International Assets Investment Management LLC Makes New Investment in California Water Service Group (NYSE:CWT)

International Assets Investment Management LLC purchased a new position in California Water Service Group (NYSE:CWT) in the third quarter, HoldingsChannel reports. The firm purchased 14,206 shares of the utilities provider’s stock, valued at approximately $7,700,000.

Other hedge funds have also modified their holdings of the company. Blue Trust Inc. boosted its position in shares of California Water Service Group by 255.6% in the third 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. GAMMA Investing LLC lifted its holdings in shares of California Water Service Group by 109.9% in the second quarter. GAMMA Investing LLC now owns 823 shares of the utilities provider’s stock worth $40,000 after buying an additional 431 shares in the last quarter. CWM LLC lifted its holdings in shares of California Water Service Group by 90.8% in the second quarter. CWM LLC now owns 1,349 shares of the utilities provider’s stock worth $65,000 after buying an additional 642 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of California Water Service Group in the second quarter worth $85,000. Finally, nVerses Capital LLC purchased a new position in shares of California Water Service Group in the third quarter worth $119,000. 82.78% of the stock is currently owned by institutional investors.

California Water Service Group Price Performance

California Water Service Group stock opened at $51.96 on Friday. The company has a market cap of $3.06 billion, a price-to-earnings ratio of 17.15 and a beta of 0.49. The firm’s fifty day moving average is $53.56 and its 200 day moving average is $51.44. The company has a quick ratio of 0.49, a current ratio of 0.52 and a debt-to-equity ratio of 0.68. California Water Service Group has a 52-week low of $43.50 and a 52-week high of $56.25.

California Water Service Group (NYSE:CWT) last released its quarterly earnings results on Thursday, October 31st. The utilities provider reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.02). The business had revenue of $299.60 million for the quarter, compared to analysts’ expectations of $289.55 million. California Water Service Group had a net margin of 17.78% and a return on equity of 11.94%. California Water Service Group’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.60 EPS. Sell-side analysts forecast that California Water Service Group will post 3.33 EPS for the current fiscal year.

Insider Activity at California Water Service Group

In related news, Director Thomas M. Krummel sold 555 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $54.33, for a total transaction of $30,153.15. Following the sale, the director now owns 22,506 shares of the company’s stock, valued at $1,222,750.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 1,665 shares of company stock valued at $90,093 over the last 90 days. 0.73% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company raised shares of California Water Service Group from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $50.00 to $57.00 in a report on Wednesday, July 31st. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $53.67.

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.