Global Water Resources, Inc. $GWRS Position Cut by Redmond Asset Management LLC

Redmond Asset Management LLC decreased its position in shares of Global Water Resources, Inc. (NASDAQ:GWRS) by 36.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 209,818 shares of the utilities provider’s stock after selling 119,368 shares during the quarter. Redmond Asset Management LLC’s holdings in Global Water Resources were worth $1,668,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. TSP Capital Management Group LLC increased its holdings in shares of Global Water Resources by 56.0% in the 1st quarter. TSP Capital Management Group LLC now owns 1,182,144 shares of the utilities provider’s stock worth $8,972,000 after acquiring an additional 424,438 shares during the period. Heartland Advisors Inc. boosted its stake in Global Water Resources by 21.1% during the 1st quarter. Heartland Advisors Inc. now owns 831,100 shares of the utilities provider’s stock valued at $6,308,000 after purchasing an additional 144,600 shares during the period. Bank of New York Mellon Corp acquired a new position in Global Water Resources during the 2nd quarter valued at about $253,000. Cullen Capital Management LLC acquired a new position in Global Water Resources during the 2nd quarter valued at about $242,000. Finally, Dynamic Advisor Solutions LLC grew its position in Global Water Resources by 4.0% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 55,785 shares of the utilities provider’s stock worth $404,000 after purchasing an additional 2,133 shares during the last quarter. Institutional investors own 27.91% of the company’s stock.

Insider Transactions at Global Water Resources

In related news, Director Andrew Cohn bought 139,343 shares of the stock in a transaction on Thursday, August 20th. The shares were purchased at an average price of $8.85 per share, with a total value of $1,233,185.55. Following the purchase, the director owned 2,701,350 shares in the company, valued at approximately $23,906,947.50. This represents a 5.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 53.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Wall Street Zen upgraded shares of Global Water Resources from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings upgraded Global Water Resources from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, August 31st. Two equities research analysts have rated the stock with a Hold rating. According to MarketBeat, Global Water Resources currently has an average rating of “Hold” and an average target price of $15.00.

Global Water Resources Trading Down 0.8%

Shares of GWRS stock opened at $7.77 on Thursday. Global Water Resources, Inc. has a 1 year low of $6.55 and a 1 year high of $10.50. The firm has a market capitalization of $223.78 million, a PE ratio of 70.64 and a beta of 0.95. The stock has a fifty day moving average of $8.40 and a two-hundred day moving average of $7.89. The company has a debt-to-equity ratio of 1.62, a quick ratio of 0.68 and a current ratio of 0.68.

Global Water Resources (NASDAQ:GWRS) last issued its quarterly earnings results on Thursday, August 13th. The utilities provider reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. Global Water Resources had a return on equity of 3.05% and a net margin of 5.22%. The company had revenue of $17.77 million for the quarter, compared to analyst estimates of $14.93 million. As a group, research analysts expect that Global Water Resources, Inc. will post 0.09 EPS for the current year.

Global Water Resources Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 16th will be given a $0.0253 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Friday, October 16th. Global Water Resources’s dividend payout ratio is currently 272.73%.

About Global Water Resources

Global Water Resources, Inc (NASDAQ: GWRS) is a water resource management company that owns and operates regulated water, wastewater and recycled water utilities in Arizona. The company provides essential services to residential, commercial and industrial customers, including the delivery of potable water, collection and treatment of wastewater, and the production and distribution of recycled water.

Global Water Resources serves communities primarily in the Phoenix metropolitan area and other growing areas of central and southern Arizona.