International Assets Investment Management LLC Invests $7.05 Million in California Water Service Group (NYSE:CWT)

International Assets Investment Management LLC purchased a new stake in shares of California Water Service Group (NYSE:CWT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 13,590 shares of the utilities provider’s stock, valued at approximately $7,050,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CWT. AdvisorNet Financial Inc lifted its holdings in shares of California Water Service Group by 42.2% during the fourth quarter. AdvisorNet Financial Inc now owns 741 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 220 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of California Water Service Group by 64.4% during the third quarter. Signaturefd LLC now owns 1,065 shares of the utilities provider’s stock valued at $50,000 after purchasing an additional 417 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of California Water Service Group by 124.2% during the third quarter. Daiwa Securities Group Inc. now owns 4,181 shares of the utilities provider’s stock valued at $198,000 after purchasing an additional 2,316 shares in the last quarter. Stewart & Patten Co. LLC bought a new position in California Water Service Group in the fourth quarter valued at about $207,000. Finally, Glenmede Trust Co. NA bought a new position in California Water Service Group in the third quarter valued at about $234,000. 82.78% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. UBS Group raised California Water Service Group from a “sell” rating to a “neutral” rating and set a $49.00 target price on the stock in a report on Thursday, April 4th. TheStreet downgraded California Water Service Group from a “b-” rating to a “c+” rating in a report on Wednesday, February 14th. Robert W. Baird increased their target price on California Water Service Group from $52.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, April 26th. Finally, StockNews.com raised California Water Service Group from a “sell” rating to a “hold” rating in a report on Friday, April 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, California Water Service Group presently has a consensus rating of “Hold” and an average target price of $54.25.

California Water Service Group Stock Up 0.3 %

NYSE CWT opened at $50.73 on Tuesday. The stock’s 50-day moving average price is $46.37 and its 200-day moving average price is $48.35. The company has a quick ratio of 0.52, a current ratio of 0.56 and a debt-to-equity ratio of 0.72. California Water Service Group has a 52 week low of $43.50 and a 52 week high of $58.30. The company has a market capitalization of $2.93 billion, a P/E ratio of 20.21 and a beta of 0.47.

California Water Service Group (NYSE:CWT) last posted its quarterly earnings data on Thursday, April 25th. The utilities provider reported $1.21 EPS for the quarter, topping the consensus estimate of $0.21 by $1.00. California Water Service Group had a return on equity of 10.09% and a net margin of 15.42%. The firm had revenue of $270.75 million for the quarter, compared to the consensus estimate of $183.85 million. During the same quarter last year, the company earned ($0.40) earnings per share. The business’s revenue for the quarter was up 106.5% compared to the same quarter last year. On average, equities research analysts predict that California Water Service Group will post 2.86 earnings per share for the current year.

California Water Service Group Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Monday, May 6th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Friday, May 3rd. California Water Service Group’s dividend payout ratio is currently 44.80%.

Insider Buying and Selling

In related news, Director Thomas M. Krummel sold 2,220 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $50.00, for a total transaction of $111,000.00. Following the completion of the sale, the director now owns 23,873 shares in the company, valued at $1,193,650. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.73% of the stock is currently owned by company insiders.

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.