IFM Investors Pty Ltd Lowers Stock Position in California Water Service Group (NYSE:CWT)

IFM Investors Pty Ltd reduced its stake in California Water Service Group (NYSE:CWT) by 4.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,639 shares of the utilities provider’s stock after selling 367 shares during the quarter. IFM Investors Pty Ltd’s holdings in California Water Service Group were worth $414,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. International Assets Investment Management LLC purchased a new stake in California Water Service Group in the third quarter valued at approximately $7,700,000. Allspring Global Investments Holdings LLC raised its stake in shares of California Water Service Group by 95.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 49,861 shares of the utilities provider’s stock worth $2,703,000 after acquiring an additional 24,402 shares in the last quarter. Blue Trust Inc. raised its stake in shares of California Water Service Group by 255.6% during the third quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 363 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of California Water Service Group during the third quarter worth approximately $119,000. Finally, CWM LLC raised its stake in shares of California Water Service Group by 129.1% during the third quarter. CWM LLC now owns 3,090 shares of the utilities provider’s stock worth $168,000 after acquiring an additional 1,741 shares in the last quarter. 82.78% of the stock is owned by hedge funds and other institutional investors.

California Water Service Group Trading Down 0.1 %

CWT stock opened at $51.58 on Tuesday. The company has a market capitalization of $2.98 billion, a PE ratio of 20.63 and a beta of 0.49. California Water Service Group has a one year low of $43.50 and a one year high of $56.25. The company’s 50 day moving average price is $53.68 and its two-hundred day moving average price is $51.39. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.49 and a current ratio of 0.52.

California Water Service Group (NYSE:CWT) last issued its earnings results on Thursday, August 1st. The utilities provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.28. California Water Service Group had a net margin of 17.78% and a return on equity of 11.94%. The firm had revenue of $244.30 million for the quarter, compared to analysts’ expectations of $216.25 million. During the same quarter last year, the business earned $0.17 earnings per share. The business’s revenue was up 25.9% on a year-over-year basis. As a group, analysts predict that California Water Service Group will post 3.33 earnings per share for the current fiscal year.

California Water Service Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 12th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.17%. The ex-dividend date was Monday, August 12th. California Water Service Group’s dividend payout ratio is 44.80%.

Insider Transactions at California Water Service Group

In other news, Director Thomas M. Krummel sold 555 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $52.91, for a total value of $29,365.05. Following the transaction, the director now owns 23,061 shares in the company, valued at approximately $1,220,157.51. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 1,665 shares of company stock worth $90,093. Insiders own 0.73% of the company’s stock.

Analyst Ratings Changes

Separately, Wells Fargo & Company raised shares of California Water Service Group from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $50.00 to $57.00 in a research note on Wednesday, July 31st. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $53.67.

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.