IFM Investors Pty Ltd Buys New Position in California Water Service Group (NYSE:CWT)

IFM Investors Pty Ltd purchased a new position in California Water Service Group (NYSE:CWT) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,006 shares of the utilities provider’s stock, valued at approximately $372,000.

Other institutional investors have also added to or reduced their stakes in the company. AdvisorNet Financial Inc raised its position in shares of California Water Service Group by 42.2% in the 4th quarter. AdvisorNet Financial Inc now owns 741 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 220 shares during the last quarter. Signaturefd LLC raised its holdings in shares of California Water Service Group by 64.4% in the third quarter. Signaturefd LLC now owns 1,065 shares of the utilities provider’s stock worth $50,000 after buying an additional 417 shares during the last quarter. TFO Wealth Partners LLC raised its holdings in shares of California Water Service Group by 57,000.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,142 shares of the utilities provider’s stock worth $59,000 after buying an additional 1,140 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in shares of California Water Service Group by 93.3% during the fourth quarter. Quadrant Capital Group LLC now owns 3,748 shares of the utilities provider’s stock worth $194,000 after buying an additional 1,809 shares during the period. Finally, Boston Family Office LLC purchased a new stake in shares of California Water Service Group during the fourth quarter valued at $200,000. Institutional investors and hedge funds own 82.78% of the company’s stock.

California Water Service Group Stock Performance

CWT stock traded down $0.12 during midday trading on Friday, hitting $47.93. 401,414 shares of the stock traded hands, compared to its average volume of 462,623. California Water Service Group has a 1-year low of $43.50 and a 1-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 0.65. The stock’s fifty day simple moving average is $46.11 and its 200-day simple moving average is $48.31. The firm has a market cap of $2.76 billion, a P/E ratio of 19.17 and a beta of 0.49.

California Water Service Group (NYSE:CWT) last posted its earnings results on Thursday, April 25th. The utilities provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $1.00. California Water Service Group had a net margin of 15.42% and a return on equity of 10.09%. The business had revenue of $270.75 million for the quarter, compared to analyst estimates of $183.85 million. During the same period in the prior year, the company posted ($0.40) EPS. The company’s revenue for the quarter was up 106.5% on a year-over-year basis. On average, analysts expect that California Water Service Group will post 2.59 earnings per share for the current year.

California Water Service Group Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Monday, May 6th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend is Friday, May 3rd. California Water Service Group’s payout ratio is currently 44.80%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CWT. UBS Group upgraded California Water Service Group from a “sell” rating to a “neutral” rating and set a $49.00 target price for the company in a research note on Thursday, April 4th. StockNews.com upgraded California Water Service Group from a “sell” rating to a “hold” rating in a research note on Friday. TheStreet downgraded California Water Service Group from a “b-” rating to a “c+” rating in a report on Wednesday, February 14th. Finally, Robert W. Baird increased their price target on shares of California Water Service Group from $52.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, California Water Service Group currently has a consensus rating of “Hold” and a consensus target price of $54.25.

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.