Consolidated Water Co. (CWCO) Upgraded at Zacks Investment Research
Consolidated Water Co. (NASDAQ:CWCO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Consolidated Water Co. Ltd. intends to develop and operate seawater conversion plants and water distribution systems in areas of the world where naturally-occurring supplies of potable water are scarce or nonexistent. It currently operates a public water utility in certain areas of the Cayman Islands under a 20-year exclusive license from the Government of the Cayman Islands. The company has signed contracts for its first overseas operations in the Commonwealth of the Bahamas. (PRESS RELEASE) “
Shares of Consolidated Water (NASDAQ:CWCO) traded down 0.17% during trading on Tuesday, hitting $11.92. The stock had a trading volume of 26,876 shares. Consolidated Water has a one year low of $10.23 and a one year high of $14.69. The stock’s 50 day moving average price is $12.61 and its 200-day moving average price is $12.91. The stock has a market cap of $176.59 million, a P/E ratio of 23.10 and a beta of 0.85.
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Consolidated Water (NASDAQ:CWCO) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.16 by $0.01. Consolidated Water had a net margin of 13.29% and a return on equity of 5.01%. Analysts expect that Consolidated Water will post $0.60 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Monday, October 3rd will be given a dividend of $0.075 per share. The ex-dividend date is Thursday, September 29th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.52%. Consolidated Water’s payout ratio is currently 57.69%.
In related news, Director Richard Finlay acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, August 31st. The stock was purchased at an average price of $12.73 per share, with a total value of $127,300.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 3.18% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its position in Consolidated Water by 18.0% in the first quarter. Renaissance Technologies LLC now owns 382,749 shares of the company’s stock worth $4,658,000 after buying an additional 58,449 shares during the last quarter. Royal Bank of Canada boosted its position in Consolidated Water by 3.5% in the first quarter. Royal Bank of Canada now owns 8,281 shares of the company’s stock worth $100,000 after buying an additional 281 shares during the last quarter. Panagora Asset Management Inc. boosted its position in Consolidated Water by 17.6% in the first quarter. Panagora Asset Management Inc. now owns 42,043 shares of the company’s stock worth $512,000 after buying an additional 6,300 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its position in Consolidated Water by 36.7% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 80,782 shares of the company’s stock worth $983,000 after buying an additional 21,679 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its position in Consolidated Water by 18.6% in the first quarter. TIAA CREF Investment Management LLC now owns 47,475 shares of the company’s stock worth $578,000 after buying an additional 7,456 shares during the last quarter. 45.55% of the stock is owned by hedge funds and other institutional investors.
About Consolidated Water
Consolidated Water Co Ltd. develops and operates seawater desalination plants (that utilize reverse osmosis technology) and water distribution systems in areas where naturally occurring supplies of potable water are scarce or non-existent. The Company operates in three segments: retail water operations, bulk water operations and services operations.
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