Global Water Resources (GWRS) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Global Water Resources (NASDAQ:GWRS) from a buy rating to a hold rating in a research note published on Wednesday morning.

According to Zacks, “Global Water Resources, Inc. is a water resource management company. It owns and operates regulated water, wastewater and recycled water utilities. Global Water Resources, Inc. is headquartered in Phoenix, Arizona. “

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Shares of GWRS stock opened at $8.88 on Wednesday. The company has a market cap of $174.32, a P/E ratio of 88.80, a PEG ratio of 4.23 and a beta of 0.14. Global Water Resources has a 52-week low of $8.40 and a 52-week high of $10.00. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 7.70.

The company also recently announced a monthly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be issued a $0.0236 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date is Wednesday, March 14th. Global Water Resources’s dividend payout ratio is currently 127.28%.

In related news, Director Trevor T. Hill sold 5,300 shares of the stock in a transaction on Tuesday, March 20th. The stock was sold at an average price of $9.07, for a total value of $48,071.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Trevor T. Hill sold 3,200 shares of the stock in a transaction on Friday, March 16th. The stock was sold at an average price of $9.16, for a total value of $29,312.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,500 shares of company stock worth $141,503. 49.20% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of GWRS. Teachers Advisors LLC lifted its holdings in shares of Global Water Resources by 108.4% in the 2nd quarter. Teachers Advisors LLC now owns 18,268 shares of the utilities provider’s stock worth $181,000 after purchasing an additional 9,504 shares in the last quarter. TIAA CREF Investment Management LLC lifted its holdings in shares of Global Water Resources by 10.2% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 27,350 shares of the utilities provider’s stock worth $271,000 after purchasing an additional 2,522 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Global Water Resources by 857.5% in the 2nd quarter. New York State Common Retirement Fund now owns 11,500 shares of the utilities provider’s stock worth $114,000 after purchasing an additional 10,299 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Global Water Resources by 30.8% in the 2nd quarter. Northern Trust Corp now owns 97,578 shares of the utilities provider’s stock worth $966,000 after purchasing an additional 22,960 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Global Water Resources by 35.4% in the 2nd quarter. Vanguard Group Inc. now owns 340,929 shares of the utilities provider’s stock worth $3,376,000 after purchasing an additional 89,201 shares in the last quarter. Institutional investors own 16.85% of the company’s stock.

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About Global Water Resources

Global Water Resources, Inc is a water resource management company. The Company owns, operates and manages water, wastewater and recycled water utilities in strategically located communities, principally in metropolitan Phoenix, Arizona. The Company focuses on the issues of water supply and scarcity, and applies principles of water conservation through water reclamation and reuse.

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