Man Group plc Grows Position in California Water Service Group (NYSE:CWT)

by · The Cerbat Gem

Man Group plc grew its stake in California Water Service Group (NYSE:CWT – Free Report) by 102.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 101,490 shares of the utilities provider’s stock after purchasing an additional 51,283 shares during the period. Man Group plc owned about 0.17% of California Water Service Group worth $4,601,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of CWT. Norges Bank purchased a new stake in California Water Service Group in the 4th quarter worth approximately $37,998,000. Vanguard Group Inc. boosted its position in California Water Service Group by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 7,514,709 shares of the utilities provider’s stock worth $340,642,000 after purchasing an additional 158,295 shares in the last quarter. JPMorgan Chase & Co. boosted its position in California Water Service Group by 91.0% in the 4th quarter. JPMorgan Chase & Co. now owns 308,704 shares of the utilities provider’s stock worth $13,994,000 after purchasing an additional 147,043 shares in the last quarter. Northern Trust Corp boosted its position in California Water Service Group by 13.1% in the 4th quarter. Northern Trust Corp now owns 979,138 shares of the utilities provider’s stock worth $44,384,000 after purchasing an additional 113,622 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in California Water Service Group by 21.2% in the 4th quarter. Bank of New York Mellon Corp now owns 634,179 shares of the utilities provider’s stock worth $28,747,000 after purchasing an additional 110,962 shares in the last quarter. Hedge funds and other institutional investors own 82.78% of the company’s stock.

California Water Service Group Trading Down 1.3%

Shares of CWT stock opened at $47.37 on Thursday. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.64 and a quick ratio of 0.60. The company has a market cap of $2.82 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 0.46 and a beta of 0.70. The stock has a 50 day simple moving average of $48.42 and a 200-day simple moving average of $47.42. California Water Service Group has a 1-year low of $41.64 and a 1-year high of $56.25.

California Water Service Group (NYSE:CWT – Get Free Report) last announced its earnings results on Thursday, May 1st. The utilities provider reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.06. California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The business had revenue of $203.97 million during the quarter, compared to the consensus estimate of $194.80 million. During the same period in the prior year, the company posted $1.21 EPS. The business’s quarterly revenue was down 24.7% on a year-over-year basis. On average, equities research analysts expect that California Water Service Group will post 3.15 EPS 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, May 23rd. Investors of record on Monday, May 12th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend is Monday, May 12th. California Water Service Group’s dividend payout ratio is currently 52.63%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CWT shares. Seaport Res Ptn upgraded California Water Service Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 11th. Wells Fargo & Company upped their target price on California Water Service Group from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Friday, May 2nd. Finally, StockNews.com raised California Water Service Group from a “sell” rating to a “hold” rating in a research note on Friday, April 11th.

Get Our Latest Analysis on CWT

California Water Service Group Company Profile

(Free Report)

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.

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