Raymond James Financial Services Advisors Inc. Increases Position in California Water Service Group (NYSE:CWT)

Raymond James Financial Services Advisors Inc. grew its holdings in shares of California Water Service Group (NYSE:CWT) by 61.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,153 shares of the utilities provider’s stock after acquiring an additional 8,061 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in California Water Service Group were worth $1,148,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CWT. BlackRock Inc. raised its holdings in shares of California Water Service Group by 2.1% during the 4th quarter. BlackRock Inc. now owns 7,470,871 shares of the utilities provider’s stock valued at $356,064,000 after buying an additional 155,103 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new position in shares of California Water Service Group during the 4th quarter valued at about $6,692,000. Norges Bank purchased a new position in shares of California Water Service Group during the 4th quarter valued at about $6,293,000. Millennium Management LLC purchased a new position in shares of California Water Service Group during the 4th quarter valued at about $4,982,000. Finally, WINTON GROUP Ltd raised its holdings in shares of California Water Service Group by 26.4% during the 4th quarter. WINTON GROUP Ltd now owns 322,690 shares of the utilities provider’s stock valued at $15,379,000 after buying an additional 67,453 shares in the last quarter. Hedge funds and other institutional investors own 74.22% of the company’s stock.

Shares of NYSE CWT traded up $1.04 during trading on Friday, reaching $50.63. 1,728,563 shares of the company traded hands, compared to its average volume of 211,807. The company has a fifty day moving average price of $50.23. The firm has a market cap of $2.39 billion, a PE ratio of 37.23, a P/E/G ratio of 3.55 and a beta of 0.37. California Water Service Group has a 12-month low of $38.75 and a 12-month high of $55.05. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.49 and a current ratio of 0.50.

California Water Service Group (NYSE:CWT) last released its quarterly earnings data on Thursday, April 25th. The utilities provider reported ($0.16) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.21). The company had revenue of $126.10 million for the quarter, compared to analysts’ expectations of $138.86 million. California Water Service Group had a net margin of 8.05% and a return on equity of 7.76%. The business’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.05) EPS. As a group, equities analysts expect that California Water Service Group will post 1.39 earnings per share for the current fiscal year.

In related news, Director Peter C. Nelson sold 10,000 shares of California Water Service Group stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $49.10, for a total value of $491,000.00. Following the completion of the transaction, the director now owns 39,509 shares in the company, valued at approximately $1,939,891.90. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Michael B. Luu sold 1,000 shares of California Water Service Group stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $49.23, for a total value of $49,230.00. Following the completion of the transaction, the vice president now owns 11,919 shares of the company’s stock, valued at approximately $586,772.37. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,000 shares of company stock valued at $590,230. 0.99% of the stock is owned by company insiders.

CWT has been the topic of a number of research reports. Wells Fargo & Co cut California Water Service Group from a “market perform” rating to an “underperform” rating and set a $50.00 price objective on the stock. in a report on Tuesday, March 26th. They noted that the move was a valuation call. ValuEngine cut California Water Service Group from a “strong-buy” rating to a “buy” rating in a report on Thursday, April 11th. Finally, Boenning Scattergood started coverage on California Water Service Group in a research note on Monday, June 10th. They issued a “neutral” rating on the stock. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $48.50.

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, and Hawaii. It 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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Institutional Ownership by Quarter for California Water Service Group (NYSE:CWT)

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