Penn Mutual Asset Management Takes Position in California Water Service Group (NYSE:CWT)

Penn Mutual Asset Management purchased a new stake in shares of California Water Service Group (NYSE:CWT) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 4,400 shares of the utilities provider’s stock, valued at approximately $239,000.

Several other hedge funds have also recently bought and sold shares of the business. Wulff Hansen & CO. lifted its position in shares of California Water Service Group by 4,565.4% in the second quarter. Wulff Hansen & CO. now owns 1,053,688 shares of the utilities provider’s stock worth $51,093,000 after purchasing an additional 1,031,103 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of California Water Service Group during the 2nd quarter valued at $6,823,000. Arjuna Capital purchased a new position in shares of California Water Service Group during the 3rd quarter valued at $3,724,000. Marshall Wace LLP increased its stake in shares of California Water Service Group by 354.9% in the second quarter. Marshall Wace LLP now owns 76,851 shares of the utilities provider’s stock worth $3,727,000 after acquiring an additional 59,956 shares during the last quarter. Finally, Millennium Management LLC purchased a new stake in shares of California Water Service Group during the second quarter worth $2,761,000. 82.78% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Michael B. Luu sold 985 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $51.50, for a total transaction of $50,727.50. Following the completion of the transaction, the vice president now owns 20,354 shares of the company’s stock, valued at approximately $1,048,231. The trade was a 4.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded California Water Service Group from a “hold” rating to a “sell” rating in a research note on Wednesday, November 27th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, California Water Service Group has a consensus rating of “Hold” and a consensus target price of $53.67.

California Water Service Group Stock Performance

Shares of CWT opened at $49.67 on Wednesday. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64. California Water Service Group has a 12 month low of $43.50 and a 12 month high of $56.25. The company’s fifty day moving average is $52.03 and its 200-day moving average is $51.80. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of 14.36 and a beta of 0.50.

California Water Service Group (NYSE:CWT) last posted its earnings results on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.02). The business had revenue of $299.60 million for the quarter, compared to analyst estimates of $289.55 million. California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The company’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.60 earnings per share. Equities analysts expect that California Water Service Group will post 3.29 EPS for the current fiscal year.

California Water Service Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were issued a dividend of $0.28 per share. The ex-dividend date was Tuesday, November 12th. This represents a $1.12 annualized dividend and a yield of 2.25%. California Water Service Group’s dividend payout ratio (DPR) is presently 32.37%.

California Water Service Group Company Profile

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.