PNC Financial Services Group Inc. trimmed its holdings in California Water Service Group (NYSE:CWT – Free Report) by 8.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,939 shares of the utilities provider’s stock after selling 1,206 shares during the period. PNC Financial Services Group Inc.’s holdings in California Water Service Group were worth $723,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. AdvisorNet Financial Inc lifted its position in shares of California Water Service Group by 42.2% in the fourth quarter. AdvisorNet Financial Inc now owns 741 shares of the utilities provider’s stock valued at $38,000 after buying an additional 220 shares during the last quarter. Signaturefd LLC lifted its holdings in California Water Service Group by 64.4% during the 3rd quarter. Signaturefd LLC now owns 1,065 shares of the utilities provider’s stock worth $50,000 after purchasing an additional 417 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in California Water Service Group by 93.3% during the 4th quarter. Quadrant Capital Group LLC now owns 3,748 shares of the utilities provider’s stock worth $194,000 after purchasing an additional 1,809 shares during the last quarter. Stewart & Patten Co. LLC acquired a new stake in California Water Service Group during the 4th quarter worth approximately $207,000. Finally, Delta Investment Management LLC acquired a new stake in California Water Service Group during the 4th quarter worth approximately $207,000. 82.78% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In other news, Director Thomas M. Krummel sold 2,220 shares of California Water Service Group stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $50.00, for a total value of $111,000.00. Following the transaction, the director now owns 23,873 shares in the company, valued at approximately $1,193,650. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other California Water Service Group news, Director Thomas M. Krummel sold 2,220 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $50.00, for a total value of $111,000.00. Following the completion of the transaction, the director now owns 23,873 shares of the company’s stock, valued at approximately $1,193,650. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Thomas M. Krummel sold 555 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $53.26, for a total value of $29,559.30. Following the completion of the transaction, the director now directly owns 23,318 shares of the company’s stock, valued at approximately $1,241,916.68. The disclosure for this sale can be found here. Corporate insiders own 0.73% of the company’s stock.
California Water Service Group Price Performance
California Water Service Group stock opened at $49.89 on Friday. The stock’s fifty day moving average price is $48.48 and its two-hundred day moving average price is $48.70. California Water Service Group has a one year low of $43.50 and a one year high of $58.30. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.56 and a quick ratio of 0.52. The firm has a market cap of $2.88 billion, a PE ratio of 19.96 and a beta of 0.47.
California Water Service Group (NYSE:CWT – Get Free Report) last issued its quarterly earnings results on Thursday, April 25th. The utilities provider reported $1.21 earnings per share (EPS) for the quarter, beating 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 company had revenue of $270.75 million for the quarter, compared to analyst estimates of $183.85 million. During the same quarter last year, the company posted ($0.40) EPS. The company’s revenue for the quarter was up 106.5% compared to the same quarter last year. As a group, research analysts expect that California Water Service Group will post 3.15 EPS for the current fiscal year.
California Water Service Group Cuts Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Monday, May 6th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $1.12 annualized dividend and a dividend yield of 2.24%. California Water Service Group’s payout ratio is 44.80%.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on the company. TheStreet cut California Water Service Group from a “b-” rating to a “c+” rating in a report on Wednesday, February 14th. Robert W. Baird lifted their price target on California Water Service Group from $52.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. StockNews.com upgraded California Water Service Group from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. Finally, UBS Group upgraded California Water Service Group from a “sell” rating to a “neutral” rating and set a $49.00 price objective on the stock in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $54.25.
Check Out Our Latest Stock Analysis on California Water Service Group
About California Water Service Group
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.
Further Reading
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Source: defenseworld.net