Cullen Capital Management LLC Lowers Stock Holdings in California Water Service Group (NYSE:CWT)

Cullen Capital Management LLC reduced its position in California Water Service Group (NYSE:CWT) by 60.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 5,034 shares of the utilities provider’s stock after selling 7,663 shares during the quarter. Cullen Capital Management LLC’s holdings in California Water Service Group were worth $228,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Cerity Partners LLC grew its position in California Water Service Group by 38.1% during the third quarter. Cerity Partners LLC now owns 11,270 shares of the utilities provider’s stock valued at $611,000 after acquiring an additional 3,107 shares during the last quarter. FMR LLC grew its holdings in shares of California Water Service Group by 70.5% during the 3rd quarter. FMR LLC now owns 63,625 shares of the utilities provider’s stock valued at $3,450,000 after purchasing an additional 26,299 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in California Water Service Group by 9.3% in the third quarter. BNP Paribas Financial Markets now owns 27,181 shares of the utilities provider’s stock worth $1,474,000 after purchasing an additional 2,316 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in California Water Service Group by 2.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 214,299 shares of the utilities provider’s stock worth $11,619,000 after purchasing an additional 6,081 shares during the last quarter. Finally, Verition Fund Management LLC boosted its position in California Water Service Group by 188.1% during the third quarter. Verition Fund Management LLC now owns 13,299 shares of the utilities provider’s stock valued at $721,000 after buying an additional 8,683 shares during the period. 82.78% of the stock is currently owned by institutional investors.

California Water Service Group Stock Down 2.0 %

Shares of NYSE:CWT opened at $48.55 on Friday. The stock’s 50-day moving average is $46.20 and its 200 day moving average is $48.31. The company has a market cap of $2.89 billion, a PE ratio of 14.03, a P/E/G ratio of 0.46 and a beta of 0.49. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.64 and a quick ratio of 0.60. California Water Service Group has a 1 year low of $41.64 and a 1 year high of $56.25.

California Water Service Group (NYSE:CWT) last posted its earnings results on Thursday, February 27th. The utilities provider reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.05). California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. The business had revenue of $222.20 million for the quarter, compared to analysts’ expectations of $216.37 million. During the same period last year, the firm posted $0.52 earnings per share. Sell-side analysts anticipate that California Water Service Group will post 3.15 EPS for the current year.

California Water Service Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Monday, February 10th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.47%. This is a boost from California Water Service Group’s previous quarterly dividend of $0.28. The ex-dividend date was Monday, February 10th. California Water Service Group’s dividend payout ratio (DPR) is currently 36.70%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CWT shares. Wells Fargo & Company raised California Water Service Group from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $56.00 to $52.00 in a research note on Tuesday, January 7th. Bank of America started coverage on California Water Service Group in a research report on Wednesday, December 11th. They issued a “buy” rating and a $57.00 price objective for the company. Finally, StockNews.com downgraded shares of California Water Service Group from a “hold” rating to a “sell” rating in a research note on Thursday.

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.