Martingale Asset Management L P Purchases 12,534 Shares of California Water Service Group (NYSE:CWT)

Martingale Asset Management L P increased its position in shares of California Water Service Group (NYSE:CWT) by 22.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 67,711 shares of the utilities provider’s stock after buying an additional 12,534 shares during the quarter. Martingale Asset Management L P owned 0.11% of California Water Service Group worth $3,671,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Wulff Hansen & CO. grew its stake in California Water Service Group by 4,565.4% in the second quarter. Wulff Hansen & CO. now owns 1,053,688 shares of the utilities provider’s stock valued at $51,093,000 after purchasing an additional 1,031,103 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in California Water Service Group in the second quarter valued at approximately $6,823,000. Arjuna Capital bought a new position in California Water Service Group in the third quarter valued at approximately $3,724,000. Marshall Wace LLP grew its stake in California Water Service Group by 354.9% in the second quarter. Marshall Wace LLP now owns 76,851 shares of the utilities provider’s stock valued at $3,727,000 after purchasing an additional 59,956 shares in the last quarter. Finally, Millennium Management LLC bought a new position in California Water Service Group in the second quarter valued at approximately $2,761,000. 82.78% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

California Water Service Group Stock Performance

CWT opened at $51.23 on Friday. California Water Service Group has a 12-month low of $43.50 and a 12-month high of $56.25. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of 14.81 and a beta of 0.49. The business has a 50 day moving average of $52.15 and a 200-day moving average of $51.85. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64.

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

California Water Service Group Dividend Announcement

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

Insider Activity

In related news, VP Michael B. Luu sold 985 shares of California Water Service Group stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $51.50, for a total transaction of $50,727.50. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Thomas M. Krummel sold 555 shares of California Water Service Group 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.73% of the company’s stock.

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.