WINTON GROUP Ltd cut its position in PG&E Co. (NYSE:PCG) by 42.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,356 shares of the utilities provider’s stock after selling 4,774 shares during the period. WINTON GROUP Ltd’s holdings in PG&E were worth $271,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. CenterStar Asset Management LLC grew its stake in PG&E by 201.2% during the second quarter. CenterStar Asset Management LLC now owns 2,980 shares of the utilities provider’s stock valued at $127,000 after acquiring an additional 5,924 shares in the last quarter. Gradient Investments LLC purchased a new position in PG&E during the second quarter valued at $146,000. Cerebellum GP LLC purchased a new position in PG&E during the second quarter valued at $176,000. First Foundation Advisors purchased a new position in PG&E during the first quarter valued at $200,000. Finally, Alpine Woods Capital Investors LLC purchased a new position in PG&E during the second quarter valued at $204,000. 81.44% of the stock is owned by hedge funds and other institutional investors.
PCG has been the subject of several research analyst reports. Wells Fargo & Co cut their target price on shares of PG&E from $48.00 to $46.00 and set a “hold” rating for the company in a research note on Monday, June 11th. Morgan Stanley cut their target price on shares of PG&E from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Wednesday, June 13th. Citigroup reaffirmed a “hold” rating and set a $45.00 target price (down from $46.00) on shares of PG&E in a research note on Friday, July 6th. Bank of America raised their target price on shares of PG&E from $43.00 to $50.00 and gave the company a “neutral” rating in a research note on Monday, July 9th. Finally, Barclays began coverage on shares of PG&E in a research report on Tuesday, July 10th. They set an “equal weight” rating and a $53.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $51.28.
PG&E (NYSE:PCG) last released its quarterly earnings data on Thursday, July 26th. The utilities provider reported $1.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.22. PG&E had a net margin of 0.80% and a return on equity of 10.20%. The business had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.32 billion. During the same quarter last year, the business earned $0.86 earnings per share. PG&E’s quarterly revenue was down .4% compared to the same quarter last year. Research analysts anticipate that PG&E Co. will post 3.79 EPS for the current fiscal year.
In other PG&E news, COO Nickolas Stavropoulos sold 1,161 shares of the stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $44.79, for a total transaction of $52,001.19. Following the completion of the transaction, the chief operating officer now owns 78,223 shares in the company, valued at $3,503,608.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is owned by company insiders.
PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to residential, commercial, industrial, and agricultural customers in northern and central California, the United States. The company's electricity distribution network consists of approximately 107,200 circuit miles of distribution lines, 59 transmission switching substations, and 605 distribution substations; and electricity transmission network comprises approximately 19,200 circuit miles of interconnected transmission lines and 92 electric transmission substations.
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