Sun Sep 15 12:39:10 UTC 2024: ## State of New Jersey Pension Fund Cuts Holdings in American Water Works

**New York, NY** – The State of New Jersey Common Pension Fund D trimmed its stake in American Water Works Company, Inc. (AWK) by 33.2% in the second quarter, according to the fund’s latest SEC filing. The pension fund now holds 63,112 shares of the utilities provider, valued at $8,152,000.

This move comes as part of a broader trend of institutional investors adjusting their positions in AWK. Other notable changes include:

* Ables Iannone Moore & Associates Inc. and ORG Partners LLC both initiated new positions in the company during the fourth quarter and second quarter respectively.
* Farmers & Merchants Investments Inc. and Tortoise Investment Management LLC increased their holdings in AWK during the first and fourth quarters, respectively.
* Quarry LP also established a new position in the fourth quarter.

Overall, institutional ownership in AWK stands at 86.58%.

Despite the recent shift in institutional holdings, AWK’s stock performance remains relatively stable. The stock opened at $148.13 on Friday and has a 1-year low of $113.34 and a 1-year high of $149.00.

The company also announced a quarterly dividend of $0.765 per share, payable on September 4th to shareholders of record on August 13th. This represents an annualized dividend of $3.06 and a dividend yield of 2.07%.

However, Wells Fargo & Company downgraded AWK to an “underweight” rating from “equal weight” and raised their target price to $138.00 from $127.00 on July 31st. Currently, two analysts rate the stock as a “sell,” two as “hold,” and one as a “buy,” resulting in an average rating of “hold” and a consensus target price of $135.60.

American Water Works provides water and wastewater services across 14 states, serving approximately 3.5 million customers. The company serves a diverse customer base, including residential, commercial, industrial, public authorities, and other utilities.

Read More