Man Group plc Sells 378,672 Shares of PG&E Co. (NYSE:PCG)

Man Group plc lessened its holdings in PG&E Co. (NYSE:PCG) by 61.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 236,812 shares of the utilities provider’s stock after selling 378,672 shares during the period. Man Group plc’s holdings in PG&E were worth $4,779,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. New York State Teachers Retirement System increased its position in PG&E by 8.2% in the fourth quarter. New York State Teachers Retirement System now owns 1,974,070 shares of the utilities provider’s stock worth $39,837,000 after purchasing an additional 148,860 shares during the last quarter. Atria Wealth Solutions Inc. bought a new stake in PG&E in the fourth quarter worth $466,000. Merit Financial Group LLC bought a new stake in PG&E in the fourth quarter worth $336,000. Mediolanum International Funds Ltd increased its position in PG&E by 327.7% in the fourth quarter. Mediolanum International Funds Ltd now owns 167,580 shares of the utilities provider’s stock worth $3,365,000 after purchasing an additional 128,396 shares during the last quarter. Finally, Union Bancaire Privee UBP SA bought a new stake in PG&E in the fourth quarter worth $1,862,000. Institutional investors own 78.56% of the company’s stock.

PG&E Stock Up 0.1%

Shares of PCG opened at $17.75 on Wednesday. The firm has a market capitalization of $47.49 billion, a P/E ratio of 15.43, a P/E/G ratio of 1.09 and a beta of 0.63. PG&E Co. has a 12-month low of $14.99 and a 12-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 firm has a fifty day moving average price of $17.06 and a 200-day moving average price of $17.89.

PG&E (NYSE:PCG) last issued its earnings results on Thursday, April 24th. The utilities provider reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). The company had revenue of $5.98 billion for the quarter, compared to analysts’ expectations of $6.23 billion. PG&E had a net margin of 10.27% and a return on equity of 10.94%. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.37 earnings per share. Equities research analysts expect that PG&E Co. will post 1.49 earnings per share for the current year.

PG&E Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date of this dividend was Monday, March 31st. PG&E’s dividend payout ratio is currently 9.17%.

Insider Buying and Selling

In other news, Director Arno Lockheart Harris acquired 6,389 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were purchased at an average price of $15.66 per share, with a total value of $100,051.74. Following the transaction, the director now directly owns 14,864 shares in the company, valued at approximately $232,770.24. This represents a 75.39% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Carla J. Peterman sold 32,521 shares of PG&E stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $16.37, for a total transaction of $532,368.77. Following the completion of the transaction, the executive vice president now directly owns 183,635 shares in the company, valued at approximately $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 owned by insiders.

Analyst Upgrades and Downgrades

PCG has been the topic of several research reports. JPMorgan Chase & Co. restated an “overweight” rating and issued a $22.00 price target on shares of PG&E in a research report on Wednesday, February 12th. BMO Capital Markets dropped their price objective on shares of PG&E from $23.00 to $22.00 and set an “outperform” rating for the company in a research note on Monday, April 14th. Mizuho lifted their price objective on shares of PG&E from $20.00 to $21.00 and gave the stock an “outperform” rating in a research note on Monday. Evercore ISI lifted their price objective on shares of PG&E from $15.00 to $17.00 and gave the stock an “in-line” rating in a research note on Monday, April 28th. Finally, Guggenheim lifted their price objective on shares of PG&E from $16.00 to $17.00 and gave the stock a “neutral” rating in a research note on Friday, April 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.71.

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.