Legal & General Group Plc Invests $39.28 Million in California Water Service Group $CWT

Legal & General Group Plc purchased a new stake in shares of California Water Service Group (NYSE:CWT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 807,510 shares of the utilities provider’s stock, valued at approximately $39,285,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in California Water Service Group by 8.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,341 shares of the utilities provider’s stock valued at $2,294,000 after buying an additional 3,810 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of California Water Service Group by 21.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 311,502 shares of the utilities provider’s stock worth $15,095,000 after acquiring an additional 54,277 shares in the last quarter. Jane Street Group LLC bought a new position in shares of California Water Service Group in the 1st quarter valued at approximately $5,979,000. Focus Partners Wealth lifted its holdings in California Water Service Group by 432.4% in the 1st quarter. Focus Partners Wealth now owns 27,161 shares of the utilities provider’s stock worth $1,316,000 after purchasing an additional 22,059 shares during the last quarter. Finally, Intech Investment Management LLC boosted its position in California Water Service Group by 16.4% during the first quarter. Intech Investment Management LLC now owns 28,810 shares of the utilities provider’s stock worth $1,396,000 after purchasing an additional 4,055 shares during the period. Institutional investors and hedge funds own 82.78% of the company’s stock.

Insider Transactions at California Water Service Group

In other news, Director Thomas M. Krummel sold 3,700 shares of the business’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $50.37, for a total transaction of $186,369.00. Following the transaction, the director owned 20,104 shares in the company, valued at approximately $1,012,638.48. The trade was a 15.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.78% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CWT has been the topic of several analyst reports. Weiss Ratings upgraded California Water Service Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 4th. Seaport Research Partners reaffirmed a “buy” rating and set a $53.00 price objective on shares of California Water Service Group in a report on Wednesday, August 12th. Wall Street Zen upgraded shares of California Water Service Group from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Finally, Robert W. Baird set a $54.00 target price on shares of California Water Service Group in a report on Friday, May 1st. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $54.00.

California Water Service Group Stock Up 0.8%

Shares of CWT stock opened at $50.47 on Friday. California Water Service Group has a 12 month low of $41.29 and a 12 month high of $53.82. The firm has a market cap of $3.12 billion, a PE ratio of 22.73, a price-to-earnings-growth ratio of 1.78 and a beta of 0.50. The stock has a 50 day moving average of $49.88 and a 200-day moving average of $46.72. The company has a quick ratio of 0.67, a current ratio of 0.70 and a debt-to-equity ratio of 0.81.

California Water Service Group (NYSE:CWT) last announced its quarterly earnings data on Thursday, July 30th. The utilities provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.13. California Water Service Group had a net margin of 12.63% and a return on equity of 7.74%. The business had revenue of $308.60 million for the quarter, compared to the consensus estimate of $283.50 million. During the same quarter last year, the company posted $0.71 earnings per share. California Water Service Group’s quarterly revenue was up 16.5% on a year-over-year basis. On average, equities analysts predict that California Water Service Group will post 2.57 EPS for the current year.

California Water Service Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 10th were issued a $0.335 dividend. The ex-dividend date of this dividend was Monday, August 10th. This represents a $1.34 dividend on an annualized basis and a yield of 2.7%. California Water Service Group’s dividend payout ratio is 60.36%.

About California Water Service Group

California Water Service Group (NYSE: CWT) is a publicly traded holding company that provides regulated water utility services through its subsidiaries. The company delivers safe, reliable drinking water and wastewater management to residential, commercial, industrial and municipal customers across California, Hawaii and New Mexico. Its principal operating units include California Water Service, New Mexico Water Service and Hawaii Water Service, each responsible for end?to?end water supply operations—from source development and treatment to distribution and customer service.

Founded in 1926 as the California Water Service Company, the group has grown to become one of the largest investor?owned water utilities in the United States by customer count.