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

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

Other hedge funds have also bought and sold shares of the company. Blue Trust Inc. raised its holdings in California Water Service Group by 255.6% during the third quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock worth $27,000 after buying an additional 363 shares during the last quarter. GAMMA Investing LLC raised its holdings 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 worth $40,000 after acquiring an additional 431 shares during the last quarter. CWM LLC lifted 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in California Water Service Group in the 2nd quarter valued at about $85,000. Finally, nVerses Capital LLC acquired a new position in California Water Service Group during the 3rd quarter valued at about $119,000. Institutional investors and hedge funds own 82.78% of the company’s stock.

Analyst Upgrades and Downgrades

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

California Water Service Group Stock Up 0.4 %

California Water Service Group stock opened at $51.58 on Friday. 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 $3.07 billion, a PE ratio of 14.91 and a beta of 0.49. California Water Service Group has a fifty-two week low of $43.50 and a fifty-two week high of $56.25. The firm’s 50-day simple moving average is $52.43 and its 200 day simple moving average is $51.87.

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). The business had revenue of $299.60 million during the quarter, compared to the consensus estimate of $289.55 million. California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. The business’s revenue was up 17.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.60 earnings per share. Research analysts predict that California Water Service Group will post 3.29 EPS for the current fiscal year.

California Water Service Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend was Tuesday, November 12th. California Water Service Group’s payout ratio is 32.37%.

Insider Buying and Selling

In related news, Director Thomas M. Krummel sold 555 shares of California Water Service Group stock in a transaction that occurred 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 sale, the director now owns 21,951 shares of the company’s stock, valued at approximately $1,209,280.59. The trade was 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. 0.73% of the stock is owned by insiders.

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.