Consolidated Water (NASDAQ:CWCO) Sets New 12-Month High Following Better-Than-Expected Earnings

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

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

Consolidated Water Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Wall Street Zen downgraded shares of Consolidated Water from a “buy” rating to a “hold” rating in a research report on Saturday. Roth Capital increased their target price on shares of Consolidated Water from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, August 13th. Finally, Weiss Ratings raised shares of Consolidated Water from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $40.00.

Insider Buying and Selling

In other Consolidated Water news, Director Raymond Whittaker sold 4,755 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were 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 represents a 82.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 6.25% of the company’s stock.

Institutional Investors Weigh In On Consolidated Water

Hedge funds and other institutional investors have recently made changes to their positions in the business. Avantax Advisory Services Inc. bought a new stake in Consolidated Water during the first quarter worth $244,000. Goldman Sachs Group Inc. boosted its holdings in 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 acquiring an additional 13,061 shares during the last quarter. Seizert Capital Partners LLC purchased a new position in Consolidated Water during the 1st quarter worth $3,687,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Consolidated Water in the 1st quarter worth $273,000. Finally, TrueMark Investments LLC purchased a new stake in shares of Consolidated Water in the second quarter valued at about $1,490,000. 55.16% of the stock is owned by institutional investors.

Consolidated Water Stock Up 7.0%

The company has a market capitalization of $588.74 million, a P/E ratio of 39.39 and a beta of 0.51. The business’s 50-day moving average is $34.36 and its two-hundred day moving average is $30.71.

Consolidated Water Company Profile

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.