IQ EQ FUND MANAGEMENT IRELAND Ltd Sells 28,386 Shares of California Water Service Group (NYSE:CWT)

IQ EQ FUND MANAGEMENT IRELAND Ltd lessened its stake in shares of California Water Service Group (NYSE:CWT - Free Report) by 39.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,875 shares of the utilities provider's stock after selling 28,386 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd owned 0.07% of California Water Service Group worth $1,944,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Parkworth Wealth Management Inc. bought a new position in shares of California Water Service Group in the fourth quarter worth $50,000. Millstone Evans Group LLC acquired a new stake in California Water Service Group during the fourth quarter worth about $102,000. Virtu Financial LLC bought a new position in California Water Service Group in the 4th quarter valued at about $200,000. Ieq Capital LLC acquired a new position in shares of California Water Service Group in the 4th quarter valued at approximately $202,000. Finally, Asset Planning Inc bought a new stake in shares of California Water Service Group during the 4th quarter worth approximately $204,000. 82.78% of the stock is owned by institutional investors and hedge funds.

California Water Service Group Price Performance

California Water Service Group stock traded up $0.57 during mid-day trading on Monday, reaching $48.82. The company had a trading volume of 120,561 shares, compared to its average volume of 334,826. The business has a fifty day simple moving average of $45.69 and a 200 day simple moving average of $48.47. The company has a market cap of $2.90 billion, a P/E ratio of 14.11, a P/E/G ratio of 0.46 and a beta of 0.49. 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 fifty-two week low of $41.64 and a fifty-two week high of $56.25.

Remove Ads

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

California Water Service Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Monday, February 10th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date was Monday, February 10th. This is a positive change from California Water Service Group's previous quarterly dividend of $0.28. California Water Service Group's dividend payout ratio (DPR) is 36.70%.

Analysts Set New Price Targets

CWT has been the topic of a number of recent analyst reports. Wells Fargo & Company raised shares of California Water Service Group from an "equal weight" rating to an "overweight" rating and decreased their price objective for the company from $56.00 to $52.00 in a research note on Tuesday, January 7th. StockNews.com raised California Water Service Group from a "sell" rating to a "hold" rating in a report on Saturday, February 8th. Finally, Bank of America started 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 on the stock. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $53.25.

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.