Assenagon Asset Management S.A. lowered its position in shares of California Water Service Group (NYSE:CWT – Free Report) by 72.0% in the fourth quarter, HoldingsChannel reports. The firm owned 70,764 shares of the utilities provider’s stock after selling 182,069 shares during the period. Assenagon Asset Management S.A.’s holdings in California Water Service Group were worth $3,208,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings in shares of California Water Service Group by 55.7% during the third quarter. JPMorgan Chase & Co. now owns 161,661 shares of the utilities provider’s stock worth $8,765,000 after buying an additional 57,811 shares in the last quarter. Franklin Resources Inc. grew its position in California Water Service Group by 117.0% during the 3rd quarter. Franklin Resources Inc. now owns 58,258 shares of the utilities provider’s stock worth $3,100,000 after acquiring an additional 31,412 shares during the last quarter. Geode Capital Management LLC increased its holdings in California Water Service Group by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,337,966 shares of the utilities provider’s stock valued at $72,559,000 after purchasing an additional 24,275 shares in the last quarter. Duff & Phelps Investment Management Co. raised its position in California Water Service Group by 52.2% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 63,554 shares of the utilities provider’s stock valued at $3,446,000 after purchasing an additional 21,791 shares during the last quarter. Finally, Barclays PLC boosted its stake in California Water Service Group by 135.8% in the third quarter. Barclays PLC now owns 119,645 shares of the utilities provider’s stock worth $6,486,000 after purchasing an additional 68,914 shares in the last quarter. 82.78% of the stock is owned by institutional investors.
Insider Transactions at California Water Service Group
In other news, VP Michael B. Luu sold 985 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was 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 directly owns 20,354 shares of the company’s stock, valued at $1,048,231. This represents a 4.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.73% of the stock is owned by corporate insiders.
California Water Service Group Price Performance
California Water Service Group (NYSE:CWT – Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing the consensus estimate 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 business had revenue of $299.60 million for the quarter, compared to analyst estimates of $289.55 million. During the same quarter in the prior year, the firm earned $0.60 EPS. The firm’s quarterly revenue was up 17.5% compared to the same quarter last year. Research analysts expect that California Water Service Group will post 3.15 EPS for the current year.
California Water Service Group Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date was Tuesday, November 12th. California Water Service Group’s dividend payout ratio (DPR) is currently 32.37%.
Analyst Ratings Changes
A number of research analysts recently issued reports on CWT shares. Bank of America assumed coverage on California Water Service Group in a report on Wednesday, December 11th. They issued a “buy” rating and a $57.00 price target for the company. Wells Fargo & Company raised shares of California Water Service Group from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $56.00 to $52.00 in a research note on Tuesday, January 7th. Finally, StockNews.com raised shares of California Water Service Group from a “sell” rating to a “hold” rating in a research note on Wednesday, January 8th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, California Water Service Group currently has a consensus rating of “Moderate Buy” and an average price target of $53.25.
Read Our Latest Research Report on California Water Service Group
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.
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