Renaissance Technologies LLC Sells 11,500 Shares of California Water Service Group $CWT

Renaissance Technologies LLC lessened its stake in shares of California Water Service Group (NYSE:CWT) by 10.3% during the first quarter, Holdings Channel reports. The fund owned 100,400 shares of the utilities provider’s stock after selling 11,500 shares during the quarter. Renaissance Technologies LLC’s holdings in California Water Service Group were worth $4,552,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Danske Bank A S acquired a new stake in California Water Service Group in the third quarter worth $28,000. EverSource Wealth Advisors LLC raised its holdings in shares of California Water Service Group by 109.9% during the second quarter. EverSource Wealth Advisors LLC now owns 697 shares of the utilities provider’s stock valued at $32,000 after purchasing an additional 365 shares during the period. Bessemer Group Inc. raised its holdings in shares of California Water Service Group by 67.9% during the first quarter. Bessemer Group Inc. now owns 744 shares of the utilities provider’s stock valued at $34,000 after purchasing an additional 301 shares during the period. Advisory Services Network LLC bought a new position in shares of California Water Service Group during the 3rd quarter worth about $44,000. Finally, CIBC Private Wealth Group LLC boosted its position in shares of California Water Service Group by 1,475.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,150 shares of the utilities provider’s stock worth $53,000 after purchasing an additional 1,077 shares in the last quarter. 82.78% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Lester A. Snow sold 1,100 shares of California Water Service Group stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $44.00, for a total transaction of $48,400.00. Following the transaction, the director owned 18,316 shares of the company’s stock, valued at $805,904. The trade was a 5.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas M. Krummel sold 3,700 shares of the company’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $43.30, for a total value of $160,210.00. Following the sale, the director owned 23,805 shares of the company’s stock, valued at $1,030,756.50. This trade represents a 13.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.78% of the company’s stock.

California Water Service Group Stock Down 0.5%

California Water Service Group stock opened at $49.48 on Friday. California Water Service Group has a 1-year low of $41.29 and a 1-year high of $53.82. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 22.29, a price-to-earnings-growth ratio of 1.77 and a beta of 0.50. The firm’s fifty day moving average price is $48.35 and its two-hundred day moving average price is $46.11. The company has a current ratio of 0.70, a quick ratio of 0.67 and a debt-to-equity ratio of 0.81.

California Water Service Group (NYSE:CWT) last posted its earnings results on Thursday, July 30th. The utilities provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.80 by $0.13. California Water Service Group had a net margin of 12.63% and a return on equity of 7.74%. The company had revenue of $308.60 million during the quarter, compared to the consensus estimate of $283.50 million. During the same period in the previous year, the firm posted $0.71 earnings per share. The firm’s revenue for the quarter was up 16.5% on a year-over-year basis. On average, equities research analysts predict that California Water Service Group will post 2.55 earnings per share for the current fiscal year.

California Water Service Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 10th will be issued a dividend of $0.335 per share. This represents a $1.34 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Monday, August 10th. California Water Service Group’s payout ratio is currently 60.36%.

Wall Street Analysts Forecast Growth

CWT has been the subject of a number of research analyst reports. Robert W. Baird set a $54.00 target price on California Water Service Group in a research report on Friday, May 1st. Wall Street Zen upgraded California Water Service Group from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Finally, Weiss Ratings raised California Water Service Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday. One analyst has rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $54.00.

California Water Service Group Profile

California Water Service Group (NYSE: CWT) is a publicly traded holding company that provides regulated water utility services through its subsidiaries. The company delivers safe, reliable drinking water and wastewater management to residential, commercial, industrial and municipal customers across California, Hawaii and New Mexico. Its principal operating units include California Water Service, New Mexico Water Service and Hawaii Water Service, each responsible for end‐to‐end water supply operations—from source development and treatment to distribution and customer service.

Founded in 1926 as the California Water Service Company, the group has grown to become one of the largest investor‐owned water utilities in the United States by customer count.