Mackay Shields LLC raised its stake in California Water Service Group (NYSE:CWT) by 50.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 33,570 shares of the utilities provider’s stock after buying an additional 11,270 shares during the quarter. Mackay Shields LLC owned about 0.07% of California Water Service Group worth $1,600,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in shares of California Water Service Group by 2.7% in the 3rd quarter. BlackRock Inc. now owns 7,315,768 shares of the utilities provider’s stock valued at $313,849,000 after buying an additional 194,252 shares during the last quarter. Vanguard Group Inc grew its position in shares of California Water Service Group by 2.3% in the 3rd quarter. Vanguard Group Inc now owns 5,337,436 shares of the utilities provider’s stock valued at $228,976,000 after acquiring an additional 118,398 shares during the period. Vanguard Group Inc. grew its position in shares of California Water Service Group by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 5,337,436 shares of the utilities provider’s stock valued at $228,976,000 after acquiring an additional 118,398 shares during the period. WINTON GROUP Ltd increased its stake in shares of California Water Service Group by 26.4% during 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 last quarter. Finally, Geode Capital Management LLC increased its stake in shares of California Water Service Group by 9.2% during the 4th quarter. Geode Capital Management LLC now owns 523,951 shares of the utilities provider’s stock worth $24,971,000 after purchasing an additional 44,255 shares during the last quarter. Institutional investors own 73.42% of the company’s stock.
In other news, Director Lester A. Snow sold 1,000 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $53.69, for a total transaction of $53,690.00. Following the transaction, the director now owns 18,195 shares in the company, valued at $976,889.55. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.00% of the stock is currently owned by company insiders.
CWT has been the subject of several recent analyst reports. Wells Fargo & Co downgraded shares of California Water Service Group from a “market perform” rating to an “underperform” rating and set a $50.00 target price for the company. in a research note on Tuesday, March 26th. They noted that the move was a valuation call. Zacks Investment Research lowered California Water Service Group from a “hold” rating to a “sell” rating in a research note on Monday, February 18th. Finally, ValuEngine raised California Water Service Group from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, February 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $48.50.
NYSE CWT opened at $50.93 on Tuesday. The stock has a market cap of $2.49 billion, a PE ratio of 37.45, a P/E/G ratio of 5.28 and a beta of 0.40. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 0.97. California Water Service Group has a 52-week low of $36.65 and a 52-week high of $55.05.
California Water Service Group (NYSE:CWT) last released its quarterly earnings results on Thursday, February 28th. The utilities provider reported $0.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.04. California Water Service Group had a net margin of 8.71% and a return on equity of 8.58%. The firm had revenue of $167.42 million for the quarter, compared to analysts’ expectations of $163.45 million. During the same period in the prior year, the firm earned $0.31 EPS. The business’s revenue was up 1.9% on a year-over-year basis. As a group, equities research analysts expect that California Water Service Group will post 1.4 earnings per share for the current year.
About California Water Service Group
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.
Further Reading: Cost of Goods Sold (COGS)
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