PG&E Co. (PCG) Holdings Lessened by Achmea Investment Management B.V.
Achmea Investment Management B.V. trimmed its holdings in PG&E Co. (NYSE:PCG) by 63.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,507 shares of the utilities provider’s stock after selling 7,757 shares during the period. Achmea Investment Management B.V.’s holdings in PG&E were worth $207,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the business. BlackRock Inc. increased its holdings in shares of PG&E by 6.6% in the 2nd quarter. BlackRock Inc. now owns 47,850,122 shares of the utilities provider’s stock valued at $2,036,500,000 after acquiring an additional 2,951,423 shares during the last quarter. Wedge Capital Management L L P NC increased its holdings in shares of PG&E by 1,304.6% in the 2nd quarter. Wedge Capital Management L L P NC now owns 2,944,708 shares of the utilities provider’s stock valued at $125,327,000 after acquiring an additional 2,735,062 shares during the last quarter. Levin Capital Strategies L.P. increased its holdings in shares of PG&E by 182.5% in the 2nd quarter. Levin Capital Strategies L.P. now owns 3,251,422 shares of the utilities provider’s stock valued at $138,381,000 after acquiring an additional 2,100,406 shares during the last quarter. Thompson Siegel & Walmsley LLC bought a new stake in shares of PG&E in the 2nd quarter valued at approximately $59,684,000. Finally, Morgan Stanley increased its holdings in shares of PG&E by 41.6% in the 2nd quarter. Morgan Stanley now owns 3,438,543 shares of the utilities provider’s stock valued at $146,342,000 after acquiring an additional 1,009,616 shares during the last quarter. 80.90% of the stock is currently owned by institutional investors.
A number of brokerages have recently weighed in on PCG. Morgan Stanley downgraded PG&E from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $67.00 to $31.00 in a report on Thursday. Wolfe Research lowered their price target on PG&E from $50.00 to $40.00 in a report on Wednesday. Edward Jones downgraded PG&E from a “hold” rating to a “sell” rating in a report on Tuesday. ValuEngine downgraded PG&E from a “sell” rating to a “strong sell” rating in a report on Saturday, November 10th. Finally, Bank of America reiterated a “buy” rating and issued a $63.00 price target (up from $57.00) on shares of PG&E in a report on Tuesday, November 6th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $48.69.
PG&E (NYSE:PCG) last issued its quarterly earnings data on Monday, November 5th. The utilities provider reported $1.13 EPS for the quarter, missing the Zacks’ consensus estimate of $1.14 by ($0.01). The company had revenue of $4.38 billion for the quarter, compared to the consensus estimate of $4.77 billion. PG&E had a return on equity of 10.17% and a net margin of 0.89%. PG&E’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.12 earnings per share. On average, equities analysts forecast that PG&E Co. will post 3.82 earnings per share for the current fiscal year.
In related news, COO Nickolas Stavropoulos sold 1,161 shares of the company’s stock in a transaction on Wednesday, August 22nd. The stock was 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 directly owns 78,223 shares in the company, valued at approximately $3,503,608.17. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.14% of the stock is owned by corporate insiders.
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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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