Hartford Investment Management Co. Cuts Stock Position in PG&E Co. (NYSE:PCG)

Hartford Investment Management Co. trimmed its position in PG&E Co. (NYSE:PCG) by 1.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 135,309 shares of the utilities provider’s stock after selling 2,053 shares during the period. Hartford Investment Management Co.’s holdings in PG&E were worth $2,675,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the company. Jupiter Asset Management Ltd. acquired a new position in shares of PG&E during the first quarter worth about $2,153,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of PG&E by 19.8% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,486,117 shares of the utilities provider’s stock worth $41,667,000 after buying an additional 410,409 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in shares of PG&E in the 1st quarter valued at approximately $2,377,000. Scientech Research LLC purchased a new stake in shares of PG&E in the second quarter valued at approximately $1,122,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in PG&E by 808.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,243,020 shares of the utilities provider’s stock worth $21,703,000 after acquiring an additional 1,106,200 shares during the period. Hedge funds and other institutional investors own 78.56% of the company’s stock.

Insider Activity at PG&E

In other news, VP Stephanie N. Williams sold 38,601 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $18.32, for a total value of $707,170.32. Following the transaction, the vice president now directly owns 19,114 shares in the company, valued at $350,168.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.15% of the stock is owned by insiders.

PG&E Stock Up 0.0 %

PCG stock opened at $20.58 on Thursday. PG&E Co. has a one year low of $15.59 and a one year high of $20.67. The stock has a market capitalization of $59.26 billion, a P/E ratio of 18.38, a PEG ratio of 1.56 and a beta of 1.01. The company has a 50 day moving average price of $19.68 and a two-hundred day moving average price of $18.44. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.86 and a current ratio of 0.90.

PG&E (NYSE:PCG) last released its earnings results on Thursday, July 25th. The utilities provider reported $0.31 EPS for the quarter, beating the consensus estimate of $0.30 by $0.01. PG&E had a return on equity of 11.76% and a net margin of 10.22%. The firm had revenue of $5.99 billion during 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 business’s quarterly revenue was up 13.2% compared to the same quarter last year. As a group, sell-side analysts expect that PG&E Co. will post 1.36 EPS for the current year.

PG&E Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.19%. The ex-dividend date of this dividend was Monday, September 30th. PG&E’s dividend payout ratio (DPR) is currently 3.57%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Wells Fargo & Company upped their price target on shares of PG&E from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Jefferies Financial Group assumed coverage on shares of PG&E in a research report on Monday, October 14th. They set a “buy” rating and a $24.00 target price on the stock. Bank of America began coverage on shares of PG&E in a research report on Thursday, September 12th. They set a “buy” rating and a $24.00 price target for the company. Barclays upped their price target on PG&E from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Morgan Stanley lifted their price objective on PG&E from $19.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $22.80.

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.