Pictet Asset Management Holding SA Sells 1,060,817 Shares of Public Service Enterprise Group Incorporated $PEG

Pictet Asset Management Holding SA reduced its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 38.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,696,544 shares of the utilities provider’s stock after selling 1,060,817 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Public Service Enterprise Group were worth $114,245,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pegasus Asset Management Inc. lifted its holdings in Public Service Enterprise Group by 16.9% during the 3rd quarter. Pegasus Asset Management Inc. now owns 3,446 shares of the utilities provider’s stock worth $232,000 after buying an additional 497 shares in the last quarter. Parallel Advisors LLC boosted its position in Public Service Enterprise Group by 13.9% in the 3rd quarter. Parallel Advisors LLC now owns 5,327 shares of the utilities provider’s stock valued at $359,000 after buying an additional 652 shares during the last quarter. Ashton Thomas Private Wealth LLC increased its stake in shares of Public Service Enterprise Group by 3.7% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 5,075 shares of the utilities provider’s stock valued at $342,000 after buying an additional 181 shares during the period. CenterBook Partners LP acquired a new stake in shares of Public Service Enterprise Group in the 3rd quarter valued at $529,000. Finally, Heritage Family Offices LLP acquired a new stake in shares of Public Service Enterprise Group in the 3rd quarter valued at $83,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PEG. JPMorgan Chase & Co. dropped their target price on Public Service Enterprise Group from $81.00 to $77.00 and set a “neutral” rating for the company in a research report on Monday, October 19th. BTIG Research decreased their price target on Public Service Enterprise Group from $94.00 to $84.00 and set a “buy” rating on the stock in a report on Tuesday, October 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Public Service Enterprise Group in a report on Tuesday, November 3rd. Morgan Stanley lowered their price objective on Public Service Enterprise Group from $88.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, October 21st. Finally, Royal Bank Of Canada lowered their price objective on Public Service Enterprise Group from $81.00 to $76.00 in a research report on Monday, October 26th. Seven equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $79.32.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph LaRossa sold 2,083 shares of the stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $73.60, for a total value of $153,308.80. Following the transaction, the chief executive officer owned 276,487 shares of the company’s stock, valued at $20,349,443.20. This represents a 0.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Richard Thigpen sold 8,000 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $74.56, for a total value of $596,480.00. Following the completion of the transaction, the senior vice president directly owned 20,970 shares in the company, valued at approximately $1,563,523.20. This trade represents a 27.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 12,166 shares of company stock valued at $890,350 in the last quarter. Corporate insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Trading Down 0.1%

PEG opened at $72.52 on Monday. The firm has a 50 day simple moving average of $71.18 and a 200 day simple moving average of $77.90. Public Service Enterprise Group Incorporated has a fifty-two week low of $66.15 and a fifty-two week high of $87.63. The company has a market cap of $36.15 billion, a price-to-earnings ratio of 20.48, a price-to-earnings-growth ratio of 2.49 and a beta of 0.48. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.01 and a quick ratio of 0.78.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Monday, November 2nd. The utilities provider reported $1.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.04). Public Service Enterprise Group had a net margin of 14.31% and a return on equity of 12.40%. The business had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same period in the previous year, the business posted $1.13 earnings per share. Public Service Enterprise Group’s revenue was down 6.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 4.36 earnings per share for the current year.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group (PSEG) is an energy company headquartered in New Jersey. Its principal subsidiary, Public Service Electric and Gas Company (PSE&G), provides regulated electric and natural gas service to residential, commercial and industrial customers across much of the state.

PSE&G operates electric and gas transmission and distribution systems and offers energy-efficiency programs. Through its generation business, PSEG also operates nuclear power plants in New Jersey, producing electricity for the regional power market.

The company traces its roots to the Public Service Corporation of New Jersey, established in 1903, and serves customers primarily in New Jersey.