AlphaCrest Capital Management LLC Takes Position in California Water Service Group (NYSE:CWT)

AlphaCrest Capital Management LLC purchased a new stake in shares of California Water Service Group (NYSE:CWT) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 8,400 shares of the utilities provider’s stock, valued at approximately $456,000.

Other institutional investors have also added to or reduced their stakes in the company. Massey Quick Simon & CO. LLC purchased a new stake in California Water Service Group during the first quarter valued at $27,000. Advisors Asset Management Inc. raised its stake in California Water Service Group by 47.5% during the fourth quarter. Advisors Asset Management Inc. now owns 649 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 209 shares in the last quarter. Parallel Advisors LLC raised its stake in California Water Service Group by 414.1% during the first quarter. Parallel Advisors LLC now owns 658 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 530 shares in the last quarter. Pinnacle Bank purchased a new stake in California Water Service Group during the fourth quarter valued at $38,000. Finally, Meeder Asset Management Inc. purchased a new stake in California Water Service Group during the first quarter valued at $61,000. 74.16% of the stock is currently owned by institutional investors.

Shares of CWT opened at $49.77 on Wednesday. California Water Service Group has a twelve month low of $38.60 and a twelve month high of $55.05. The firm has a market capitalization of $2.42 billion, a PE ratio of 36.60, a PEG ratio of 3.60 and a beta of 0.37. The company has a current ratio of 0.50, a quick ratio of 0.49 and a debt-to-equity ratio of 1.00.

California Water Service Group (NYSE:CWT) last announced its earnings results on Thursday, April 25th. The utilities provider reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.21). California Water Service Group had a net margin of 8.05% and a return on equity of 7.76%. The firm had revenue of $126.10 million during the quarter, compared to analysts’ expectations of $138.86 million. During the same period in the prior year, the company posted ($0.05) EPS. The company’s revenue was down 6.3% compared to the same quarter last year. On average, equities research analysts predict that California Water Service Group will post 1.39 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Monday, May 6th were paid a $0.1975 dividend. This represents a $0.79 annualized dividend and a dividend yield of 1.59%. The ex-dividend date of this dividend was Friday, May 3rd. California Water Service Group’s dividend payout ratio is currently 58.09%.

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Co downgraded shares of California Water Service Group from a “market perform” rating to an “underperform” rating and set a $50.00 price target on the stock. in a research note on Tuesday, March 26th. They noted that the move was a valuation call. Zacks Investment Research raised shares of California Water Service Group from a “sell” rating to a “hold” rating in a research note on Tuesday, February 26th. ValuEngine raised shares of California Water Service Group from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 12th. Finally, Boenning Scattergood began coverage on shares of California Water Service Group in a research note on Monday. They issued a “neutral” rating on the stock. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $48.50.

In other news, Director Peter C. Nelson sold 10,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $49.10, for a total value of $491,000.00. Following the transaction, the director now directly owns 39,509 shares in the company, valued at $1,939,891.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Michael B. Luu sold 1,000 shares of the company’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $49.23, for a total transaction of $49,230.00. Following the completion of the transaction, the vice president now owns 11,919 shares in the company, valued at $586,772.37. The disclosure for this sale can be found here. In the last three months, insiders sold 12,000 shares of company stock worth $590,230. Insiders own 0.99% of the company’s stock.

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California Water Service Group Company Profile

California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, and Hawaii. It 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.

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Institutional Ownership by Quarter for California Water Service Group (NYSE:CWT)

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