Consolidated Water (NASDAQ:CWCO) Hits New 52-Week High on Better-Than-Expected Earnings

Shares of Consolidated Water Co. Ltd. (NASDAQ:CWCO) hit a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $37.07 and last traded at $37.1740, with a volume of 42726 shares trading hands. The stock had previously closed at $34.56.

The utilities provider reported $0.34 EPS for the quarter, beating the consensus estimate of $0.24 by $0.10. Consolidated Water had a net margin of 12.24% and a return on equity of 7.77%. The business had revenue of $35.12 million for the quarter, compared to analysts’ expectations of $32.90 million.

Consolidated Water Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 31st. Stockholders of record on Wednesday, October 1st were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Wednesday, October 1st. Consolidated Water’s dividend payout ratio (DPR) is 59.57%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CWCO shares. Weiss Ratings raised Consolidated Water from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, October 8th. Roth Capital boosted their price objective on Consolidated Water from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, August 13th. Finally, Wall Street Zen lowered shares of Consolidated Water from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $40.00.

Insiders Place Their Bets

In other Consolidated Water news, Director Raymond Whittaker sold 4,755 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $33.35, for a total transaction of $158,579.25. Following the transaction, the director owned 1,000 shares in the company, valued at approximately $33,350. This trade represents a 82.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 6.25% of the company’s stock.

Institutional Trading of Consolidated Water

A number of hedge funds have recently modified their holdings of CWCO. Avantax Advisory Services Inc. bought a new position in Consolidated Water in the first quarter valued at $244,000. Goldman Sachs Group Inc. boosted its stake in shares of Consolidated Water by 8.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 171,037 shares of the utilities provider’s stock worth $4,189,000 after buying an additional 13,061 shares during the last quarter. Seizert Capital Partners LLC bought a new position in shares of Consolidated Water in the 1st quarter valued at about $3,687,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Consolidated Water in the first quarter valued at about $273,000. Finally, TrueMark Investments LLC bought a new stake in Consolidated Water during the second quarter worth about $1,490,000. 55.16% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Water Price Performance

The firm has a 50-day moving average of $34.54 and a 200 day moving average of $30.85. The stock has a market capitalization of $588.98 million, a price-to-earnings ratio of 39.34 and a beta of 0.51.

About Consolidated Water

Consolidated Water Co Ltd., together with its subsidiaries, designs, constructs, manages, and operates water production and water treatment plants primarily in the Cayman Islands, the Bahamas, and the United States. The company operates through four segments: Retail, Bulk, Services, and Manufacturing.