wells Fargo & Company cut their price target on 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 analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $56.00.

California Water Service Group Price Performance

Shares of NYSE:CWT traded down $0.24 on Thursday, hitting $46.91. The stock had a trading volume of 181,850 shares, compared to its average volume of 364,311. The firm's 50 day moving average price is $46.09 and its 200-day moving average price is $46.95. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.50 and a current ratio of 0.53. California Water Service Group has a twelve month low of $41.64 and a twelve month high of $56.25. The company has a market capitalization of $2.79 billion, a price-to-earnings ratio of 20.49, a price-to-earnings-growth ratio of 2.23 and a beta of 0.66.

California Water Service Group (NYSE:CWT - Get Free Report) last released 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 return on equity of 8.28% and a net margin of 13.71%.The firm had revenue of $264.95 million during the quarter, compared to analysts' expectations of $238.20 million. During the same period last year, the firm posted $0.70 EPS. The business's revenue was up 8.5% on a year-over-year basis. On average, equities research analysts predict that California Water Service Group will post 3.15 earnings per share for the current year.

California Water Service Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Monday, August 11th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.20 annualized dividend and a yield of 2.6%. California Water Service Group's dividend payout ratio is currently 52.40%.

Insider Buying and Selling

In other news, Director Lester A. Snow sold 1,200 shares of California Water Service Group stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $46.51, for a total value of $55,812.00. Following the completion of the sale, the director directly owned 26,349 shares of the company's stock, valued at approximately $1,225,491.99. This trade represents a 4.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.77% 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.