California Water Service Group (NYSE:CWT) Downgraded by StockNews.com to Sell

StockNews.com lowered shares of California Water Service Group (NYSE:CWT - Free Report) from a hold rating to a sell rating in a report released on Friday morning.

A number of other research analysts also recently issued reports on CWT. Bank of America started coverage on shares of California Water Service Group in a research report on Wednesday, December 11th. They set a "buy" rating and a $57.00 target price on the stock. Wells Fargo & Company upgraded shares of California Water Service Group from an "equal weight" rating to an "overweight" rating and cut their price objective for the company from $56.00 to $52.00 in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $53.25.

California Water Service Group Trading Down 1.5 %

Shares of CWT stock traded down $0.68 on Friday, reaching $44.67. 287,431 shares of the stock were exchanged, compared to its average volume of 369,706. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.64 and a quick ratio of 0.60. California Water Service Group has a one year low of $41.64 and a one year high of $56.25. The stock has a market cap of $2.66 billion, a PE ratio of 12.91, a P/E/G ratio of 0.46 and a beta of 0.52. The stock has a 50 day moving average price of $46.11 and a 200 day moving average price of $50.58.

California Water Service Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 21st. Investors of record on Monday, February 10th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.69%. This is an increase from California Water Service Group's previous quarterly dividend of $0.28. The ex-dividend date is Monday, February 10th. California Water Service Group's dividend payout ratio (DPR) is currently 32.37%.

Insider Activity at California Water Service Group

In other news, VP Michael B. Luu sold 985 shares of California Water Service Group stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $51.50, for a total transaction of $50,727.50. Following the transaction, the vice president now directly owns 20,354 shares of the company's stock, valued at $1,048,231. This trade represents a 4.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.73% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC increased its stake in California Water Service Group by 282.4% during the 2nd quarter. Squarepoint Ops LLC now owns 24,932 shares of the utilities provider's stock worth $1,209,000 after purchasing an additional 18,412 shares in the last quarter. AQR Capital Management LLC acquired a new position in shares of California Water Service Group in the second quarter valued at approximately $804,000. Millennium Management LLC acquired a new stake in shares of California Water Service Group during the second quarter worth $2,761,000. The Manufacturers Life Insurance Company raised its holdings in shares of California Water Service Group by 1.7% during the second quarter. The Manufacturers Life Insurance Company now owns 31,555 shares of the utilities provider's stock worth $1,530,000 after acquiring an additional 539 shares during the period. Finally, Algert Global LLC bought a new stake in California Water Service Group in the 2nd quarter valued at $282,000. 82.78% of the stock is currently owned by institutional investors.

California Water Service Group Company 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.