New York State Common Retirement Fund Reduces Stock Holdings in California Water Service Group (NYSE:CWT)

New York State Common Retirement Fund decreased its stake in shares of California Water Service Group (NYSE:CWT - Free Report) by 48.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,544 shares of the utilities provider's stock after selling 27,411 shares during the quarter. New York State Common Retirement Fund's holdings in California Water Service Group were worth $1,339,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CWT. Blue Trust Inc. lifted its position in shares of California Water Service Group by 255.6% in the 3rd quarter. Blue Trust Inc. now owns 505 shares of the utilities provider's stock worth $27,000 after purchasing an additional 363 shares during the period. Asset Planning Inc purchased a new stake in California Water Service Group during the fourth quarter worth $204,000. Boston Family Office LLC purchased a new position in shares of California Water Service Group in the 3rd quarter valued at $210,000. CIBC Asset Management Inc bought a new position in shares of California Water Service Group in the 3rd quarter worth $219,000. Finally, Aigen Investment Management LP purchased a new stake in shares of California Water Service Group during the 3rd quarter worth $227,000. 82.78% of the stock is currently owned by institutional investors.

California Water Service Group Stock Down 1.0 %

Shares of CWT traded down $0.45 during mid-day trading on Thursday, hitting $46.21. 76,796 shares of the company traded hands, compared to its average volume of 367,593. The business has a 50 day moving average of $44.78 and a 200 day moving average of $49.45. The company has a market capitalization of $2.75 billion, a PE ratio of 13.35, a price-to-earnings-growth ratio of 0.46 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 1-year low of $41.64 and a 1-year high of $56.25.

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California Water Service Group (NYSE:CWT - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The utilities provider reported $0.33 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.05). California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The company had revenue of $222.20 million for the quarter, compared to analyst estimates of $216.37 million. During the same quarter in the previous year, the firm posted $0.52 earnings per share. Equities research analysts anticipate that California Water Service Group will post 3.15 EPS for the current year.

California Water Service Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Monday, February 10th were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, February 10th. This is a positive change from California Water Service Group's previous quarterly dividend of $0.28. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.60%. California Water Service Group's dividend payout ratio is currently 36.70%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CWT. StockNews.com upgraded shares of California Water Service Group from a "sell" rating to a "hold" rating in a report on Saturday, February 8th. Wells Fargo & Company upgraded shares of California Water Service Group from an "equal weight" rating to an "overweight" rating and reduced their price objective for the stock from $56.00 to $52.00 in a research note on Tuesday, January 7th. Finally, Bank of America started coverage on shares of California Water Service Group in a research note on Wednesday, December 11th. They issued a "buy" rating and a $57.00 target price for the company. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $53.25.

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.