Raymond James & Associates Cuts Holdings in California Water Service Group (NYSE:CWT)

Raymond James & Associates decreased its holdings in California Water Service Group (NYSE:CWT) by 77.2% in the third quarter, Holdings Channel.com reports. The firm owned 55,973 shares of the utilities provider’s stock after selling 189,396 shares during the period. Raymond James & Associates’ holdings in California Water Service Group were worth $3,035,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Blue Trust Inc. boosted its stake in shares of California Water Service Group by 255.6% in the 3rd quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 363 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of California Water Service Group by 109.9% in the 2nd quarter. GAMMA Investing LLC now owns 823 shares of the utilities provider’s stock valued at $40,000 after purchasing an additional 431 shares in the last quarter. CWM LLC boosted its stake in shares of California Water Service Group by 90.8% in the 2nd quarter. CWM LLC now owns 1,349 shares of the utilities provider’s stock valued at $65,000 after purchasing an additional 642 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of California Water Service Group in the 2nd quarter valued at $85,000. Finally, nVerses Capital LLC purchased a new stake in shares of California Water Service Group in the 3rd quarter valued at $119,000. Hedge funds and other institutional investors own 82.78% of the company’s stock.

California Water Service Group Trading Down 0.8 %

Shares of CWT opened at $49.73 on Tuesday. The stock has a market capitalization of $2.93 billion, a P/E ratio of 14.37 and a beta of 0.49. The company has a quick ratio of 0.49, a current ratio of 0.64 and a debt-to-equity ratio of 0.64. The firm has a fifty day simple moving average of $53.45 and a two-hundred day simple moving average of $51.59. California Water Service Group has a twelve month low of $43.50 and a twelve month high of $56.25.

California Water Service Group (NYSE:CWT) last announced its quarterly earnings results on Thursday, October 31st. The utilities provider reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.02). The firm 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 19.56% and a return on equity of 13.24%. The company’s quarterly revenue was up 17.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.60 EPS. On average, research analysts anticipate that California Water Service Group will post 3.33 EPS for the current year.

California Water Service Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $1.12 annualized dividend and a yield of 2.25%. California Water Service Group’s dividend payout ratio (DPR) is presently 32.37%.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company raised shares of California Water Service Group from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $50.00 to $57.00 in a research note on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, California Water Service Group presently has a consensus rating of “Hold” and an average price target of $53.67.

Insiders Place Their Bets

In other California Water Service Group 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 value of $30,153.15. Following the completion of the transaction, the director now directly owns 22,506 shares in the company, valued at approximately $1,222,750.98. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 1,665 shares of company stock worth $90,093. 0.73% of the stock is currently owned by corporate insiders.

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.