Consolidated Water Co. (NASDAQ:CWCO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued 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) “
Consolidated Water (NASDAQ:CWCO) opened at 11.98 on Tuesday. The company has a 50 day moving average price of $12.56 and a 200 day moving average price of $12.90. Consolidated Water has a 12 month low of $10.23 and a 12 month high of $14.69. The firm has a market capitalization of $177.48 million, a price-to-earnings ratio of 23.22 and a beta of 0.85.
Consolidated Water (NASDAQ:CWCO) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $0.15 EPS for the quarter, missing the Zacks’ 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 anticipate that Consolidated Water will post $0.60 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Monday, October 3rd will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date is Thursday, September 29th. Consolidated Water’s payout ratio is 57.69%.
In other news, Director Richard Finlay purchased 10,000 shares of the business’s stock in a transaction dated Wednesday, August 31st. The shares were purchased at an average cost of $12.73 per share, with a total value of $127,300.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 3.18% of the company’s stock.
Several hedge funds have recently made changes to their positions in CWCO. Renaissance Technologies LLC raised its stake in shares of 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 raised its stake in shares of 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. raised its stake in shares of 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. raised its stake in shares of 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 raised its stake in shares of 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 currently 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Consolidated Water Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Water Co. and related companies with MarketBeat.com's FREE daily email newsletter.