Connor Clark & Lunn Investment Management Ltd. Has $1.52 Million Holdings in California Water Service Group (NYSE:CWT)

Connor Clark & Lunn Investment Management Ltd. raised its stake in California Water Service Group (NYSE:CWT) by 31.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,031 shares of the utilities provider’s stock after buying an additional 6,735 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in California Water Service Group were worth $1,520,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. acquired a new stake in shares of California Water Service Group in the 2nd quarter valued at approximately $6,823,000. Tidal Investments LLC acquired a new stake in California Water Service Group in the first quarter worth $535,000. Quest Partners LLC boosted its position in shares of California Water Service Group by 297.1% during the third 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 in the last quarter. SG Americas Securities LLC acquired a new position in shares of California Water Service Group in the 2nd quarter valued at $568,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of California Water Service Group by 95.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 49,861 shares of the utilities provider’s stock valued at $2,703,000 after buying an additional 24,402 shares in the last quarter. Institutional investors own 82.78% of the company’s stock.

California Water Service Group Stock Down 2.0 %

Shares of CWT stock opened at $50.96 on Wednesday. California Water Service Group has a 12-month low of $43.50 and a 12-month high of $56.25. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64. The firm has a fifty day moving average of $52.36 and a 200-day moving average of $51.87. The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of 14.73 and a beta of 0.49.

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

California Water Service Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend was Tuesday, November 12th. California Water Service Group’s dividend payout ratio (DPR) is currently 32.37%.

Insider Transactions at California Water Service Group

In other news, VP Michael B. Luu sold 985 shares of the company’s 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 sale, the vice president now owns 20,354 shares in the company, valued at $1,048,231. This represents a 4.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Thomas M. Krummel sold 555 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $55.09, for a total value of $30,574.95. Following the completion of 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 position. The disclosure for this sale can be found here. Company insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Wells Fargo & Company upgraded California Water Service Group from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock 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 assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $53.67.

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.