KBC Group NV Sells 92,013 Shares of California Water Service Group (NYSE:CWT)

KBC Group NV cut its holdings in shares of California Water Service Group (NYSE:CWT) by 12.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 626,296 shares of the utilities provider’s stock after selling 92,013 shares during the period. KBC Group NV owned about 1.05% of California Water Service Group worth $28,390,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Assenagon Asset Management S.A. boosted its stake in California Water Service Group by 79.7% in the third quarter. Assenagon Asset Management S.A. now owns 252,833 shares of the utilities provider’s stock valued at $13,709,000 after buying an additional 112,118 shares in the last quarter. Barclays PLC boosted its stake in shares of California Water Service Group by 135.8% in the 3rd quarter. Barclays PLC now owns 119,645 shares of the utilities provider’s stock valued at $6,486,000 after purchasing an additional 68,914 shares in the last quarter. Arjuna Capital bought a new stake in shares of California Water Service Group during the 3rd quarter valued at approximately $3,724,000. Marshall Wace LLP increased its position in California Water Service Group by 354.9% during the 2nd quarter. Marshall Wace LLP now owns 76,851 shares of the utilities provider’s stock worth $3,727,000 after purchasing an additional 59,956 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in California Water Service Group by 55.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 161,661 shares of the utilities provider’s stock valued at $8,765,000 after purchasing an additional 57,811 shares during the last quarter. Institutional investors and hedge funds own 82.78% of the company’s stock.

Insider Activity at California Water Service Group

In related news, VP Michael B. Luu sold 985 shares of California Water Service Group stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $51.50, for a total transaction of $50,727.50. Following the completion of the transaction, the vice president now owns 20,354 shares of the company’s stock, valued at $1,048,231. This trade represents a 4.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.73% of the stock is currently owned by company insiders.

California Water Service Group Stock Performance

Shares of California Water Service Group stock opened at $45.27 on Wednesday. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 13.08, a P/E/G ratio of 0.44 and a beta of 0.52. California Water Service Group has a twelve month low of $41.64 and a twelve month high of $56.25. The company’s fifty day moving average is $46.63 and its 200 day moving average is $50.78. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64.

California Water Service Group (NYSE:CWT) last released its quarterly earnings results on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.02). The company had revenue of $299.60 million during the quarter, compared to the consensus estimate of $289.55 million. California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. The company’s quarterly revenue was up 17.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 EPS. Sell-side analysts forecast that California Water Service Group will post 3.15 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Wells Fargo & Company upgraded shares of California Water Service Group from an “equal weight” rating to an “overweight” rating and lowered their price target for the stock from $56.00 to $52.00 in a report on Tuesday, January 7th. StockNews.com upgraded California Water Service Group from a “sell” rating to a “hold” rating in a research report on Wednesday, January 8th. Finally, Bank of America assumed coverage on California Water Service Group in a research report on Wednesday, December 11th. They issued a “buy” rating and a $57.00 target price for the company. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $53.25.

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.