March 5 was a big day for California Water Service Group (CWT) with 19 upper management and directors buying a total of over 690,000 shares. The total value of this insider cluster amounts to $1,424,718.
The day started off with CEO and Chairman Peter Nelson buying 12,504 shares of CWT for a total transaction amount of $257,832. Following suit, President and COO Martin Kropelnicki bought 7,753 shares. The day progressed with 17 other directors and vice presidents buying shares of California Water.
With a market cap of $877.5 million, California Water is based out of San Jose, Calif., and currently maintains six subsidiaries that provide water and wastewater utility services to over 2 million people throughout California, Washington, New Mexico and Hawaii. The company is currently 1 of 11 investor-owned water utilities corporations in the U.S., and is also the third largest.
Every March for the past three years has been marked by an insider cluster buy for California Water corporate governance.
This trade is the fourth buy for Nelson. As of March 5, he holds 219,672 shares. Nelson has served in various roles within California Water. He also serves as a director of the California Chamber of Commerce and chair of the Water Resources Committee. This also marks Kropelnicki’s fourth buy in to California Water. He now owns 47,988 shares of CWT.
California Water Service Group reported the total revenue for 2012 increased $58.2 million from 2011. The company also reported that its net income for 2012 was $48.8 million which demonstrated a 29.5% increase from the previous year.
Guru John Buckingham currently owns 117,092 shares of CWT.
For more information on the insider trades in California Water Service Group look at the CWT Insider Trade History.
- CEO Buys, CFO Buys: Stocks that are bought by their CEO/CFOs.
- Insider Cluster Buys: Stocks that multiple company officers and directors have bought.
- Double Buys:: Companies that both Gurus and Insiders are buying
- Triple Buys: Companies that both Gurus and Insiders are buying, and Company is buying back.