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Magellan Asset Management Ltd Has $2.62 Million Position in California Water Service Group (NYSE:CWT)

Financial News Live · Sep 6, 2022 12:22

Magellan Asset Management Ltd cut its stake in shares of California Water Service Group (NYSE:CWT – Get Rating) by 10.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,166 shares of the utilities provider's stock after selling 5,091 shares during the quarter. Magellan Asset Management Ltd owned approximately 0.08% of California Water Service Group worth $2,618,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ellevest Inc. lifted its holdings in California Water Service Group by 129.2% during the 1st quarter. Ellevest Inc. now owns 518 shares of the utilities provider's stock worth $31,000 after buying an additional 292 shares during the period. Column Capital Advisors LLC increased its position in California Water Service Group by 3,973.3% in the 1st quarter. Column Capital Advisors LLC now owns 611 shares of the utilities provider's stock valued at $36,000 after buying an additional 596 shares in the last quarter. FinTrust Capital Advisors LLC bought a new stake in California Water Service Group in the 1st quarter valued at about $103,000. UMB Bank N A MO bought a new stake in California Water Service Group in the 4th quarter valued at about $139,000. Finally, Kepos Capital LP bought a new stake in California Water Service Group in the 4th quarter valued at about $182,000. 80.07% of the stock is owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Separately, StockNews.com lowered California Water Service Group from a "hold" rating to a "sell" rating in a report on Monday, August 1st.

Insider Activity

In other news, Director Lester A. Snow sold 1,000 shares of the company's stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $63.04, for a total value of $63,040.00. Following the completion of the transaction, the director now directly owns 19,874 shares of the company's stock, valued at $1,252,856.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, VP Michael B. Luu sold 425 shares of the company's stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $60.54, for a total value of $25,729.50. Following the transaction, the vice president now owns 18,277 shares in the company, valued at $1,106,489.58. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lester A. Snow sold 1,000 shares of the stock in a transaction on Friday, August 19th. The stock was sold at an average price of $63.04, for a total value of $63,040.00. Following the sale, the director now owns 19,874 shares in the company, valued at approximately $1,252,856.96. The disclosure for this sale can be found here. Insiders sold a total of 1,725 shares of company stock valued at $106,932 over the last three months. Corporate insiders own 0.97% of the company's stock.

California Water Service Group Stock Down 0.7 %

CWT traded down $0.40 during midday trading on Tuesday, reaching $58.04. 1,476 shares of the company were exchanged, compared to its average volume of 167,934. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.93 and a current ratio of 0.97. The company's fifty day moving average price is $58.64 and its 200 day moving average price is $56.50. The company has a market cap of $3.16 billion, a price-to-earnings ratio of 35.42 and a beta of 0.34. California Water Service Group has a one year low of $48.46 and a one year high of $72.08.

California Water Service Group (NYSE:CWT – Get Rating) last issued its quarterly earnings data on Thursday, July 28th. The utilities provider reported $0.36 EPS for the quarter, missing analysts' consensus estimates of $0.60 by ($0.24). California Water Service Group had a return on equity of 7.39% and a net margin of 10.69%. During the same period in the prior year, the business earned $0.75 EPS. As a group, analysts expect that California Water Service Group will post 1.78 EPS for the current year.

California Water Service Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 19th. Stockholders of record on Monday, August 8th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.72%. The ex-dividend date was Friday, August 5th. California Water Service Group's dividend payout ratio is presently 60.61%.

California Water Service Group Profile

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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.