Clear Harbor Asset Management LLC Cuts Position in California Water Service Group (NYSE:CWT)

Clear Harbor Asset Management LLC reduced its stake in shares of California Water Service Group (NYSE:CWT) by 0.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,546 shares of the utilities provider’s stock after selling 475 shares during the quarter. Clear Harbor Asset Management LLC owned approximately 0.10% of California Water Service Group worth $3,012,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its stake in shares of California Water Service Group by 12.9% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,992 shares of the utilities provider’s stock worth $325,000 after acquiring an additional 686 shares in the last quarter. Assenagon Asset Management S.A. grew its position in California Water Service Group by 79.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 252,833 shares of the utilities provider’s stock worth $13,709,000 after purchasing an additional 112,118 shares during the last quarter. International Assets Investment Management LLC acquired a new position in California Water Service Group during the 3rd quarter valued at approximately $7,700,000. Allspring Global Investments Holdings LLC increased its stake in California Water Service Group by 95.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 49,861 shares of the utilities provider’s stock valued at $2,703,000 after purchasing an additional 24,402 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of California Water Service Group by 255.6% in the third quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock worth $27,000 after buying an additional 363 shares during the last quarter. 82.78% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company raised California Water Service Group from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $50.00 to $57.00 in a research report on Wednesday, July 31st. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $53.67.

Insider Buying and Selling at California Water Service Group

In other news, Director Thomas M. Krummel sold 555 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $54.33, for a total transaction of $30,153.15. Following the sale, the director now directly owns 22,506 shares in the company, valued at $1,222,750.98. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders sold 1,665 shares of company stock valued at $90,093. Corporate insiders own 0.73% of the company’s stock.

California Water Service Group Price Performance

NYSE:CWT opened at $51.62 on Friday. The firm’s fifty day moving average is $53.75 and its two-hundred day moving average is $51.31. The firm has a market cap of $2.98 billion, a price-to-earnings ratio of 20.65 and a beta of 0.49. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.49 and a current ratio of 0.52. California Water Service Group has a one year low of $43.50 and a one year high of $56.25.

California Water Service Group (NYSE:CWT) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.42 by $0.28. California Water Service Group had a return on equity of 11.94% and a net margin of 17.78%. The firm had revenue of $244.30 million for the quarter, compared to analyst estimates of $216.25 million. During the same period last year, the company earned $0.17 earnings per share. California Water Service Group’s revenue for the quarter was up 25.9% compared to the same quarter last year. Research analysts expect that California Water Service Group will post 3.33 EPS for the current year.

California Water Service Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 12th were given a dividend of $0.28 per share. The ex-dividend date was Monday, August 12th. This represents a $1.12 annualized dividend and a yield of 2.17%. California Water Service Group’s dividend payout ratio is presently 44.80%.

California Water Service Group 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.