Franklin Resources Inc. Boosts Stake in California Water Service Group (NYSE:CWT)

Franklin Resources Inc. grew its holdings in California Water Service Group (NYSE:CWT - Free Report) by 117.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 58,258 shares of the utilities provider's stock after buying an additional 31,412 shares during the period. Franklin Resources Inc. owned 0.10% of California Water Service Group worth $3,100,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in California Water Service Group by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,337,966 shares of the utilities provider's stock worth $72,559,000 after purchasing an additional 24,275 shares during the last quarter. Duff & Phelps Investment Management Co. lifted its position in shares of California Water Service Group by 52.2% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 63,554 shares of the utilities provider's stock worth $3,446,000 after buying an additional 21,791 shares during the last quarter. Barclays PLC boosted its holdings in shares of California Water Service Group by 135.8% during the 3rd quarter. Barclays PLC now owns 119,645 shares of the utilities provider's stock valued at $6,486,000 after acquiring an additional 68,914 shares in the last quarter. XTX Topco Ltd increased its stake in shares of California Water Service Group by 58.3% in the third quarter. XTX Topco Ltd now owns 9,475 shares of the utilities provider's stock valued at $514,000 after buying an additional 3,489 shares during the period. Finally, Kovitz Investment Group Partners LLC acquired a new stake in shares of California Water Service Group in the third quarter valued at about $2,152,000. 82.78% of the stock is owned by institutional investors and hedge funds.

California Water Service Group Stock Up 0.7 %

California Water Service Group stock traded up $0.31 on Thursday, hitting $45.93. 252,447 shares of the stock traded hands, compared to its average volume of 326,501. The business's fifty day simple moving average is $50.06 and its 200 day simple moving average is $51.44. The firm has a market cap of $2.73 billion, a P/E ratio of 13.27 and a beta of 0.50. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 0.64. California Water Service Group has a 1 year low of $43.50 and a 1 year high of $56.25.

California Water Service Group (NYSE:CWT - Get Free Report) last issued its earnings results on Thursday, October 31st. The utilities provider reported $1.03 earnings per share (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 firm had revenue of $299.60 million during the quarter, compared to the consensus estimate of $289.55 million. During the same quarter in the prior year, the company posted $0.60 EPS. The company's quarterly revenue was up 17.5% on a year-over-year basis. As a group, sell-side analysts forecast that California Water Service Group will post 3.29 earnings per share for the current year.

California Water Service Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date was Tuesday, November 12th. California Water Service Group's payout ratio is presently 32.37%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CWT. StockNews.com lowered 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 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. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $54.50.

Insider Transactions at California Water Service Group

In other California Water Service Group news, VP Michael B. Luu sold 985 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $51.50, for a total value of $50,727.50. Following the transaction, the vice president now owns 20,354 shares of the company's stock, valued at approximately $1,048,231. This represents a 4.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.73% of the company's stock.

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.