Nuance Investments LLC Lowers Stock Position in California Water Service Group (NYSE:CWT)

Nuance Investments LLC decreased its holdings in shares of California Water Service Group (NYSE:CWT) by 38.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,633,693 shares of the utilities provider’s stock after selling 1,041,933 shares during the period. California Water Service Group makes up about 3.0% of Nuance Investments LLC’s holdings, making the stock its 13th biggest position. Nuance Investments LLC owned approximately 2.75% of California Water Service Group worth $88,579,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. raised its position in California Water Service Group by 31.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 28,031 shares of the utilities provider’s stock worth $1,520,000 after acquiring an additional 6,735 shares in the last quarter. Quest Partners LLC grew its stake in shares of California Water Service Group by 297.1% during the 3rd quarter. Quest Partners LLC now owns 22,676 shares of the utilities provider’s stock worth $1,229,000 after purchasing an additional 16,966 shares during the period. Thrivent Financial for Lutherans increased its holdings in shares of California Water Service Group by 95.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 93,769 shares of the utilities provider’s stock valued at $5,084,000 after purchasing an additional 45,825 shares in the last quarter. Natixis Advisors LLC lifted its stake in shares of California Water Service Group by 6.5% in the third quarter. Natixis Advisors LLC now owns 11,109 shares of the utilities provider’s stock valued at $602,000 after purchasing an additional 682 shares during the period. Finally, Cornercap Investment Counsel Inc. purchased a new stake in California Water Service Group during the third quarter worth about $467,000. 82.78% of the stock is owned by hedge funds and other institutional investors.

California Water Service Group Trading Up 1.0 %

NYSE CWT opened at $51.41 on Wednesday. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 14.86 and a beta of 0.49. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.60 and a current ratio of 0.64. California Water Service Group has a one year low of $43.50 and a one year high of $56.25. The company’s 50 day moving average price is $52.58 and its 200 day moving average price is $51.87.

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

California Water Service Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $1.12 dividend on an annualized basis and a yield of 2.18%. California Water Service Group’s dividend payout ratio is currently 32.37%.

Analysts Set New Price Targets

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

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 shares were sold at an average price of $55.09, for a total value of $30,574.95. Following the sale, the director now owns 21,951 shares in the company, valued at approximately $1,209,280.59. This represents a 2.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.73% of the stock is currently owned by corporate insiders.

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.