In a recent transaction on May 1, Thomas M. Krummel, a director at California Water Service Group (NYSE:CWT), sold 2,220 shares of the company's common stock, netting a total of $111,000. The sale was executed at a weighted average price of $50.00, with individual transactions ranging from $50.00 to $50.0150 per share.
This stock sale by Krummel has adjusted his direct ownership in the company to a total of 23,873 shares following the transaction. The specifics of the sale, including the exact number of shares sold at each price point, are available upon request from the SEC, the issuer, or a security holder of the issuer.
The reported transaction is part of the routine disclosures that executives and directors of publicly-traded companies are required to make when buying or selling shares in their own firms. These transactions are publicly reported to provide transparency and to ensure that insider trading regulations are followed.
California Water Service Group, based in San Jose, California, is a water utility company that serves several areas in the state. The company's stock is traded on the New York Stock Exchange under the ticker symbol CWT.
Investors often monitor insider transactions as they can provide insights into an executive's perspective on the company's current valuation and future prospects. However, it's important to consider that such sales could be motivated by a variety of personal financial needs or portfolio diversification strategies and not necessarily a reflection of the company's future performance.
For further details on the transaction, interested parties may refer to the full disclosure in the SEC filing.
InvestingPro Insights
As California Water Service Group (NYSE:CWT) continues to navigate the utilities sector, recent data from InvestingPro provides a snapshot of the company's financial health and market performance. With a market capitalization of $2.88 billion and a Price to Earnings (P/E) ratio of 19.95, CWT appears to be trading at a valuation that is in line with its near-term earnings growth. This is further supported by an adjusted P/E ratio of 19.98 for the last twelve months as of Q1 2024, suggesting consistency in the company's valuation metrics over time.
InvestingPro Tips highlight that CWT has raised its dividend for 31 consecutive years and has maintained dividend payments for 54 consecutive years, showcasing a strong commitment to returning value to shareholders. Additionally, analysts are optimistic about the company's future, anticipating net income and sales growth in the current year, which could be a positive indicator for investors considering the stock's future prospects. Notably, the company also boasts a robust dividend yield of 2.28% as of the latest data, coupled with a dividend growth of 7.69% over the last twelve months.
For investors looking for more comprehensive analysis and additional InvestingPro Tips, there are 7 more tips available for CWT at Investing.com/pro/CWT. These tips could provide valuable insights for those seeking a deeper understanding of the company's financial position and market outlook. To enhance your investing strategy, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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