Envestnet Asset Management Inc. Reduces Position in California Water Service Group $CWT

Envestnet Asset Management Inc. trimmed its holdings in California Water Service Group (NYSE:CWT) by 2.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 48,207 shares of the utilities provider’s stock after selling 1,305 shares during the period. Envestnet Asset Management Inc.’s holdings in California Water Service Group were worth $2,192,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cerity Partners LLC grew its position in California Water Service Group by 54.0% in the 1st quarter. Cerity Partners LLC now owns 13,363 shares of the utilities provider’s stock valued at $648,000 after acquiring an additional 4,683 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of California Water Service Group by 3.4% during the first quarter. New York State Common Retirement Fund now owns 30,544 shares of the utilities provider’s stock valued at $1,480,000 after purchasing an additional 1,000 shares during the period. CWM LLC boosted its stake in shares of California Water Service Group by 76.3% during the first quarter. CWM LLC now owns 5,558 shares of the utilities provider’s stock valued at $269,000 after purchasing an additional 2,406 shares during the period. Victory Capital Management Inc. grew its holdings in shares of California Water Service Group by 39.7% in the first quarter. Victory Capital Management Inc. now owns 255,232 shares of the utilities provider’s stock worth $12,369,000 after purchasing an additional 72,519 shares during the last quarter. Finally, South Dakota Investment Council increased its stake in California Water Service Group by 242.3% in the 1st quarter. South Dakota Investment Council now owns 24,017 shares of the utilities provider’s stock worth $1,164,000 after buying an additional 17,000 shares during the period. 82.78% of the stock is owned by institutional investors.

California Water Service Group Stock Performance

Shares of CWT opened at $45.49 on Tuesday. The company has a current ratio of 0.53, a quick ratio of 0.50 and a debt-to-equity ratio of 0.67. The firm has a market cap of $2.71 billion, a PE ratio of 19.86, a P/E/G ratio of 2.25 and a beta of 0.69. California Water Service Group has a 12 month low of $41.64 and a 12 month high of $52.33. The stock has a fifty day moving average price of $46.54 and a 200-day moving average price of $46.50.

California Water Service Group (NYSE:CWT) last announced its earnings results on Thursday, October 30th. The utilities provider reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.17). The business had revenue of $311.24 million for the quarter, compared to analyst estimates of $321.35 million. California Water Service Group had a net margin of 13.71% and a return on equity of 8.28%. The company’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.03 earnings per share. Equities research analysts predict that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 21st. Shareholders of record on Monday, November 10th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Monday, November 10th. California Water Service Group’s payout ratio is currently 52.40%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Wall Street Zen raised shares of California Water Service Group from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Wells Fargo & Company lowered their price target on California Water Service Group from $59.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, August 1st. Weiss Ratings restated a “hold (c)” rating on shares of California Water Service Group in a report on Wednesday, October 8th. Finally, Robert W. Baird set a $55.00 target price on California Water Service Group in a research report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, California Water Service Group currently has a consensus rating of “Buy” and an average price target of $55.67.

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.