Allspring Global Investments Holdings LLC increased its stake in California Water Service Group (NYSE:CWT – Free Report) by 1,981.2% during the second quarter, HoldingsChannel.com reports. The fund owned 123,350 shares of the utilities provider’s stock after buying an additional 117,423 shares during the period. Allspring Global Investments Holdings LLC’s holdings in California Water Service Group were worth $6,369,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of California Water Service Group by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 6,624,310 shares of the utilities provider’s stock worth $349,034,000 after acquiring an additional 79,168 shares during the last quarter. State Street Corp grew its holdings in shares of California Water Service Group by 27.0% in the 2nd quarter. State Street Corp now owns 5,369,713 shares of the utilities provider’s stock worth $298,288,000 after acquiring an additional 1,140,204 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in shares of California Water Service Group by 5.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,330,347 shares of the utilities provider’s stock worth $141,313,000 after acquiring an additional 126,979 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of California Water Service Group by 0.4% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,278,162 shares of the utilities provider’s stock worth $126,552,000 after acquiring an additional 9,949 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of California Water Service Group by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,240,162 shares of the utilities provider’s stock worth $73,518,000 after acquiring an additional 14,621 shares during the last quarter. 80.63% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on the company. Janney Montgomery Scott upgraded California Water Service Group from a “neutral” rating to a “buy” rating and set a $66.00 target price on the stock in a report on Friday, July 28th. They noted that the move was a valuation call. StockNews.com upgraded California Water Service Group to a “sell” rating in a report on Wednesday. Finally, Wells Fargo & Company downgraded California Water Service Group from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $56.00 to $47.00 in a report on Wednesday, October 25th. Three investment analysts have rated the stock with a sell rating and one has given a buy rating to the company. According to MarketBeat, California Water Service Group has an average rating of “Hold” and a consensus target price of $60.00.
California Water Service Group Stock Performance
Shares of CWT stock opened at $50.77 on Friday. The company has a market capitalization of $2.93 billion, a price-to-earnings ratio of 70.51 and a beta of 0.45. California Water Service Group has a 1-year low of $45.44 and a 1-year high of $66.12. The company has a current ratio of 0.79, a quick ratio of 0.75 and a debt-to-equity ratio of 0.74. The stock’s fifty day simple moving average is $48.63 and its 200-day simple moving average is $52.07.
California Water Service Group Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Investors of record on Monday, November 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, November 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 2.05%. California Water Service Group’s payout ratio is 144.44%.
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.
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