Allspring Global Investments Holdings LLC Raises Holdings in PG&E Co. (NYSE:PCG)

Allspring Global Investments Holdings LLC boosted its holdings in shares of PG&E Co. (NYSE:PCG) by 8.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 136,820 shares of the utilities provider’s stock after buying an additional 10,499 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in PG&E were worth $2,293,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in PG&E by 8.8% during the third quarter. Vanguard Group Inc. now owns 268,407,694 shares of the utilities provider’s stock valued at $4,329,416,000 after buying an additional 21,731,911 shares during the period. Capital International Investors grew its holdings in PG&E by 7.1% in the fourth quarter. Capital International Investors now owns 116,093,791 shares of the utilities provider’s stock worth $2,093,198,000 after purchasing an additional 7,681,566 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in PG&E by 1.2% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 84,516,243 shares of the utilities provider’s stock worth $1,523,828,000 after purchasing an additional 993,923 shares during the last quarter. Third Point LLC grew its holdings in PG&E by 1.8% in the fourth quarter. Third Point LLC now owns 57,860,000 shares of the utilities provider’s stock worth $1,043,216,000 after purchasing an additional 1,000,000 shares during the last quarter. Finally, Blackstone Inc. grew its holdings in PG&E by 1.0% in the fourth quarter. Blackstone Inc. now owns 48,578,945 shares of the utilities provider’s stock worth $875,878,000 after purchasing an additional 500,000 shares during the last quarter. 78.56% of the stock is owned by hedge funds and other institutional investors.

PG&E Trading Down 0.5 %

Shares of PG&E stock opened at $17.08 on Wednesday. The firm has a 50-day simple moving average of $17.93 and a two-hundred day simple moving average of $17.24. The company has a market cap of $49.18 billion, a P/E ratio of 15.25 and a beta of 1.08. PG&E Co. has a fifty-two week low of $14.71 and a fifty-two week high of $18.95. The company has a debt-to-equity ratio of 2.08, a quick ratio of 0.93 and a current ratio of 0.99.

PG&E (NYSE:PCG) last released its quarterly earnings results on Thursday, April 25th. The utilities provider reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.02. PG&E had a net margin of 10.05% and a return on equity of 11.32%. The firm had revenue of $5.86 billion during the quarter, compared to the consensus estimate of $6.60 billion. During the same quarter in the prior year, the firm earned $0.29 EPS. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. As a group, equities analysts predict that PG&E Co. will post 1.35 earnings per share for the current fiscal year.

PG&E Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be paid a dividend of $0.01 per share. The ex-dividend date is Friday, June 28th. This represents a $0.04 annualized dividend and a yield of 0.23%. PG&E’s dividend payout ratio is presently 3.57%.

Insider Activity at PG&E

In other news, CEO Patricia K. Poppe sold 59,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $17.08, for a total value of $1,007,720.00. Following the completion of the sale, the chief executive officer now owns 1,515,777 shares of the company’s stock, valued at approximately $25,889,471.16. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised shares of PG&E from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $19.00 to $22.00 in a report on Monday, June 10th. Morgan Stanley dropped their price objective on shares of PG&E from $18.00 to $17.00 and set an “equal weight” rating on the stock in a report on Monday, June 24th. Mizuho boosted their price objective on shares of PG&E from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, May 17th. Barclays dropped their price objective on shares of PG&E from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Monday, June 17th. Finally, The Goldman Sachs Group began coverage on shares of PG&E in a research report on Wednesday, April 10th. They set a “buy” rating and a $21.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.11.

PG&E Profile

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.