Allianz Asset Management GmbH Buys 29,682 Shares of California Water Service Group (NYSE:CWT)

Allianz Asset Management GmbH raised its stake in California Water Service Group (NYSE:CWT) by 486.6% in the first quarter, Holdings Channel reports. The firm owned 35,782 shares of the utilities provider’s stock after acquiring an additional 29,682 shares during the quarter. Allianz Asset Management GmbH’s holdings in California Water Service Group were worth $1,734,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CWT. Versant Capital Management Inc boosted its stake in shares of California Water Service Group by 751.3% during the 1st quarter. Versant Capital Management Inc now owns 681 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 601 shares during the period. Sterling Capital Management LLC boosted its stake in shares of California Water Service Group by 785.8% during the 4th quarter. Sterling Capital Management LLC now owns 1,435 shares of the utilities provider’s stock worth $65,000 after acquiring an additional 1,273 shares during the period. Mather Group LLC. bought a new position in shares of California Water Service Group during the 1st quarter worth approximately $74,000. Putney Financial Group LLC bought a new position in shares of California Water Service Group during the 4th quarter worth approximately $78,000. Finally, Federated Hermes Inc. boosted its stake in shares of California Water Service Group by 27.6% during the 4th quarter. Federated Hermes Inc. now owns 1,969 shares of the utilities provider’s stock worth $89,000 after acquiring an additional 426 shares during the period. 82.78% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CWT shares. Wells Fargo & Company lifted their target price on California Water Service Group from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Friday, May 2nd. Wall Street Zen downgraded California Water Service Group from a “hold” rating to a “sell” rating in a research note on Saturday, June 21st. Finally, Seaport Res Ptn upgraded California Water Service Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 11th.

California Water Service Group Stock Performance

NYSE:CWT opened at $44.82 on Thursday. The stock has a market cap of $2.67 billion, a P/E ratio of 19.66, a PEG ratio of 2.21 and a beta of 0.64. The stock has a 50 day simple moving average of $46.02 and a 200 day simple moving average of $46.62. The company has a current ratio of 0.53, a quick ratio of 0.49 and a debt-to-equity ratio of 0.68. California Water Service Group has a 1-year low of $41.64 and a 1-year high of $56.25.

California Water Service Group (NYSE:CWT) last released its quarterly earnings results on Thursday, May 1st. The utilities provider reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.06. The business had revenue of $203.97 million during the quarter, compared to analysts’ expectations of $194.80 million. California Water Service Group had a return on equity of 8.32% and a net margin of 13.84%. The firm’s revenue for the quarter was down 24.7% compared to the same quarter last year. During the same period last year, the firm posted $1.21 EPS. Research analysts anticipate that California Water Service Group will post 3.15 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Lester A. Snow sold 1,200 shares of California Water Service Group stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $46.51, for a total transaction of $55,812.00. Following the completion of the sale, the director directly owned 26,349 shares of the company’s stock, valued at approximately $1,225,491.99. This trade represents a 4.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.77% of the company’s stock.

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.