Bristlecone Advisors LLC Has $271,000 Position in California Water Service Group (NYSE:CWT)

Bristlecone Advisors LLC cut its holdings in California Water Service Group (NYSE:CWT) by 50.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 4,995 shares of the utilities provider’s stock after selling 5,117 shares during the quarter. Bristlecone Advisors LLC’s holdings in California Water Service Group were worth $271,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at California Water Service Group

In other news, Director Thomas M. Krummel sold 555 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $55.09, for a total value of $30,574.95. Following the completion of the sale, the director now directly owns 21,951 shares of the company’s stock, valued at $1,209,280.59. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders have sold 1,665 shares of company stock valued at $90,093. 0.73% of the stock is currently owned by company insiders.

California Water Service Group Trading Down 1.0 %

CWT opened at $51.62 on Monday. The firm has a 50 day simple moving average of $53.75 and a 200 day simple moving average of $51.35. California Water Service Group has a fifty-two week low of $43.50 and a fifty-two week high of $56.25. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 20.65 and a beta of 0.49. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.52 and a quick ratio of 0.49.

California Water Service Group (NYSE:CWT) last issued its earnings results on Thursday, August 1st. The utilities provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.42 by $0.28. The company had revenue of $244.30 million during the quarter, compared to analysts’ expectations of $216.25 million. California Water Service Group had a net margin of 17.78% and a return on equity of 11.94%. The business’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 EPS. On average, sell-side analysts anticipate that California Water Service Group will post 3.33 earnings per share for the current year.

California Water Service Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 12th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.17%. The ex-dividend date was Monday, August 12th. California Water Service Group’s payout ratio is 44.80%.

Analysts Set New Price Targets

Separately, Wells Fargo & Company upgraded California Water Service Group from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $50.00 to $57.00 in a research report on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, California Water Service Group has a consensus rating of “Hold” and an average price target of $53.67.

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.