Northwestern Mutual Wealth Management Co. Decreases Stock Position in PG&E Co. (NYSE:PCG)

Northwestern Mutual Wealth Management Co. decreased its stake in shares of PG&E Co. (NYSE:PCG) by 33.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,497 shares of the utilities provider’s stock after selling 2,813 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in PG&E were worth $96,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Jupiter Asset Management Ltd. purchased a new stake in shares of PG&E during the first quarter worth approximately $2,153,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of PG&E by 19.8% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,486,117 shares of the utilities provider’s stock worth $41,667,000 after purchasing an additional 410,409 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in PG&E in the first quarter valued at $2,377,000. Scientech Research LLC acquired a new position in shares of PG&E during the 2nd quarter worth about $1,122,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of PG&E by 808.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,243,020 shares of the utilities provider’s stock valued at $21,703,000 after acquiring an additional 1,106,200 shares during the last quarter. Institutional investors and hedge funds own 78.56% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Bank of America started coverage on PG&E in a research note on Thursday, September 12th. They set a “buy” rating and a $24.00 target price for the company. Citigroup upped their target price on shares of PG&E from $19.00 to $21.00 and gave the company a “buy” rating in a report on Friday, June 14th. Wells Fargo & Company lifted their price target on shares of PG&E from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Morgan Stanley upped their price objective on shares of PG&E from $19.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Finally, UBS Group raised their price objective on PG&E from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.80.

Insider Transactions at PG&E

In other PG&E news, VP Stephanie N. Williams sold 38,601 shares of PG&E stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $18.32, for a total value of $707,170.32. Following the sale, the vice president now owns 19,114 shares of the company’s stock, valued at approximately $350,168.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.15% of the company’s stock.

PG&E Price Performance

Shares of PCG opened at $19.63 on Friday. The company has a market capitalization of $56.52 billion, a price-to-earnings ratio of 17.53, a price-to-earnings-growth ratio of 1.50 and a beta of 1.01. PG&E Co. has a fifty-two week low of $15.59 and a fifty-two week high of $20.65. The firm has a 50-day simple moving average of $19.29 and a 200-day simple moving average of $18.19. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.86 and a current ratio of 0.90.

PG&E (NYSE:PCG) last announced its earnings results on Thursday, July 25th. The utilities provider reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.01. PG&E had a return on equity of 11.76% and a net margin of 10.22%. The company had revenue of $5.99 billion for the quarter, compared to the consensus estimate of $5.86 billion. During the same period last year, the business posted $0.23 EPS. The company’s revenue was up 13.2% on a year-over-year basis. On average, equities research analysts anticipate that PG&E Co. will post 1.36 earnings per share for the current year.

PG&E Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.20%. The ex-dividend date of this dividend is Monday, September 30th. PG&E’s dividend payout ratio (DPR) is presently 3.57%.

PG&E Profile

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.