California Water Service Group (NYSE:CWT) Sees Significant Growth in Short Interest

California Water Service Group (NYSE:CWT) was the recipient of a large growth in short interest in the month of January. As of January 15th, there was short interest totalling 771,900 shares, a growth of 14.3% from the December 31st total of 675,500 shares. Based on an average trading volume of 304,000 shares, the short-interest ratio is presently 2.5 days.

California Water Service Group Stock Performance

Shares of CWT stock opened at $45.47 on Monday. The company has a market capitalization of $2.70 billion, a P/E ratio of 13.14, a price-to-earnings-growth ratio of 0.45 and a beta of 0.52. California Water Service Group has a 52 week low of $41.64 and a 52 week high of $56.25. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.60 and a current ratio of 0.64. The company’s 50 day moving average price is $46.25 and its two-hundred day moving average price is $50.63.

California Water Service Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Investors of record on Monday, February 10th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Monday, February 10th. This is a positive change from California Water Service Group’s previous quarterly dividend of $0.28. This represents a $1.20 dividend on an annualized basis and a yield of 2.64%. California Water Service Group’s dividend payout ratio is presently 34.68%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Bank of America started coverage on California Water Service Group in a research report on Wednesday, December 11th. They set a “buy” rating and a $57.00 target price for the company. Wells Fargo & Company upgraded shares of California Water Service Group from an “equal weight” rating to an “overweight” rating and cut their target price for the stock from $56.00 to $52.00 in a report on Tuesday, January 7th. Finally, StockNews.com lowered shares of California Water Service Group from a “hold” rating to a “sell” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, California Water Service Group presently has a consensus rating of “Hold” and a consensus target price of $53.25.

Insiders Place Their Bets

In other news, VP Michael B. Luu sold 985 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $51.50, for a total value of $50,727.50. Following the transaction, the vice president now directly owns 20,354 shares in the company, valued at $1,048,231. This trade represents a 4.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On California Water Service Group

A number of large investors have recently added to or reduced their stakes in the company. Atria Wealth Solutions Inc. bought a new position in shares of California Water Service Group during the fourth quarter worth about $230,000. Northstar Asset Management Inc. grew its stake in shares of California Water Service Group by 9.5% during the 4th quarter. Northstar Asset Management Inc. now owns 94,843 shares of the utilities provider’s stock worth $4,299,000 after acquiring an additional 8,263 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of California Water Service Group by 46.0% in the fourth quarter. CIBC Asset Management Inc now owns 5,897 shares of the utilities provider’s stock worth $267,000 after purchasing an additional 1,858 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in California Water Service Group by 4.1% during the fourth quarter. Principal Financial Group Inc. now owns 288,923 shares of the utilities provider’s stock worth $13,097,000 after purchasing an additional 11,328 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D grew its position in California Water Service Group by 10.6% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 40,776 shares of the utilities provider’s stock valued at $1,848,000 after purchasing an additional 3,920 shares in the last quarter. Institutional investors own 82.78% of the company’s stock.

About California Water Service Group

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.