Jupiter Asset Management Ltd. Makes New $5.46 Million Investment in California Water Service Group (NYSE:CWT)

Jupiter Asset Management Ltd. acquired a new position in California Water Service Group (NYSE:CWT) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 112,681 shares of the utilities provider’s stock, valued at approximately $5,461,000. Jupiter Asset Management Ltd. owned 0.19% of California Water Service Group as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of CWT. Norges Bank purchased a new stake in California Water Service Group in the 4th quarter worth approximately $37,998,000. JPMorgan Chase & Co. lifted its holdings in California Water Service Group by 91.0% in the 4th quarter. JPMorgan Chase & Co. now owns 308,704 shares of the utilities provider’s stock worth $13,994,000 after buying an additional 147,043 shares during the period. Northern Trust Corp lifted its holdings in California Water Service Group by 13.1% in the 4th quarter. Northern Trust Corp now owns 979,138 shares of the utilities provider’s stock worth $44,384,000 after buying an additional 113,622 shares during the period. Van Lanschot Kempen Investment Management N.V. purchased a new stake in California Water Service Group in the 4th quarter worth approximately $4,763,000. Finally, Raymond James Financial Inc. purchased a new stake in California Water Service Group in the 4th quarter worth approximately $4,704,000. Hedge funds and other institutional investors own 82.78% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CWT. Wells Fargo & Company lowered their target price on California Water Service Group from $59.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday. 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. Finally, Wall Street Zen upgraded California Water Service Group from a “sell” rating to a “hold” rating in a research note on Saturday.

Insider Transactions at California Water Service Group

In other California Water Service Group news, Director Lester A. Snow sold 1,200 shares of California Water Service Group stock in a transaction 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 transaction, the director owned 26,349 shares in the company, valued at approximately $1,225,491.99. The trade was a 4.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.73% of the company’s stock.

California Water Service Group Trading Up 2.3%

CWT opened at $46.51 on Monday. The stock has a market cap of $2.77 billion, a PE ratio of 20.31, a PEG ratio of 2.25 and a beta of 0.66. The company has a quick ratio of 0.50, a current ratio of 0.53 and a debt-to-equity ratio of 0.67. The business has a 50 day moving average of $45.98 and a 200-day moving average of $46.70. California Water Service Group has a 52 week low of $41.64 and a 52 week high of $56.25.

California Water Service Group (NYSE:CWT) last released its earnings results on Thursday, July 31st. The utilities provider reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.25. The company had revenue of $264.95 million during the quarter, compared to analysts’ expectations of $238.20 million. California Water Service Group had a return on equity of 8.28% and a net margin of 13.71%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.70 EPS. Equities research analysts predict that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Monday, August 11th will be paid a dividend of $0.30 per share. The ex-dividend date is Monday, August 11th. This represents a $1.20 dividend on an annualized basis and a yield of 2.6%. California Water Service Group’s payout ratio is presently 52.40%.

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.