California Water Service Group (NYSE:CWT) Shares Sold by Public Sector Pension Investment Board

Public Sector Pension Investment Board cut its stake in California Water Service Group (NYSE:CWT) by 1.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 124,816 shares of the utilities provider’s stock after selling 2,300 shares during the period. Public Sector Pension Investment Board’s holdings in California Water Service Group were worth $6,768,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. bought a new stake in shares of California Water Service Group in the 2nd quarter worth about $6,823,000. Tidal Investments LLC acquired a new position in California Water Service Group in the first quarter worth about $535,000. Quest Partners LLC grew its stake in California Water Service Group by 297.1% in the third quarter. Quest Partners LLC now owns 22,676 shares of the utilities provider’s stock worth $1,229,000 after purchasing an additional 16,966 shares in the last quarter. SG Americas Securities LLC bought a new stake in California Water Service Group in the second quarter valued at about $568,000. Finally, Allspring Global Investments Holdings LLC raised its stake in California Water Service Group by 95.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 49,861 shares of the utilities provider’s stock valued at $2,703,000 after buying an additional 24,402 shares in the last quarter. 82.78% of the stock is currently owned by institutional investors.

California Water Service Group Stock Performance

NYSE CWT opened at $51.19 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.60 and a current ratio of 0.64. California Water Service Group has a one year low of $43.50 and a one year high of $56.25. The company has a 50-day simple moving average of $52.09 and a 200-day simple moving average of $51.84. The firm has a market capitalization of $3.04 billion, a PE ratio of 14.79 and a beta of 0.49.

California Water Service Group (NYSE:CWT) last issued its earnings results on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.02). The company had revenue of $299.60 million during the quarter, compared to analyst estimates of $289.55 million. California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. The business’s revenue was up 17.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.60 earnings per share. On average, equities analysts forecast that California Water Service Group will post 3.29 earnings per share for the current year.

California Water Service Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.12 dividend on an annualized basis and a yield of 2.19%. California Water Service Group’s dividend payout ratio is currently 32.37%.

Insiders Place Their Bets

In other California Water Service Group news, Director Thomas M. Krummel sold 555 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $55.09, for a total value of $30,574.95. Following the completion of the transaction, the director now owns 21,951 shares in the company, valued at approximately $1,209,280.59. This represents a 2.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael B. Luu sold 985 shares of California Water Service Group stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $51.50, for a total value of $50,727.50. Following the sale, the vice president now directly owns 20,354 shares in the company, valued at approximately $1,048,231. This trade represents a 4.62 % decrease in their position. The disclosure for this sale can be found here. 0.73% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded California Water Service Group from a “hold” rating to a “sell” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $53.67.

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.