Y Intercept Hong Kong Ltd Grows Position in California Water Service Group (NYSE:CWT)

Y Intercept Hong Kong Ltd increased its holdings in California Water Service Group (NYSE:CWT) by 207.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,554 shares of the utilities provider’s stock after acquiring an additional 9,151 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in California Water Service Group were worth $614,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in California Water Service Group by 255.6% in the third quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 363 shares during the period. Boston Family Office LLC purchased a new stake in California Water Service Group in the third quarter worth about $210,000. CIBC Asset Management Inc purchased a new stake in California Water Service Group in the third quarter worth about $219,000. Aigen Investment Management LP purchased a new stake in California Water Service Group in the third quarter worth about $227,000. Finally, Penn Mutual Asset Management purchased a new stake in California Water Service Group in the third quarter worth about $239,000. 82.78% of the stock is owned by hedge funds and other institutional investors.

California Water Service Group Stock Performance

CWT opened at $45.45 on Friday. California Water Service Group has a 52-week low of $41.64 and a 52-week high of $56.25. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64. The company has a market cap of $2.70 billion, a P/E ratio of 13.13, a price-to-earnings-growth ratio of 0.46 and a beta of 0.52. The firm’s 50-day moving average price is $44.75 and its 200-day moving average price is $49.58.

California Water Service Group (NYSE:CWT) last posted its quarterly earnings data on Thursday, February 27th. The utilities provider reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.05). California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. The company had revenue of $222.20 million for the quarter, compared to analyst estimates of $216.37 million. During the same quarter last year, the company earned $0.52 EPS. As a group, equities analysts anticipate that California Water Service Group will post 3.15 EPS for the current fiscal year.

California Water Service Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Monday, February 10th were issued a dividend of $0.30 per share. The ex-dividend date was Monday, February 10th. This represents a $1.20 annualized dividend and a dividend yield of 2.64%. This is an increase from California Water Service Group’s previous quarterly dividend of $0.28. California Water Service Group’s dividend payout ratio is 34.68%.

Analysts Set New Price Targets

Several analysts have commented on CWT shares. Bank of America started coverage on shares of California Water Service Group in a research report on Wednesday, December 11th. They set a “buy” rating and a $57.00 price target for the company. StockNews.com raised shares of California Water Service Group from a “sell” rating to a “hold” rating in a research report on Saturday, February 8th. Finally, Wells Fargo & Company raised shares of California Water Service Group from an “equal weight” rating to an “overweight” rating and decreased their price target for the company from $56.00 to $52.00 in a research report on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $53.25.

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.