Stock in News Spotlight: Connecticut Water Service, Inc. (NASDAQ:CTWS)

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Connecticut Water Service, Inc. (NASDAQ:CTWS) stock recently located move of -0.70% off 52-week high price and identified change of 42.26% away from 52-week low price. CTWS stock has been recorded 0.48% away from 50 day moving average and 7.76% away from 200 day moving average. Moving closer, we can see that shares have been trading 0.07% off 20-day moving average. It has market worth of $837.6M and dividend yield of 1.80%.

Connecticut Water Service, Inc. (NASDAQ:CTWS) reported that its shareholders overwhelmingly voted to approve the Company’s proposed merger agreement with SJW Group (NYSE: SJW) at the Special Meeting of Shareholders held today.

Carol P. Wallace, Chairman of the Connecticut Water Service Board of Directors, said, “We appreciate the strong support from our shareholders and look forward to delivering significant value to our shareholders and meaningful benefits to our customers, employees and the communities we serve. Together with SJW Group, we will create a new leading, national, pure-play water company focused on reliability, superior service and environmental stewardship. Following the close of the transaction, Connecticut Water will continue to be led locally with a New England regional headquarters in Connecticut. The same trusted team of passionate, dedicated employees who support our company and operating utilities today will continue to support our company and operating utilities after the transaction closes. We are excited about our future with SJW Group.”

Approximately 92.5% of the shares voted at the Special Meeting were voted in favor of the SJW Group merger agreement, representing approximately 68.7% of Connecticut Water’s outstanding common stock entitled to vote at the Special Meeting. Connecticut Water will file the final vote results, as certified by the independent Inspector of Election, with the U.S. Securities and Exchange Commission (the “SEC”) on a Form 8-K.

The transaction remains on track to close in the first quarter of 2019, subject to customary closing conditions and regulatory approvals. As previously announced, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act was terminated early on April 27, 2018. Applications to obtain regulatory approvals of the merger were filed with the Connecticut Public Utilities Regulatory Authority and the Maine Public Utilities Commission on July 18, 2018 and May 4, 2018, respectively.

Upon completion of the proposed transaction, Connecticut Water’s shareholders will receive $70.00 in cash for each share of Connecticut Water common stock owned.

The Financial sector company, Connecticut Water Service noticed change of -0.49% to $69.51 along volume of 37252 shares in recent session compared to an average volume of 43.3K. The stock observed return of -0.46% in 5 days trading activity. The stock was at -0.16% over one month performance. CTWS’s shares are at 0.75% for the quarter and driving a 14.12% return over the course of the past year and is now at 21.08% since this point in 2018.

The average volatility for the week at 0.63% and for month was at 0.70%. There are 12.05M shares outstanding and 11.8M shares are floated in market. Right now the stock beta is -0.1.

Cesar Melton is an author, journalist and CEO of mosttradedstocks.com, a leading stocks and markets website. He has more than 5 years of experience in institutional investment markets, including fixed income, equities, derivatives and real estate. He has a Bachelor in Business Administration with a major in Finance. He bought his first stocks in a private business at age 15 and made his first public stock trade at 23. Cesar has always been interested in the stock market and how it behaves.

As the dad of two children, he’s made saving money and investing for them a high priority. Over many years of investing, he has made some wise choices and he’s made many mistakes. But he’s learned from both. Mr. Cesar observations and experience give him the insight to stock market patterns and the investor behaviors that create them.

Email: Cesar@mosttradedstocks.com 

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