Daiwa Securities Group Inc. Grows Position in California Water Service Group (NYSE:CWT)

Daiwa Securities Group Inc. grew its stake in California Water Service Group (NYSE:CWT) by 10.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,619 shares of the utilities provider’s stock after buying an additional 782 shares during the period. Daiwa Securities Group Inc.’s holdings in California Water Service Group were worth $467,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CWT. Algert Global LLC raised its stake in California Water Service Group by 296.9% in the 3rd quarter. Algert Global LLC now owns 23,061 shares of the utilities provider’s stock worth $1,250,000 after acquiring an additional 17,250 shares during the last quarter. Cerity Partners LLC raised its stake in shares of California Water Service Group by 38.1% in the third quarter. Cerity Partners LLC now owns 11,270 shares of the utilities provider’s stock worth $611,000 after purchasing an additional 3,107 shares during the last quarter. Citigroup Inc. lifted its holdings in shares of California Water Service Group by 78.8% during the third quarter. Citigroup Inc. now owns 72,207 shares of the utilities provider’s stock worth $3,915,000 after purchasing an additional 31,831 shares during the period. Charles Schwab Investment Management Inc. boosted its position in California Water Service Group by 7.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 710,958 shares of the utilities provider’s stock valued at $38,548,000 after buying an additional 48,055 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new position in California Water Service Group in the 3rd quarter worth approximately $585,000. 82.78% of the stock is currently owned by institutional investors and hedge funds.

California Water Service Group Price Performance

Shares of CWT opened at $51.19 on Friday. The company has a market capitalization of $3.04 billion, a price-to-earnings ratio of 14.79 and a beta of 0.49. California Water Service Group has a 52 week low of $43.50 and a 52 week high of $56.25. The stock’s 50-day moving average price is $52.09 and its 200-day moving average price is $51.84. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64.

California Water Service Group (NYSE:CWT) last released its quarterly earnings data on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.02). The company 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%. The company’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.60 EPS. On average, sell-side analysts predict that California Water Service Group will post 3.29 EPS for the current year.

California Water Service Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were issued a $0.28 dividend. The ex-dividend date of this dividend 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 payout ratio is 32.37%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In related news, Director Thomas M. Krummel sold 555 shares of the company’s stock in a transaction dated 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 transaction, the director now owns 21,951 shares of the company’s stock, valued at approximately $1,209,280.59. This represents a 2.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael B. Luu sold 985 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were 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 in the company, valued at approximately $1,048,231. The trade was a 4.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.73% of the company’s stock.

California Water Service Group Company 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.