Magellan Asset Management Ltd cut its position in shares of American Water Works Company Inc (NYSE:AWK) by 32.3% in the first quarter, Holdings Channel reports. The institutional investor owned 1,126,727 shares of the utilities provider’s stock after selling 537,213 shares during the period. American Water Works comprises approximately 0.4% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 25th biggest holding. Magellan Asset Management Ltd’s holdings in American Water Works were worth $117,473,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently made changes to their positions in the stock. Barrett Asset Management LLC acquired a new stake in American Water Works in the first quarter valued at about $25,000. Larson Financial Group LLC acquired a new stake in shares of American Water Works during the 4th quarter worth about $28,000. Citizens Financial Group Inc RI acquired a new stake in shares of American Water Works during the 1st quarter worth about $30,000. Capital Financial Planning LLC acquired a new stake in shares of American Water Works during the 4th quarter worth about $31,000. Finally, Financial Gravity Companies Inc. acquired a new stake in shares of American Water Works during the 4th quarter worth about $32,000. 84.42% of the stock is owned by institutional investors.
AWK traded up $1.17 during trading on Wednesday, reaching $116.55. The company had a trading volume of 22,707 shares, compared to its average volume of 996,375. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.30 and a current ratio of 0.32. American Water Works Company Inc has a 12 month low of $78.04 and a 12 month high of $119.28. The firm has a market cap of $20.91 billion, a P/E ratio of 35.34, a PEG ratio of 4.00 and a beta of 0.19.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 4th. Stockholders of record on Monday, May 13th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date was Friday, May 10th. This is a positive change from American Water Works’s previous quarterly dividend of $0.46. American Water Works’s payout ratio is currently 60.61%.
A number of brokerages recently issued reports on AWK. Zacks Investment Research cut shares of American Water Works from a “buy” rating to a “hold” rating in a research report on Friday, May 3rd. Boenning Scattergood reaffirmed a “hold” rating on shares of American Water Works in a research note on Thursday, May 2nd. Wells Fargo & Co reaffirmed a “hold” rating on shares of American Water Works in a research note on Monday. Janney Montgomery Scott reaffirmed a “buy” rating and issued a $102.00 price target on shares of American Water Works in a research note on Thursday, February 21st. Finally, Bank of America lifted their price target on shares of American Water Works from $92.00 to $103.00 and gave the company a “neutral” rating in a research note on Thursday, February 21st. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $109.67.
In other news, COO Walter Lynch sold 3,372 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $112.90, for a total value of $380,698.80. Following the sale, the chief operating officer now owns 106,666 shares of the company’s stock, valued at $12,042,591.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Susan N. Story sold 28,457 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $113.84, for a total transaction of $3,239,544.88. The disclosure for this sale can be found here. In the last three months, insiders sold 66,556 shares of company stock worth $7,477,635. 0.36% of the stock is currently owned by insiders.
About American Water Works
American Water Works Company, Inc, through its subsidiaries, provides water and wastewater services in the United States and Canada. It offers water and wastewater services to approximately 1,600 communities in 16 states serving approximately 3.4 million active customers. The company serves residential customers; commercial customers, such as food and beverage providers, commercial property developers and proprietors, and energy suppliers; fire service and private fire customers; industrial customers, such as large-scale manufacturers, mining, and production operations; public authorities comprising government buildings and other public sector facilities; and other utilities and community water and wastewater systems.
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