Envestnet Asset Management Inc. Trims Stake in California Water Service Group (NYSE:CWT)

Envestnet Asset Management Inc. reduced its holdings in California Water Service Group (NYSE:CWT – Get Rating) by 0.5% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 48,508 shares of the utilities provider’s stock after selling 233 shares during the quarter. Envestnet Asset Management Inc.’s holdings in California Water Service Group were worth $2,942,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CWT. Wipfli Financial Advisors LLC bought a new position in shares of California Water Service Group in the third quarter worth approximately $27,000. CWM LLC lifted its holdings in shares of California Water Service Group by 37.8% during the 3rd quarter. CWM LLC now owns 1,439 shares of the utilities provider’s stock worth $76,000 after acquiring an additional 395 shares during the last quarter. Quadrant Capital Group LLC grew its position in California Water Service Group by 559.0% in the third quarter. Quadrant Capital Group LLC now owns 1,898 shares of the utilities provider’s stock worth $100,000 after acquiring an additional 1,610 shares in the last quarter. US Bancorp DE increased its stake in California Water Service Group by 8.9% in the third quarter. US Bancorp DE now owns 2,840 shares of the utilities provider’s stock valued at $150,000 after acquiring an additional 231 shares during the last quarter. Finally, Captrust Financial Advisors raised its position in California Water Service Group by 6.8% during the second quarter. Captrust Financial Advisors now owns 3,208 shares of the utilities provider’s stock valued at $178,000 after purchasing an additional 205 shares in the last quarter. Hedge funds and other institutional investors own 79.01% of the company’s stock.

Insider Activity

In related news, VP Robert J. Kuta sold 1,000 shares of the company’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $56.79, for a total transaction of $56,790.00. Following the completion of the sale, the vice president now directly owns 12,916 shares in the company, valued at approximately $733,499.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.97% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on California Water Service Group in a report on Thursday. They issued a “sell” rating for the company.

California Water Service Group Price Performance

CWT stock opened at $56.09 on Thursday. The firm has a market cap of $3.14 billion, a P/E ratio of 41.86 and a beta of 0.48. The firm’s fifty day moving average is $57.39 and its 200 day moving average is $59.99. California Water Service Group has a 52 week low of $48.46 and a 52 week high of $66.12. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.73 and a current ratio of 0.77.

California Water Service Group (NYSE:CWT – Get Rating) last announced its quarterly earnings data on Thursday, March 2nd. The utilities provider reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.13. California Water Service Group had a return on equity of 5.69% and a net margin of 9.04%. The firm had revenue of $200.94 million for the quarter, compared to analysts’ expectations of $180.14 million. During the same period last year, the firm earned $0.07 earnings per share. Research analysts predict that California Water Service Group will post 1.84 earnings per share for the current year.

California Water Service Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 19th. Shareholders of record on Monday, May 8th will be given a $0.26 dividend. The ex-dividend date of this dividend is Friday, May 5th. This represents a $1.04 annualized dividend and a yield of 1.85%. California Water Service Group’s payout ratio is currently 77.61%.

California Water Service Group Company Profile

(Get Rating)

California Water Service Group is a holding company, which engages in provision of water utility and other related services in California, Washington, New Mexico, and Hawaii through its wholly-owned subsidiaries. The firm 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.