California Water Service Group (NYSE:CWT) Shares Purchased by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC boosted its holdings in shares of California Water Service Group (NYSE:CWT) by 66.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,736 shares of the utilities provider’s stock after buying an additional 9,894 shares during the quarter. Exchange Traded Concepts LLC’s holdings in California Water Service Group were worth $1,121,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CWT. Marshall Wace LLP increased its position in shares of California Water Service Group by 354.9% during the second quarter. Marshall Wace LLP now owns 76,851 shares of the utilities provider’s stock worth $3,727,000 after acquiring an additional 59,956 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in California Water Service Group during the 2nd quarter worth about $889,000. Squarepoint Ops LLC raised its position in California Water Service Group by 282.4% in the 2nd quarter. Squarepoint Ops LLC now owns 24,932 shares of the utilities provider’s stock valued at $1,209,000 after purchasing an additional 18,412 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in California Water Service Group in the 2nd quarter valued at about $85,000. Finally, AQR Capital Management LLC purchased a new position in shares of California Water Service Group in the 2nd quarter valued at about $804,000. Hedge funds and other institutional investors own 82.78% of the company’s stock.

Analysts Set New Price Targets

CWT has been the topic of several analyst reports. Wells Fargo & Company raised shares of California Water Service Group from an “equal weight” rating to an “overweight” rating and reduced their target price for the company from $56.00 to $52.00 in a report on Tuesday, January 7th. Bank of America started coverage on shares of California Water Service Group in a report on Wednesday, December 11th. They issued a “buy” rating and a $57.00 price objective on the stock. Finally, StockNews.com upgraded shares of California Water Service Group from a “sell” rating to a “hold” rating in a research note on Wednesday, January 8th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $53.25.

Insider Activity at California Water Service Group

In other California Water Service Group news, VP Michael B. Luu sold 985 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $51.50, for a total value of $50,727.50. Following the completion of the sale, the vice president now owns 20,354 shares in the company, valued at approximately $1,048,231. The trade was a 4.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.73% of the company’s stock.

California Water Service Group Stock Performance

Shares of California Water Service Group stock opened at $45.13 on Tuesday. The firm has a market capitalization of $2.68 billion, a P/E ratio of 13.04, a P/E/G ratio of 0.44 and a beta of 0.52. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64. California Water Service Group has a 52 week low of $41.64 and a 52 week high of $56.25. The firm’s 50 day moving average is $46.75 and its two-hundred day moving average is $50.83.

California Water Service Group (NYSE:CWT) last announced its quarterly earnings results on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.02). California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The company had revenue of $299.60 million for the quarter, compared to analyst estimates of $289.55 million. During the same quarter in the prior year, the business earned $0.60 earnings per share. California Water Service Group’s revenue was up 17.5% compared to the same quarter last year. Research analysts forecast that California Water Service Group will post 3.15 EPS for the current fiscal year.

California Water Service Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend was Tuesday, November 12th. California Water Service Group’s payout ratio is currently 32.37%.

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.