California Water Service Group (NYSE:CWT) Sees Significant Growth in Short Interest

California Water Service Group (NYSE:CWT - Get Free Report) was the recipient of a significant growth in short interest in the month of December. As of December 15th, there was short interest totalling 675,500 shares, a growth of 6.0% from the November 30th total of 637,400 shares. Based on an average daily trading volume, of 299,400 shares, the days-to-cover ratio is presently 2.3 days.

Insider Transactions at California Water Service Group

In other news, VP Michael B. Luu sold 985 shares of the stock in a transaction on Friday, November 22nd. The shares were 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 directly owns 20,354 shares of the company's stock, valued at $1,048,231. This 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 at this hyperlink. Corporate insiders own 0.73% of the company's stock.

Institutional Investors Weigh In On California Water Service Group

Hedge funds have recently bought and sold shares of the business. Wulff Hansen & CO. raised its position in shares of California Water Service Group by 4,565.4% during the 2nd quarter. Wulff Hansen & CO. now owns 1,053,688 shares of the utilities provider's stock valued at $51,093,000 after buying an additional 1,031,103 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in California Water Service Group by 79.7% during the third quarter. Assenagon Asset Management S.A. now owns 252,833 shares of the utilities provider's stock worth $13,709,000 after acquiring an additional 112,118 shares during the last quarter. Barclays PLC raised its position in California Water Service Group by 135.8% during the third quarter. Barclays PLC now owns 119,645 shares of the utilities provider's stock valued at $6,486,000 after purchasing an additional 68,914 shares during the period. Arjuna Capital bought a new stake in shares of California Water Service Group in the 3rd quarter valued at approximately $3,724,000. Finally, Marshall Wace LLP boosted its holdings in shares of California Water Service Group by 354.9% in the 2nd quarter. Marshall Wace LLP now owns 76,851 shares of the utilities provider's stock worth $3,727,000 after purchasing an additional 59,956 shares during the period. Hedge funds and other institutional investors own 82.78% of the company's stock.

California Water Service Group Price Performance

CWT stock traded down $0.33 during mid-day trading on Wednesday, hitting $45.33. The company had a trading volume of 207,316 shares, compared to its average volume of 325,001. The company has a 50-day moving average price of $49.44 and a 200 day moving average price of $51.40. California Water Service Group has a 12-month low of $43.50 and a 12-month high of $56.25. The company has a market capitalization of $2.70 billion, a price-to-earnings ratio of 13.10 and a beta of 0.50. 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 (NYSE:CWT - Get Free Report) last posted its earnings results on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing analysts' consensus estimates of $1.05 by ($0.02). The firm had revenue of $299.60 million during the quarter, compared to analysts' expectations of $289.55 million. California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. California Water Service Group's quarterly revenue was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.60 earnings per share. On average, research analysts anticipate that California Water Service Group will post 3.29 earnings per share for the current year.

California Water Service Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend was Tuesday, November 12th. California Water Service Group's dividend payout ratio (DPR) is presently 32.37%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. StockNews.com downgraded shares of California Water Service Group from a "hold" rating to a "sell" rating in a report on Friday, December 13th. Bank of America assumed coverage on California Water Service Group in a research note on Wednesday, December 11th. They issued a "buy" rating and a $57.00 price objective for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $54.50.

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.