State Board of Administration of Florida Retirement System cut its stake in California Water Service Group (NYSE:CWT) by 3.1% in the first quarter, HoldingsChannel.com reports. The firm owned 37,318 shares of the utilities provider’s stock after selling 1,190 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in California Water Service Group were worth $2,026,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in CWT. BlackRock Inc. boosted its stake in California Water Service Group by 2.1% in the 4th quarter. BlackRock Inc. now owns 7,470,871 shares of the utilities provider’s stock worth $356,064,000 after purchasing an additional 155,103 shares during the period. Segall Bryant & Hamill LLC acquired a new position in California Water Service Group in the 4th quarter worth $6,692,000. Norges Bank acquired a new position in California Water Service Group in the 4th quarter worth $6,293,000. Millennium Management LLC acquired a new position in California Water Service Group in the 4th quarter worth $4,982,000. Finally, WINTON GROUP Ltd boosted its stake in California Water Service Group by 26.4% in the 4th quarter. WINTON GROUP Ltd now owns 322,690 shares of the utilities provider’s stock worth $15,379,000 after purchasing an additional 67,453 shares during the period. 74.18% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Elissa Y. Ouyang sold 1,000 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $54.03, for a total transaction of $54,030.00. Following the completion of the transaction, the insider now directly owns 3,680 shares in the company, valued at approximately $198,830.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.99% of the company’s stock.
California Water Service Group (NYSE:CWT) last posted its quarterly earnings data on Thursday, April 25th. The utilities provider reported ($0.16) EPS for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.21). California Water Service Group had a return on equity of 7.76% and a net margin of 8.05%. The business had revenue of $126.10 million for the quarter, compared to analyst estimates of $138.86 million. During the same quarter in the prior year, the company earned ($0.05) earnings per share. The company’s quarterly revenue was down 6.3% on a year-over-year basis. On average, sell-side analysts expect that California Water Service Group will post 1.39 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Monday, May 6th were paid a dividend of $0.1975 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $0.79 dividend on an annualized basis and a dividend yield of 1.56%. California Water Service Group’s dividend payout ratio is 58.09%.
CWT has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of California Water Service Group from a “sell” rating to a “hold” rating in a research note on Tuesday, February 26th. Wells Fargo & Co upped their target price on shares of California Water Service Group from $45.00 to $49.00 and gave the stock a “market perform” rating in a research note on Monday, March 4th. Finally, ValuEngine lowered shares of California Water Service Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 11th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. California Water Service Group has an average rating of “Hold” and a consensus price target of $48.50.
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California Water Service Group Profile
California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, and Hawaii. It 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.
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