Artemis Investment Management LLP Invests $96.24 Million in PG&E Co. (NYSE:PCG)

Artemis Investment Management LLP purchased a new stake in shares of PG&E Co. (NYSE:PCG – Get Rating) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,077,658 shares of the utilities provider’s stock, valued at approximately $96,237,000. Artemis Investment Management LLP owned 0.33% of PG&E as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Moors & Cabot Inc. acquired a new position in shares of PG&E during the third quarter valued at $27,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of PG&E by 53.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,414 shares of the utilities provider’s stock valued at $42,000 after acquiring an additional 1,194 shares during the period. National Bank of Canada FI acquired a new position in shares of PG&E during the fourth quarter valued at $57,000. Covestor Ltd acquired a new position in shares of PG&E during the fourth quarter valued at $57,000. Finally, Deseret Mutual Benefit Administrators lifted its stake in shares of PG&E by 83.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 6,023 shares of the utilities provider’s stock valued at $73,000 after acquiring an additional 2,743 shares during the period. 75.20% of the stock is currently owned by institutional investors and hedge funds.

NYSE PCG opened at $10.24 on Friday. The firm has a market cap of $25.24 billion, a P/E ratio of 146.31, a P/E/G ratio of 3.76 and a beta of 1.18. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.63 and a quick ratio of 0.59. The stock’s 50-day moving average is $11.53 and its 200-day moving average is $11.80. PG&E Co. has a one year low of $8.24 and a one year high of $13.19.

PG&E (NYSE:PCG – Get Rating) last posted its quarterly earnings data on Thursday, April 28th. The utilities provider reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.04. The business had revenue of $5.80 billion during the quarter, compared to the consensus estimate of $5.15 billion. PG&E had a return on equity of 10.75% and a net margin of 1.21%. PG&E’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period last year, the company earned $0.23 earnings per share. Equities analysts anticipate that PG&E Co. will post 1.09 EPS for the current year.

Several research firms have weighed in on PCG. UBS Group increased their target price on PG&E to $18.00 in a research note on Friday, June 3rd. Mizuho increased their target price on PG&E from $16.00 to $18.00 in a research note on Tuesday, April 12th. Morgan Stanley cut their target price on PG&E from $14.00 to $13.50 and set an “equal weight” rating on the stock in a research note on Monday, May 23rd. Credit Suisse Group began coverage on PG&E in a research report on Monday, April 25th. They set an “outperform” rating and a $17.00 price target on the stock. Finally, Seaport Res Ptn reaffirmed a “neutral” rating on shares of PG&E in a research report on Monday, June 13th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.10.

In related news, major shareholder Pg&E Fire Victim Trust sold 60,000,000 shares of the stock in a transaction dated Thursday, April 14th. The stock was sold at an average price of $12.04, for a total transaction of $722,400,000.00. Following the completion of the transaction, the insider now directly owns 377,743,590 shares in the company, valued at $4,548,032,823.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.06% of the stock is currently owned by company insiders.

PG&E Profile (Get Rating)

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.

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