Gemmer Asset Management LLC Raises Stock Position in PG&E Co. (NYSE:PCG)

Gemmer Asset Management LLC lifted its holdings in shares of PG&E Co. (NYSE:PCG) by 39.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,282 shares of the utilities provider’s stock after purchasing an additional 10,848 shares during the period. Gemmer Asset Management LLC’s holdings in PG&E were worth $668,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in shares of PG&E during the 4th quarter valued at $394,285,000. Balyasny Asset Management L.P. acquired a new stake in PG&E during the fourth quarter worth about $142,612,000. Capital International Investors raised its stake in PG&E by 7.1% during the fourth quarter. Capital International Investors now owns 116,093,791 shares of the utilities provider’s stock worth $2,093,198,000 after acquiring an additional 7,681,566 shares during the period. Vanguard Group Inc. grew its position in PG&E by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 282,332,215 shares of the utilities provider’s stock worth $4,731,888,000 after purchasing an additional 5,635,693 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in PG&E by 534.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,314,611 shares of the utilities provider’s stock worth $113,852,000 after purchasing an additional 5,319,289 shares during the last quarter. 78.56% of the stock is owned by hedge funds and other institutional investors.

PG&E Stock Performance

NYSE PCG traded up $0.09 on Tuesday, hitting $18.33. 7,892,512 shares of the stock were exchanged, compared to its average volume of 14,153,318. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.90 and a quick ratio of 0.86. The business’s fifty day moving average is $17.90 and its 200 day moving average is $17.32. PG&E Co. has a 52 week low of $14.71 and a 52 week high of $18.95. The company has a market capitalization of $47.92 billion, a PE ratio of 16.35 and a beta of 1.09.

PG&E (NYSE:PCG) last posted its quarterly earnings results on Thursday, July 25th. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.01. PG&E had a net margin of 10.22% and a return on equity of 11.76%. The firm had revenue of $5.99 billion for the quarter, compared to analyst estimates of $5.86 billion. During the same period in the prior year, the firm posted $0.23 earnings per share. The company’s quarterly revenue was up 13.2% compared to the same quarter last year. Research analysts anticipate that PG&E Co. will post 1.35 EPS for the current fiscal year.

PG&E Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a $0.01 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.04 annualized dividend and a dividend yield of 0.22%. PG&E’s dividend payout ratio is currently 3.57%.

Wall Street Analyst Weigh In

PCG has been the subject of several recent analyst reports. JPMorgan Chase & Co. upgraded shares of PG&E from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $19.00 to $22.00 in a report on Monday, June 10th. Mizuho upped their price target on shares of PG&E from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Wells Fargo & Company increased their target price on shares of PG&E from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Barclays raised their target price on shares of PG&E from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Citigroup raised their price target on shares of PG&E from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, PG&E presently has an average rating of “Moderate Buy” and an average target price of $20.44.

About PG&E

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.