Dynamic Technology Lab Private Ltd Sells 21,400 Shares of California Water Service Group (NYSE:CWT)

Dynamic Technology Lab Private Ltd lessened its position in California Water Service Group (NYSE:CWT) by 73.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,749 shares of the utilities provider’s stock after selling 21,400 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in California Water Service Group were worth $420,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. bought a new stake in shares of California Water Service Group in the second quarter worth about $6,823,000. Tidal Investments LLC bought a new stake in shares of California Water Service Group in the 1st quarter worth approximately $535,000. Quest Partners LLC increased its stake in shares of California Water Service Group by 297.1% during the third quarter. Quest Partners LLC now owns 22,676 shares of the utilities provider’s stock valued at $1,229,000 after buying an additional 16,966 shares during the period. SG Americas Securities LLC bought a new position in shares of California Water Service Group during the second quarter valued at approximately $568,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in California Water Service Group by 95.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 49,861 shares of the utilities provider’s stock worth $2,703,000 after acquiring an additional 24,402 shares during the period. Hedge funds and other institutional investors own 82.78% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of California Water Service Group from a “hold” rating to a “sell” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, California Water Service Group currently has an average rating of “Hold” and an average target price of $53.67.

Insider Buying and Selling

In other California Water Service Group news, VP Michael B. Luu sold 985 shares of California Water Service Group stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $51.50, for a total transaction of $50,727.50. Following the completion of the transaction, the vice president now owns 20,354 shares in the company, valued at approximately $1,048,231. The trade was a 4.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas M. Krummel sold 555 shares of the stock in a transaction on Wednesday, September 4th. The stock was 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 represents a 2.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by insiders.

California Water Service Group Stock Performance

California Water Service Group stock opened at $51.19 on Friday. California Water Service Group has a fifty-two week low of $43.50 and a fifty-two week high of $56.25. The stock’s 50 day simple moving average is $52.09 and its two-hundred day simple moving average is $51.84. 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 stock has a market cap of $3.04 billion, a price-to-earnings ratio of 14.79 and a beta of 0.49.

California Water Service Group (NYSE:CWT) last issued 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 during the quarter, compared to analysts’ expectations of $289.55 million. California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. California Water Service Group’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.60 earnings per share. As a group, analysts expect that California Water Service Group will post 3.29 earnings per share for the current fiscal year.

California Water Service Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were given a dividend of $0.28 per share. The ex-dividend date was Tuesday, November 12th. This represents a $1.12 dividend on an annualized basis and a yield of 2.19%. California Water Service Group’s dividend payout ratio (DPR) is currently 32.37%.

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.