California Water Service Group (NYSE:CWT – Get Rating) saw a large drop in short interest during the month of August. As of August 15th, there was short interest totalling 1,110,000 shares, a drop of 12.6% from the July 31st total of 1,270,000 shares. Based on an average daily trading volume, of 221,500 shares, the days-to-cover ratio is presently 5.0 days.
California Water Service Group Price Performance
California Water Service Group stock traded down $0.20 during trading on Wednesday, reaching $58.53. The company had a trading volume of 164,352 shares, compared to its average volume of 247,372. The firm’s 50-day simple moving average is $58.51 and its 200 day simple moving average is $56.48. California Water Service Group has a 1-year low of $48.46 and a 1-year high of $72.08. The firm has a market capitalization of $3.18 billion, a PE ratio of 35.47 and a beta of 0.34. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.93 and a current ratio of 0.97.
California Water Service Group (NYSE:CWT – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The utilities provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.24). California Water Service Group had a net margin of 10.69% and a return on equity of 7.39%. During the same quarter last year, the firm posted $0.75 earnings per share. As a group, equities research analysts anticipate that California Water Service Group will post 1.78 earnings per share for the current fiscal year.
California Water Service Group Dividend Announcement
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The company also recently disclosed a quarterly dividend, which was paid on Friday, August 19th. Shareholders of record on Monday, August 8th were issued a $0.25 dividend. The ex-dividend date was Friday, August 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.71%. California Water Service Group’s payout ratio is currently 60.61%.
Insiders Place Their Bets
In other news, Director Lester A. Snow sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $63.04, for a total transaction of $63,040.00. Following the sale, the director now owns 19,874 shares of the company’s stock, valued at approximately $1,252,856.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Lester A. Snow sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $63.04, for a total transaction of $63,040.00. Following the sale, the director now owns 19,874 shares of the company’s stock, valued at approximately $1,252,856.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael B. Luu sold 425 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $60.54, for a total transaction of $25,729.50. Following the sale, the vice president now directly owns 18,277 shares in the company, valued at approximately $1,106,489.58. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,290 shares of company stock valued at $193,222. 0.97% of the stock is owned by insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Swiss National Bank lifted its holdings in California Water Service Group by 9.7% in the 1st quarter. Swiss National Bank now owns 124,400 shares of the utilities provider’s stock valued at $7,374,000 after purchasing an additional 11,000 shares in the last quarter. Arizona State Retirement System lifted its holdings in California Water Service Group by 2.5% in the 1st quarter. Arizona State Retirement System now owns 14,221 shares of the utilities provider’s stock valued at $843,000 after purchasing an additional 351 shares in the last quarter. Mutual of America Capital Management LLC lifted its holdings in California Water Service Group by 5.5% in the 1st quarter. Mutual of America Capital Management LLC now owns 7,581 shares of the utilities provider’s stock valued at $449,000 after purchasing an additional 393 shares in the last quarter. IFM Investors Pty Ltd purchased a new position in California Water Service Group in the 1st quarter valued at $411,000. Finally, Barclays PLC lifted its holdings in California Water Service Group by 33.5% in the 4th quarter. Barclays PLC now owns 70,891 shares of the utilities provider’s stock valued at $5,095,000 after purchasing an additional 17,806 shares in the last quarter. Hedge funds and other institutional investors own 80.07% of the company’s stock.
Analysts Set New Price Targets
Separately, StockNews.com cut shares of California Water Service Group from a “hold” rating to a “sell” rating in a research note on Monday, August 1st.
About California Water Service Group
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.
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