Marshall Wace LLP Increases Position in California Water Service Group (NYSE:CWT)

MarketBeat NewsOct 3rd, 2024

NYSE:CWT – Free Report) by 354.9% in the 2nd quarter, Holdings Channel.comreports. The institutional investor owned 76,851 shares of the utilities provider’s stock after buying an additional 59,956 shares during the quarter. Marshall Wace LLP’s holdings in California Water Service Group were worth $3,727,000 as of its most recent filing with the SEC. 

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Public Sector Pension Investment Board lifted its position in California Water Service Group by 7.5% during the 2nd quarter. Public Sector Pension Investment Board now owns 127,116 shares of the utilities provider’s stock worth $6,164,000 after acquiring an additional 8,823 shares during the period. Ensign Peak Advisors Inc increased its holdings in shares of California Water Service Group by 19.4% in the second quarter. Ensign Peak Advisors Inc now owns 31,064 shares of the utilities provider’s stock valued at $1,506,000 after purchasing an additional 5,050 shares during the period. XTX Topco Ltd purchased a new stake in shares of California Water Service Group during the second quarter worth approximately $290,000. Mercer Global Advisors Inc. ADV lifted its holdings in shares of California Water Service Group by 1.3% during the second quarter. Mercer Global Advisors Inc. ADV now owns 54,318 shares of the utilities provider’s stock worth $2,634,000 after purchasing an additional 699 shares during the period. Finally, Edgestream Partners L.P. purchased a new position in California Water Service Group in the 2nd quarter valued at $2,538,000. Hedge funds and other institutional investors own 82.78% of the company’s stock. 

Analyst Ratings Changes

Separately, Wells Fargo & Company upgraded shares of California Water Service Group from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $50.00 to $57.00 in a research note on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $53.67.

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Read Our Latest Stock Report on CWT

California Water Service Group Stock Down 0.1 %

California Water Service Group stockopened at $53.67 on Thursday. The stock’s 50 day moving average price is $53.92 and its 200 day moving average price is $50.52. California Water Service Group has a 1-year low of $43.50 and a 1-year high of $56.25. The company has a market cap of $3.10 billion, a PE ratio of 21.47 and a beta of 0.49. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.52 and a quick ratio of 0.49. 

California Water Service Group (NYSE:CWT– Get Free Report) last issued its earnings results on Thursday, August 1st. The utilities provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.42 by $0.28. The company had revenue of $244.30 million for the quarter, compared to analyst estimates of $216.25 million. California Water Service Group had a net margin of 17.78% and a return on equity of 11.94%. The business’s revenue was up 25.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.17 EPS. On average, sell-side analysts predict that California Water Service Group will post 3.33 EPS for the current fiscal year. 

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California Water Service Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 12th were issued a $0.28 dividend. The ex-dividend date was Monday, August 12th. This represents a $1.12 dividend on an annualized basis and a yield of 2.09%. California Water Service Group’s dividend payout ratio (DPR) is presently 44.80%. 

Insider Activity

In related news, Director Thomas M. Krummel sold 555 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $52.99, for a total value of $29,409.45. Following the completion of the transaction, the director now directly owns 23,616 shares of the company’s stock, valued at approximately $1,251,411.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other California Water Service Group news, Director Thomas M. Krummel sold 1,654 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $50.07, for a total value of $82,815.78. Following the sale, the director now owns 24,171 shares of the company’s stock, valued at $1,210,241.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas M. Krummel sold 555 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $52.99, for a total transaction of $29,409.45. Following the completion of the sale, the director now owns 23,616 shares in the company, valued at $1,251,411.84. The disclosure for this sale can be found here. In the last three months, insiders sold 3,874 shares of company stock worth $202,318. Company insiders own 0.73% of the company’s stock. 

California Water Service Group Profile

(Free Report)

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.

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