Magellan Asset Management Ltd Sells 1,059 Shares of California Water Service Group (NYSE:CWT)

Magellan Asset Management Ltd trimmed its holdings in California Water Service Group (NYSE:CWT) by 2.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,248 shares of the utilities provider’s stock after selling 1,059 shares during the quarter. Magellan Asset Management Ltd owned approximately 0.08% of California Water Service Group worth $2,096,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. FMR LLC increased its stake in California Water Service Group by 70.5% in the 3rd quarter. FMR LLC now owns 63,625 shares of the utilities provider’s stock worth $3,450,000 after acquiring an additional 26,299 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of California Water Service Group by 55.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 161,661 shares of the utilities provider’s stock valued at $8,765,000 after purchasing an additional 57,811 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of California Water Service Group by 1.8% in 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 during the last quarter. Van ECK Associates Corp boosted its holdings in shares of California Water Service Group by 12.2% in the 4th quarter. Van ECK Associates Corp now owns 17,851 shares of the utilities provider’s stock worth $809,000 after purchasing an additional 1,942 shares during the period. Finally, Citigroup Inc. increased its position in shares of California Water Service Group by 78.8% during the 3rd quarter. Citigroup Inc. now owns 72,207 shares of the utilities provider’s stock valued at $3,915,000 after purchasing an additional 31,831 shares during the last quarter. 82.78% of the stock is owned by hedge funds and other institutional investors.

California Water Service Group Stock Performance

CWT stock opened at $48.55 on Thursday. California Water Service Group has a twelve month low of $41.64 and a twelve month high of $56.25. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of 14.03, a PEG ratio of 0.46 and a beta of 0.49. The business’s fifty day simple moving average is $45.97 and its two-hundred day simple moving average is $48.40. 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 posted its quarterly earnings results on Thursday, February 27th. The utilities provider reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.05). California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The company had revenue of $222.20 million during the quarter, compared to the consensus estimate of $216.37 million. During the same quarter in the previous year, the company posted $0.52 earnings per share. Analysts predict that California Water Service Group will post 3.15 earnings per share for the current year.

California Water Service Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Monday, February 10th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend was Monday, February 10th. This is an increase from California Water Service Group’s previous quarterly dividend of $0.28. California Water Service Group’s payout ratio is currently 36.70%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CWT shares. StockNews.com upgraded California Water Service Group from a “sell” rating to a “hold” rating in a research report on Saturday, February 8th. Bank of America initiated coverage on shares of California Water Service Group in a report on Wednesday, December 11th. They issued a “buy” rating and a $57.00 target price for the company. Finally, Wells Fargo & Company raised shares of California Water Service Group from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $56.00 to $52.00 in a research note on Tuesday, January 7th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, California Water Service Group currently has a consensus rating of “Moderate Buy” and a consensus 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.