Polymer Capital Management US LLC Buys Shares of 247,995 PG&E Co. (NYSE:PCG)

Polymer Capital Management US LLC purchased a new stake in shares of PG&E Co. (NYSE:PCG) in the fourth quarter, according to its most recent 13F filing with the SEC. The fund purchased 247,995 shares of the utilities provider’s stock, valued at approximately $5,005,000. PG&E makes up 1.4% of Polymer Capital Management US LLC’s investment portfolio, making the stock its 15th largest position.

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in PG&E by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 254,358,968 shares of the utilities provider’s stock worth $5,132,964,000 after purchasing an additional 6,151,233 shares during the period. Geode Capital Management LLC boosted its stake in PG&E by 4.3% in the 4th quarter. Geode Capital Management LLC now owns 51,988,553 shares of the utilities provider’s stock worth $1,046,462,000 after purchasing an additional 2,151,494 shares in the last quarter. Norges Bank purchased a new stake in PG&E during the 4th quarter valued at $591,625,000. Pictet Asset Management Holding SA boosted its holdings in shares of PG&E by 0.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 17,385,629 shares of the utilities provider’s stock valued at $350,842,000 after acquiring an additional 82,705 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in PG&E by 4.1% during the 3rd quarter. Franklin Resources Inc. now owns 17,116,725 shares of the utilities provider’s stock valued at $346,443,000 after buying an additional 681,369 shares during the last quarter. Institutional investors own 78.56% of the company’s stock.

PG&E Stock Performance

NYSE PCG opened at $16.46 on Monday. The stock has a market capitalization of $43.97 billion, a PE ratio of 14.31, a P/E/G ratio of 1.09 and a beta of 0.70. PG&E Co. has a 1-year low of $14.99 and a 1-year high of $21.72. The business has a 50 day simple moving average of $16.25 and a two-hundred day simple moving average of $18.58. The company has a debt-to-equity ratio of 1.86, a current ratio of 1.05 and a quick ratio of 1.00.

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

PG&E Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.025 per share. The ex-dividend date is Monday, March 31st. This represents a $0.10 annualized dividend and a yield of 0.61%. PG&E’s payout ratio is currently 8.70%.

Analyst Upgrades and Downgrades

Several analysts recently commented on PCG shares. Guggenheim lowered PG&E from a “buy” rating to a “neutral” rating in a report on Tuesday, February 18th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $22.00 price target on shares of PG&E in a research report on Wednesday, February 12th. Morgan Stanley boosted their price objective on shares of PG&E from $16.50 to $17.50 and gave the company an “underweight” rating in a research report on Thursday, March 20th. Barclays decreased their target price on PG&E from $24.00 to $23.00 and set an “overweight” rating on the stock in a report on Monday, January 27th. Finally, 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 report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.05.

Insider Buying and Selling at PG&E

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

About PG&E

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.