Zacks Investment Research cut shares of American States Water (NYSE:AWR) from a buy rating to a hold rating in a research note published on Monday, January 8th.
According to Zacks, “Shares of American States Water have outperformed the industry in the last 12 months. The company’s strength lies in an expanding customer base, extensive water rights and strong credit ratings. Further, it makes systematic investments to strengthen the existing infrastructure. In addition, new water rates will help boost its margins. American States Water’s main drawback is its heavy dependence on a single state, California, for majority of its earnings. Plus, the company’s highly-regulated operations and risk of water contamination leading to an increase in operating costs could adversely impact its results. “
Separately, Wells Fargo & Co downgraded American States Water from a market perform rating to an underperform rating and set a $48.00 target price for the company. in a research report on Monday, December 18th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $50.67.
Shares of American States Water (AWR) opened at $55.62 on Monday. The stock has a market capitalization of $2,040.00, a PE ratio of 30.39, a P/E/G ratio of 7.79 and a beta of 0.38. The company has a current ratio of 0.97, a quick ratio of 0.93 and a debt-to-equity ratio of 0.61. American States Water has a 52-week low of $41.14 and a 52-week high of $60.00.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th will be paid a $0.255 dividend. This represents a $1.02 annualized dividend and a dividend yield of 1.83%. The ex-dividend date is Wednesday, February 14th. American States Water’s payout ratio is presently 55.74%.
In related news, Director Diana M. Bonta sold 1,675 shares of the business’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $57.42, for a total transaction of $96,178.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anne M. Holloway sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $55.00, for a total value of $55,000.00. Following the sale, the director now owns 38,399 shares of the company’s stock, valued at approximately $2,111,945. The disclosure for this sale can be found here. Insiders sold a total of 3,775 shares of company stock valued at $212,548 in the last quarter. Company insiders own 1.49% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of American States Water by 2.0% in the second quarter. Vanguard Group Inc. now owns 3,768,089 shares of the utilities provider’s stock valued at $178,644,000 after purchasing an additional 74,002 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of American States Water by 2.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,349,948 shares of the utilities provider’s stock valued at $64,001,000 after purchasing an additional 30,991 shares during the period. State Street Corp increased its holdings in shares of American States Water by 4.2% in the second quarter. State Street Corp now owns 990,335 shares of the utilities provider’s stock valued at $46,948,000 after purchasing an additional 39,563 shares during the period. Copeland Capital Management LLC increased its holdings in shares of American States Water by 1.6% in the third quarter. Copeland Capital Management LLC now owns 418,555 shares of the utilities provider’s stock valued at $20,614,000 after purchasing an additional 6,416 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in shares of American States Water by 5.3% in the second quarter. Principal Financial Group Inc. now owns 334,952 shares of the utilities provider’s stock valued at $15,880,000 after purchasing an additional 16,830 shares during the period. Institutional investors own 65.04% of the company’s stock.
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American States Water Company Profile
American States Water Company (AWR) is a holding company. The Company is the parent company of Golden State Water Company (GSWC) and American States Utility Services, Inc (ASUS), as well as ASUS’ subsidiaries, such as Fort Bliss Water Services Company (FBWS), Terrapin Utility Services, Inc (TUS), Old Dominion Utility Services, Inc (ODUS), Palmetto State Utility Services, Inc (PSUS) and Old North Utility Services, Inc (ONUS).
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