New York State Common Retirement Fund Reduces Holdings in California Water Service Group (NYSE:CWT)

New York State Common Retirement Fund lessened its holdings in California Water Service Group (NYSE:CWT) by 0.5% during the 4th quarter, Holdings Channel reports. The firm owned 56,331 shares of the utilities provider’s stock after selling 304 shares during the quarter. New York State Common Retirement Fund’s holdings in California Water Service Group were worth $2,922,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Raymond James & Associates raised its position in shares of California Water Service Group by 35.7% during the 3rd quarter. Raymond James & Associates now owns 175,973 shares of the utilities provider’s stock worth $8,325,000 after purchasing an additional 46,303 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in shares of California Water Service Group by 5.1% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 65,799 shares of the utilities provider’s stock valued at $3,113,000 after acquiring an additional 3,174 shares in the last quarter. New York State Teachers Retirement System boosted its stake in shares of California Water Service Group by 9.1% during the third quarter. New York State Teachers Retirement System now owns 62,989 shares of the utilities provider’s stock valued at $2,980,000 after acquiring an additional 5,247 shares during the last quarter. IFM Investors Pty Ltd increased its position in California Water Service Group by 11.9% during the 3rd quarter. IFM Investors Pty Ltd now owns 7,700 shares of the utilities provider’s stock worth $364,000 after purchasing an additional 817 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in California Water Service Group by 14.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,854 shares of the utilities provider’s stock valued at $1,507,000 after purchasing an additional 3,929 shares during the last quarter. 82.78% of the stock is currently owned by institutional investors and hedge funds.

California Water Service Group Stock Performance

NYSE:CWT opened at $50.73 on Tuesday. California Water Service Group has a fifty-two week low of $43.50 and a fifty-two week high of $58.30. The firm’s 50 day moving average is $46.37 and its two-hundred day moving average is $48.35. The company has a market cap of $2.93 billion, a P/E ratio of 20.29 and a beta of 0.47. The company has a quick ratio of 0.52, a current ratio of 0.56 and a debt-to-equity ratio of 0.72.

California Water Service Group (NYSE:CWT) last issued its earnings results on Thursday, April 25th. The utilities provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $0.21 by $1.00. California Water Service Group had a return on equity of 10.09% and a net margin of 15.42%. The business had revenue of $270.75 million for the quarter, compared to analyst estimates of $183.85 million. During the same period last year, the company posted ($0.40) EPS. The business’s quarterly revenue was up 106.5% on a year-over-year basis. Analysts expect that California Water Service Group will post 2.86 EPS for the current year.

California Water Service Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Monday, May 6th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Friday, May 3rd. California Water Service Group’s dividend payout ratio is currently 44.80%.

Insider Transactions at California Water Service Group

In related news, Director Thomas M. Krummel sold 2,220 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $50.00, for a total value of $111,000.00. Following the transaction, the director now owns 23,873 shares in the company, valued at $1,193,650. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.73% of the company’s stock.

Wall Street Analyst Weigh In

CWT has been the topic of several analyst reports. TheStreet cut shares of California Water Service Group from a “b-” rating to a “c+” rating in a research note on Wednesday, February 14th. Robert W. Baird lifted their target price on shares of California Water Service Group from $52.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, April 26th. StockNews.com raised California Water Service Group from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. Finally, UBS Group upgraded California Water Service Group from a “sell” rating to a “neutral” rating and set a $49.00 price objective on the stock in a report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target 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.