Public Sector Pension Investment Board Lowers Stock Holdings in California Water Service Group (NYSE:CWT)

Public Sector Pension Investment Board reduced its holdings in California Water Service Group (NYSE:CWT) by 1.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 124,816 shares of the utilities provider’s stock after selling 2,300 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.21% of California Water Service Group worth $6,768,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in CWT. Assenagon Asset Management S.A. acquired a new position in shares of California Water Service Group during the 2nd quarter valued at about $6,823,000. Tidal Investments LLC acquired a new position in California Water Service Group during the first quarter worth approximately $535,000. Quest Partners LLC raised its stake in 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 worth $1,229,000 after purchasing an additional 16,966 shares during the period. SG Americas Securities LLC purchased a new stake in shares of California Water Service Group during the 2nd quarter valued at $568,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of California Water Service Group by 95.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 49,861 shares of the utilities provider’s stock valued at $2,703,000 after buying an additional 24,402 shares during the period. 82.78% of the stock is currently owned by hedge funds and other institutional investors.

California Water Service Group Stock Performance

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

California Water Service Group (NYSE:CWT) last issued its earnings results on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.02). California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. The business had revenue of $299.60 million during the quarter, compared to analysts’ expectations of $289.55 million. During the same period in the prior year, the business posted $0.60 EPS. The business’s revenue was up 17.5% on a year-over-year basis. On average, sell-side analysts predict that California Water Service Group will post 3.29 EPS for the current year.

California Water Service Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders 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 2.19%. The ex-dividend date of this dividend was Tuesday, November 12th. California Water Service Group’s dividend payout ratio is presently 32.37%.

Insider Transactions at California Water Service Group

In other news, Director Thomas M. Krummel sold 555 shares of the company’s stock in a transaction 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 completion of the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael B. Luu sold 985 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $51.50, for a total transaction of $50,727.50. Following the sale, the vice president now directly owns 20,354 shares of the company’s stock, 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. Company insiders own 0.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut 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 issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $53.67.

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.