Envestnet Asset Management Inc. Sells 686 Shares of California Water Service Group (NYSE:CWT)

Envestnet Asset Management Inc. reduced its stake in California Water Service Group (NYSE:CWT) by 1.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 50,507 shares of the utilities provider’s stock after selling 686 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.09% of California Water Service Group worth $2,449,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. TFO Wealth Partners LLC lifted its stake in shares of California Water Service Group by 57,000.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,142 shares of the utilities provider’s stock worth $59,000 after buying an additional 1,140 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in California Water Service Group by 3,683.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 30,154 shares of the utilities provider’s stock worth $1,564,000 after acquiring an additional 29,357 shares during the last quarter. CenterBook Partners LP boosted its holdings in California Water Service Group by 32.4% during the fourth quarter. CenterBook Partners LP now owns 14,544 shares of the utilities provider’s stock valued at $754,000 after acquiring an additional 3,555 shares during the period. Cullen Capital Management LLC grew its position in shares of California Water Service Group by 33.2% in the fourth quarter. Cullen Capital Management LLC now owns 7,005 shares of the utilities provider’s stock valued at $363,000 after purchasing an additional 1,745 shares during the last quarter. Finally, Abacus Wealth Partners LLC bought a new position in shares of California Water Service Group in the first quarter worth about $203,000. Institutional investors own 82.78% of the company’s stock.

Analysts Set New Price Targets

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

Insider Activity at California Water Service Group

In other California Water Service Group news, Director Thomas M. Krummel sold 1,654 shares of California Water Service Group stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $50.07, for a total transaction of $82,815.78. Following the sale, the director now owns 24,171 shares in the company, valued at $1,210,241.97. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Thomas M. Krummel sold 555 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $55.09, for a total transaction of $30,574.95. Following the completion of the transaction, the director now owns 21,951 shares in the company, valued at $1,209,280.59. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas M. Krummel sold 1,654 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $50.07, for a total value of $82,815.78. Following the completion of the sale, the director now owns 24,171 shares in the company, valued at $1,210,241.97. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,874 shares of company stock worth $202,318. 0.73% of the stock is owned by corporate insiders.

California Water Service Group Price Performance

Shares of California Water Service Group stock opened at $53.10 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.52 and a quick ratio of 0.49. The company has a market cap of $3.07 billion, a PE ratio of 21.24 and a beta of 0.49. The firm has a fifty day moving average price of $53.93 and a two-hundred day moving average price of $50.54. California Water Service Group has a fifty-two week low of $43.50 and a fifty-two week high of $56.25.

California Water Service Group (NYSE:CWT) last released its earnings results on Thursday, August 1st. The utilities provider reported $0.70 earnings per share for the quarter, beating 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 business had revenue of $244.30 million during the quarter, compared to analysts’ expectations of $216.25 million. During the same quarter last year, the company earned $0.17 earnings per share. The firm’s revenue was up 25.9% on a year-over-year basis. Analysts expect that California Water Service Group will post 3.33 EPS for the current year.

California Water Service Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 12th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date was Monday, August 12th. California Water Service Group’s dividend payout ratio is presently 44.80%.

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.