California Water Service Group $CWT Stock Purchased by ProShare Advisors LLC

ProShare Advisors LLC raised its position in shares of California Water Service Group (NYSE:CWT) by 27.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 207,828 shares of the utilities provider’s stock after acquiring an additional 45,099 shares during the period. ProShare Advisors LLC’s holdings in California Water Service Group were worth $9,616,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CWT. Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of California Water Service Group in the 2nd quarter worth approximately $6,009,000. Sei Investments Co. grew its position in California Water Service Group by 129.1% during the 1st quarter. Sei Investments Co. now owns 52,883 shares of the utilities provider’s stock worth $2,398,000 after acquiring an additional 29,797 shares during the last quarter. Kornitzer Capital Management Inc. KS bought a new stake in California Water Service Group during the 1st quarter worth approximately $1,927,000. Assenagon Asset Management S.A. acquired a new stake in California Water Service Group during the 2nd quarter valued at $2,061,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings in California Water Service Group by 416.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 257,970 shares of the utilities provider’s stock valued at $11,696,000 after purchasing an additional 208,061 shares in the last quarter. Institutional investors and hedge funds own 82.78% of the company’s stock.

California Water Service Group Trading Down 0.8%

Shares of NYSE CWT opened at $49.07 on Wednesday. California Water Service Group has a 1-year low of $41.29 and a 1-year high of $53.82. The company has a 50-day moving average of $47.54 and a two-hundred day moving average of $46.70. The company has a market cap of $3.09 billion, a PE ratio of 21.91, a P/E/G ratio of 1.75 and a beta of 0.47. The company has a current ratio of 0.71, a quick ratio of 0.68 and a debt-to-equity ratio of 0.77.

California Water Service Group (NYSE:CWT) last released its quarterly earnings results on Thursday, October 29th. The utilities provider reported $1.05 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.11). The company had revenue of $332.17 million for the quarter, compared to the consensus estimate of $332.17 million. California Water Service Group had a net margin of 12.78% and a return on equity of 7.75%. California Water Service Group’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same period last year, the company earned $1.03 earnings per share. As a group, equities analysts expect that California Water Service Group will post 2.57 earnings per share for the current fiscal year.

California Water Service Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Monday, November 9th will be issued a dividend of $0.3350 per share. The ex-dividend date of this dividend is Monday, November 9th. This represents a $1.34 annualized dividend and a yield of 2.7%. California Water Service Group’s dividend payout ratio is currently 59.82%.

Analysts Set New Price Targets

CWT has been the subject of several research analyst reports. Wall Street Zen upgraded California Water Service Group from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Freedom Broker upgraded California Water Service Group from a “hold” rating to a “buy” rating and increased their target price for the stock from $49.00 to $53.00 in a report on Thursday, October 29th. Seaport Research Partners restated a “buy” rating and issued a $53.00 target price on shares of California Water Service Group in a research note on Wednesday, August 12th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of California Water Service Group in a research note on Monday. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $53.50.

Insider Buying and Selling at California Water Service Group

In other California Water Service Group news, Director Thomas Krummel sold 3,700 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $50.37, for a total value of $186,369.00. Following the transaction, the director directly owned 20,104 shares in the company, valued at approximately $1,012,638.48. This trade represents a 15.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lester Snow sold 500 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $50.21, for a total value of $25,105.00. Following the completion of the transaction, the director owned 17,817 shares in the company, valued at $894,591.57. The trade was a 2.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.78% of the stock is currently owned by corporate insiders.

About California Water Service Group

California Water Service Group (NYSE:CWT) is a holding company that provides water utility services through its regulated operating subsidiaries. The company supplies clean water for residential, commercial, industrial and institutional customers, and its operations include the production, treatment, storage, distribution and delivery of water. Some of its subsidiaries also provide wastewater collection and treatment services.

The company’s principal subsidiary, California Water Service Company, serves communities throughout California.