Connecticut Water Service, Inc. (CTWS) Rating Lowered to Sell at BidaskClub
BidaskClub lowered shares of Connecticut Water Service, Inc. (NASDAQ:CTWS) from a hold rating to a sell rating in a report released on Friday.
Separately, Zacks Investment Research upgraded Connecticut Water Service from a hold rating to a buy rating and set a $63.00 price objective for the company in a research note on Wednesday, August 16th.
Shares of Connecticut Water Service (NASDAQ CTWS) opened at 55.27 on Friday. The firm has a market capitalization of $639.75 million, a PE ratio of 27.61 and a beta of 0.09. The stock has a 50 day moving average of $56.27 and a 200-day moving average of $55.04. Connecticut Water Service has a 52 week low of $45.13 and a 52 week high of $62.15.
Connecticut Water Service (NASDAQ:CTWS) last announced its quarterly earnings data on Tuesday, August 8th. The utilities provider reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by $0.03. The business had revenue of $29.50 million during the quarter. Connecticut Water Service had a net margin of 21.37% and a return on equity of 9.21%. Equities analysts anticipate that Connecticut Water Service will post $2.21 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a $0.298 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $1.19 dividend on an annualized basis and a yield of 2.16%. Connecticut Water Service’s dividend payout ratio (DPR) is presently 59.50%.
In other Connecticut Water Service news, VP Maureen P. Westbrook sold 1,500 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $55.94, for a total value of $83,910.00. Following the completion of the transaction, the vice president now owns 37,179 shares in the company, valued at approximately $2,079,793.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.52% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. WFG Advisors LP increased its position in shares of Connecticut Water Service by 12.8% in the second quarter. WFG Advisors LP now owns 10,245 shares of the utilities provider’s stock worth $569,000 after buying an additional 1,162 shares during the period. Westwood Holdings Group Inc. boosted its position in shares of Connecticut Water Service by 32.5% in the second quarter. Westwood Holdings Group Inc. now owns 176,581 shares of the utilities provider’s stock worth $9,802,000 after buying an additional 43,347 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Connecticut Water Service by 6.7% in the second quarter. The Manufacturers Life Insurance Company now owns 9,116 shares of the utilities provider’s stock worth $506,000 after buying an additional 569 shares in the last quarter. State Street Corp boosted its position in shares of Connecticut Water Service by 4.8% in the second quarter. State Street Corp now owns 241,026 shares of the utilities provider’s stock worth $13,381,000 after buying an additional 10,986 shares in the last quarter. Finally, QS Investors LLC purchased a new position in shares of Connecticut Water Service during the second quarter worth approximately $111,000. Hedge funds and other institutional investors own 46.82% of the company’s stock.
Connecticut Water Service Company Profile
Connecticut Water Service, Inc is a non-operating holding company. The Company’s income is derived from the earnings of its subsidiary companies, including The Connecticut Water Company (Connecticut Water), The Maine Water Company (Maine Water), New England Water Utility Services, Inc (NEWUS),The Avon Water Company (AWC) and Chester Realty Company (Chester Realty).
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