CIBC Asset Management Inc Invests $219,000 in California Water Service Group (NYSE:CWT)

CIBC Asset Management Inc purchased a new position in shares of California Water Service Group (NYSE:CWT) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 4,039 shares of the utilities provider’s stock, valued at approximately $219,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Blue Trust Inc. boosted its stake in shares of California Water Service Group by 255.6% during the third 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 grew its holdings in California Water Service Group by 109.9% during the 2nd quarter. GAMMA Investing LLC now owns 823 shares of the utilities provider’s stock worth $40,000 after acquiring an additional 431 shares during the last quarter. CWM LLC increased its position in 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 acquiring an additional 642 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of California Water Service Group during the second quarter valued at $85,000. Finally, nVerses Capital LLC acquired a new position in shares of California Water Service Group during the third quarter worth $119,000. 82.78% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company upgraded California Water Service Group from an “underweight” rating to an “equal weight” rating and increased their price objective for the company 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 company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $53.67.

California Water Service Group Stock Up 0.4 %

Shares of NYSE CWT opened at $51.58 on Friday. California Water Service Group has a 52-week low of $43.50 and a 52-week high of $56.25. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.60 and a current ratio of 0.64. The company’s 50 day moving average price is $52.43 and its 200-day moving average price is $51.87. The company has a market capitalization of $3.07 billion, a P/E ratio of 14.91 and a beta of 0.49.

California Water Service Group (NYSE:CWT) last released 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 net margin of 19.56% and a return on equity of 13.24%. The firm had revenue of $299.60 million during the quarter, compared to analyst estimates of $289.55 million. During the same quarter in the previous year, the firm earned $0.60 EPS. California Water Service Group’s quarterly revenue was up 17.5% on a year-over-year basis. Equities 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 firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.12 annualized dividend and a yield of 2.17%. California Water Service Group’s dividend payout ratio is currently 32.37%.

Insiders Place Their Bets

In other California Water Service Group news, Director Thomas M. Krummel sold 555 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $55.09, for a total value of $30,574.95. Following the completion of the sale, the director now directly owns 21,951 shares in the company, valued at approximately $1,209,280.59. This trade represents a 2.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.73% of the stock is currently owned by corporate insiders.

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.