Water Asset Management Lowers stake in California Water Service Group (CWT)

California Water Service Group (CWT) : Water Asset Management reduced its stake in California Water Service Group by 28.05% during the most recent quarter end. The investment management company now holds a total of 307,773 shares of California Water Service Group which is valued at $9,753,326 after selling 120,000 shares in California Water Service Group , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.California Water Service Group makes up approximately 7.96% of Water Asset Management’s portfolio.

Other Hedge Funds, Including , D. E. Shaw reduced its stake in CWT by selling 32,403 shares or 37.04% in the most recent quarter. The Hedge Fund company now holds 55,086 shares of CWT which is valued at $1,745,675.Geode Capital Management boosted its stake in CWT in the latest quarter, The investment management firm added 31,878 additional shares and now holds a total of 343,039 shares of California Water Service Group which is valued at $10,870,906. California Water Service Group makes up approx 0.01% of Geode Capital Management’s portfolio. Raymond James Associates added CWT to its portfolio by purchasing 6,167 company shares during the most recent quarter which is valued at $195,432.Pinebridge Investments boosted its stake in CWT in the latest quarter, The investment management firm added 234 additional shares and now holds a total of 6,083 shares of California Water Service Group which is valued at $192,770. California Water Service Group makes up approx 0.01% of Pinebridge Investments’s portfolio.

California Water Service Group closed down -0.15 points or -0.49% at $30.34 with 1,04,581 shares getting traded on Thursday. Post opening the session at $30.46, the shares hit an intraday low of $30.185 and an intraday high of $30.56 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, California Water Service Group reported $0.24 EPS for the quarter, based on the information available during the earnings call on Jul 28, 2016. Analyst had a consensus estimate of $0.24. The company had revenue of $152.40 million for the quarter, compared to analysts expectations of $146.00 million. The company’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 EPS.

Many Wall Street Analysts have commented on California Water Service Group. Shares were Reiterated by Barclays on Sep 6, 2016 to “Equal Weight” and Lowered the Price Target to $ 31 from a previous price target of $33 .

California Water Service Group is a holding company. The Company through its wholly owned subsidiaries provides water utility and other related services in California Washington New Mexico and Hawaii. It operates through six operating subsidiaries: California Water Service Company (Cal Water) New Mexico Water Service Company (New Mexico Water) Washington Water Service Company (Washington Water) Hawaii Water Service Company Inc. (Hawaii Water) and CWS Utility Services and HWS Utility Services LLC (collectively Utility Services). Utility Services provides non-regulated services to private companies and municipalities. Its business consists of the production purchase storage treatment testing distribution and sale of water for domestic industrial public and irrigation uses and for fire protection. Its non-regulated services include full water system operation billing and meter reading services.

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