iA Global Asset Management Inc. Increases Stock Holdings in PG&E Co. (NYSE:PCG)

iA Global Asset Management Inc. increased its holdings in shares of PG&E Co. (NYSE:PCG) by 326.0% during the 4th quarter, Holdings Channel reports. The institutional investor owned 134,370 shares of the utilities provider’s stock after purchasing an additional 102,825 shares during the period. iA Global Asset Management Inc.’s holdings in PG&E were worth $2,712,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PCG. FMR LLC grew its stake in PG&E by 5.1% during the 3rd quarter. FMR LLC now owns 176,839,426 shares of the utilities provider’s stock worth $3,496,115,000 after buying an additional 8,604,396 shares during the last quarter. State Street Corp grew its stake in PG&E by 5.0% during the 3rd quarter. State Street Corp now owns 108,953,808 shares of the utilities provider’s stock valued at $2,155,093,000 after purchasing an additional 5,191,463 shares during the last quarter. Brookfield Corp ON grew its stake in PG&E by 45.6% during the 3rd quarter. Brookfield Corp ON now owns 12,643,085 shares of the utilities provider’s stock valued at $249,954,000 after purchasing an additional 3,958,495 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in PG&E by 2.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 104,846,953 shares of the utilities provider’s stock valued at $2,072,824,000 after purchasing an additional 2,936,763 shares during the last quarter. Finally, Duff & Phelps Investment Management Co. grew its stake in PG&E by 91.2% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 4,027,434 shares of the utilities provider’s stock valued at $79,622,000 after purchasing an additional 1,920,734 shares during the last quarter. 78.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Arno Lockheart Harris bought 6,389 shares of PG&E stock in a transaction on Thursday, February 20th. The stock was acquired at an average price of $15.66 per share, with a total value of $100,051.74. Following the completion of the acquisition, the director now directly owns 14,864 shares of the company’s stock, valued at $232,770.24. The trade was a 75.39 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Carla J. Peterman sold 32,521 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $16.37, for a total value of $532,368.77. Following the transaction, the executive vice president now directly owns 183,635 shares of the company’s stock, valued at $3,006,104.95. The trade was a 15.05 % decrease in their position. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by insiders.

PG&E Stock Performance

NYSE PCG opened at $17.20 on Friday. The stock has a market capitalization of $45.93 billion, a price-to-earnings ratio of 14.95, a PEG ratio of 1.09 and a beta of 1.04. PG&E Co. has a twelve month low of $14.99 and a twelve month high of $21.72. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 1.86. The stock has a 50-day moving average of $16.17 and a 200 day moving average of $18.81.

PG&E (NYSE:PCG) last released its quarterly earnings results on Thursday, February 13th. The utilities provider reported $0.31 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.31. The company had revenue of $6.63 billion during the quarter, compared to analysts’ expectations of $7.29 billion. PG&E had a return on equity of 10.94% and a net margin of 10.27%. During the same quarter in the prior year, the firm posted $0.47 EPS. Sell-side analysts anticipate that PG&E Co. will post 1.49 EPS for the current fiscal year.

PG&E Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.025 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.10 dividend on an annualized basis and a yield of 0.58%. PG&E’s payout ratio is 8.70%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PCG. BMO Capital Markets boosted their price target on PG&E from $21.00 to $23.00 and gave the company an “outperform” rating in a research note on Tuesday, February 18th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $22.00 price target on shares of PG&E in a research note on Wednesday, February 12th. Guggenheim downgraded PG&E from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 18th. UBS Group downgraded PG&E from a “buy” rating to a “neutral” rating and dropped their price target for the company from $22.00 to $19.00 in a research note on Wednesday. Finally, Mizuho upped their target price on PG&E from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.05.

PG&E Company Profile

PG&E Corp. operates as a holding company, which engages in generation, transmission, and distribution of electricity and natural gas to customers. It specializes in energy, utility, power, gas, electricity, solar and sustainability. The company was founded in 1995 and is headquartered in Oakland, CA.