Global Water Resources Inc.’s Lock-Up Period To Expire on October 25th (NASDAQ:GWRS)
Global Water Resources’ (NASDAQ:GWRS) lock-up period is set to end on Tuesday, October 25th. Global Water Resources had issued 1,164,800 shares in its public offering on April 28th. The total size of the offering was $7,280,000 based on an initial share price of $6.25. After the expiration of the company’s lock-up period, major shareholders and company insiders will be able to sell their shares of the company.
GWRS has been the topic of several research analyst reports. Zacks Investment Research upgraded Global Water Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, October 12th. Roth Capital restated a “buy” rating and issued a $10.50 price objective on shares of Global Water Resources in a research report on Monday, August 15th.
Global Water Resources (NASDAQ:GWRS) opened at 7.80 on Tuesday. The stock has a market capitalization of $149.54 million and a P/E ratio of 8.02. The stock has a 50 day moving average price of $7.88 and a 200 day moving average price of $7.86. Global Water Resources has a 12 month low of $6.23 and a 12 month high of $9.18.
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Global Water Resources (NASDAQ:GWRS) last issued its quarterly earnings results on Thursday, August 11th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by $0.21.
The company also recently announced a monthly dividend, which will be paid on Monday, October 31st. Investors of record on Monday, October 17th will be given a $0.022 dividend. This represents a $0.26 annualized dividend and a dividend yield of 3.38%. The ex-dividend date is Thursday, October 13th.
In other news, Director William S. Levine bought 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 7th. The shares were purchased at an average cost of $7.93 per share, with a total value of $79,300.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William S. Levine bought 10,917 shares of the business’s stock in a transaction that occurred on Friday, September 30th. The stock was purchased at an average cost of $7.82 per share, for a total transaction of $85,370.94. The disclosure for this purchase can be found here.
Several institutional investors have recently added to or reduced their stakes in GWRS. Financial & Investment Management Group Ltd. purchased a new position in Global Water Resources during the third quarter valued at about $2,995,000. Bard Associates Inc. purchased a new position in Global Water Resources during the second quarter valued at about $1,492,000. State Street Corp purchased a new position in Global Water Resources during the second quarter valued at about $456,000. Diker Management LLC purchased a new position in Global Water Resources during the second quarter valued at about $416,000. Finally, WFG Advisors LP purchased a new position in Global Water Resources during the second quarter valued at about $325,000. 14.53% of the stock is currently owned by hedge funds and other institutional investors.
About Global Water Resources
Global Water Resources, Inc is a water resource management company that provides water, wastewater and recycled water utility services. The Company owns and operates 16 water and wastewater utilities in strategically targeted communities in metropolitan Phoenix, Arizona. It serves more than 60,000 people in approximately 23,000 homes within its 378 square miles of service areas; 206 square miles have been certificated and are serviced by seven regulated operating subsidiaries.
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