ClearAlpha Technologies LP Takes Position in California Water Service Group (NYSE:CWT)

ClearAlpha Technologies LP purchased a new position in California Water Service Group (NYSE:CWT) during the third quarter, HoldingsChannel reports. The firm purchased 18,461 shares of the utilities provider’s stock, valued at approximately $1,001,000.

Other institutional investors also recently bought and sold shares of the company. Blue Trust Inc. increased its holdings in shares of California Water Service Group by 255.6% in the 3rd quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 363 shares in the last quarter. GAMMA Investing LLC increased its holdings in California Water Service Group by 109.9% in the 2nd quarter. GAMMA Investing LLC now owns 823 shares of the utilities provider’s stock worth $40,000 after buying an additional 431 shares in the last quarter. CWM LLC increased its holdings in California Water Service Group by 90.8% in the 2nd quarter. CWM LLC now owns 1,349 shares of the utilities provider’s stock worth $65,000 after buying an additional 642 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in California Water Service Group in the 2nd quarter worth about $85,000. Finally, nVerses Capital LLC bought a new position in California Water Service Group during the 3rd quarter valued at about $119,000. 82.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of California Water Service Group from a “hold” rating to a “sell” rating in a research report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $53.67.

Insider Activity at California Water Service Group

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

California Water Service Group Price Performance

CWT opened at $51.19 on Monday. California Water Service Group has a 1-year low of $43.50 and a 1-year high of $56.25. The firm’s 50 day simple moving average is $52.09 and its two-hundred day simple moving average is $51.83. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 0.64. The company 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 announced 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). California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The company had revenue of $299.60 million during the quarter, compared to the consensus estimate of $289.55 million. During the same period in the prior year, the business posted $0.60 earnings per share. California Water Service Group’s revenue for the quarter was up 17.5% compared to the same quarter last year. As a group, equities analysts forecast that California Water Service Group will post 3.29 EPS for the current year.

California Water Service Group Announces Dividend

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

California Water Service Group Company 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.