IFM Investors Pty Ltd Reduces Position in Essential Utilities, Inc. (NYSE:WTRG)

IFM Investors Pty Ltd decreased its stake in shares of Essential Utilities, Inc. (NYSE:WTRG) by 7.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,296 shares of the company’s stock after selling 7,348 shares during the quarter. IFM Investors Pty Ltd’s holdings in Essential Utilities were worth $3,598,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Friedenthal Financial purchased a new stake in shares of Essential Utilities during the third quarter valued at $25,000. Tradewinds Capital Management LLC grew its stake in Essential Utilities by 857.5% during the 1st quarter. Tradewinds Capital Management LLC now owns 699 shares of the company’s stock valued at $26,000 after purchasing an additional 626 shares during the last quarter. Voisard Asset Management Group Inc. acquired a new position in shares of Essential Utilities in the second quarter valued at about $37,000. Webster Bank N. A. purchased a new position in shares of Essential Utilities in the first quarter worth about $41,000. Finally, Bfsg LLC lifted its holdings in shares of Essential Utilities by 157.0% during the third quarter. Bfsg LLC now owns 1,190 shares of the company’s stock worth $46,000 after purchasing an additional 727 shares during the period. Hedge funds and other institutional investors own 74.78% of the company’s stock.

Essential Utilities Trading Down 1.5 %

Shares of Essential Utilities stock opened at $38.84 on Friday. Essential Utilities, Inc. has a fifty-two week low of $32.95 and a fifty-two week high of $41.78. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.44 and a current ratio of 0.58. The company has a market cap of $10.62 billion, a P/E ratio of 18.41, a price-to-earnings-growth ratio of 3.52 and a beta of 0.84. The firm has a 50-day simple moving average of $39.07 and a two-hundred day simple moving average of $38.43.

Essential Utilities (NYSE:WTRG) last issued its quarterly earnings results on Monday, August 5th. The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). Essential Utilities had a return on equity of 8.16% and a net margin of 28.74%. The business had revenue of $434.40 million for the quarter, compared to analysts’ expectations of $442.76 million. During the same quarter in the prior year, the company posted $0.34 EPS. The business’s revenue for the quarter was down .5% compared to the same quarter last year. As a group, equities analysts predict that Essential Utilities, Inc. will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were issued a $0.3255 dividend. This represents a $1.30 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Monday, August 12th. This is a positive change from Essential Utilities’s previous quarterly dividend of $0.31. Essential Utilities’s payout ratio is presently 61.61%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on WTRG shares. Robert W. Baird increased their price target on shares of Essential Utilities from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Jefferies Financial Group initiated coverage on shares of Essential Utilities in a report on Monday, October 7th. They set a “buy” rating and a $44.00 target price for the company. Bank of America reaffirmed a “buy” rating and issued a $45.00 price target on shares of Essential Utilities in a report on Friday, September 20th. Wells Fargo & Company lifted their price objective on Essential Utilities from $42.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, Evercore ISI upped their target price on Essential Utilities from $42.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $44.80.

Essential Utilities Profile

Essential Utilities, Inc, through its subsidiaries, operates regulated utilities that provide water, wastewater, or natural gas services in the United States. The company operates through Regulated Water and Regulated Natural Gas segments. It offers water services through operating and maintenance contract with municipal authorities and other parties.