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State Street Corp Sells 73,932 Shares of California Water Service Group (NYSE:CWT)

California Water Service Group logo with Utilities background

State Street Corp lowered its holdings in shares of California Water Service Group (NYSE:CWT - Free Report) by 2.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,055,258 shares of the utilities provider's stock after selling 73,932 shares during the period. State Street Corp owned approximately 5.14% of California Water Service Group worth $165,656,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. FMR LLC boosted its holdings in shares of California Water Service Group by 70.5% during the 3rd quarter. FMR LLC now owns 63,625 shares of the utilities provider's stock worth $3,450,000 after buying an additional 26,299 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in California Water Service Group during the second quarter worth $6,823,000. Quest Partners LLC grew its holdings in California Water Service Group by 297.1% in the third quarter. Quest Partners LLC now owns 22,676 shares of the utilities provider's stock worth $1,229,000 after purchasing an additional 16,966 shares during the period. SG Americas Securities LLC bought a new stake in California Water Service Group in the second quarter valued at $568,000. Finally, Intech Investment Management LLC acquired a new position in shares of California Water Service Group during the third quarter valued at about $585,000. 82.78% of the stock is currently owned by institutional investors.

Insider Buying and Selling at California Water Service Group

In other news, VP Michael B. Luu sold 985 shares of the stock in a transaction dated 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 owns 20,354 shares in the company, 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. Company insiders own 0.73% of the company's stock.

California Water Service Group Stock Up 0.1 %

Shares of NYSE:CWT traded up $0.06 during midday trading on Friday, hitting $48.50. 166,694 shares of the company's stock were exchanged, compared to its average volume of 324,107. 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 12 month low of $43.50 and a 12 month high of $56.25. The company has a market cap of $2.88 billion, a PE ratio of 14.02 and a beta of 0.50. The stock has a 50 day moving average price of $51.21 and a 200-day moving average price of $51.61.

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

California Water Service Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend was Tuesday, November 12th. California Water Service Group's payout ratio is currently 32.37%.

Wall Street Analyst Weigh In

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

View Our Latest Research Report on CWT

About California Water Service Group

(Free Report)

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.

See Also

Institutional Ownership by Quarter for California Water Service Group (NYSE:CWT)

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