Allspring Global Investments Holdings LLC Grows Position in PG&E Co. (NYSE:PCG)

Allspring Global Investments Holdings LLC boosted its holdings in PG&E Co. (NYSE:PCG – Get Rating) by 16.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 275,379 shares of the utilities provider’s stock after acquiring an additional 39,048 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in PG&E were worth $3,441,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the business. Retirement Group LLC raised its position in PG&E by 3.3% in the second quarter. Retirement Group LLC now owns 31,831 shares of the utilities provider’s stock worth $318,000 after acquiring an additional 1,016 shares in the last quarter. Concourse Financial Group Securities Inc. increased its position in shares of PG&E by 21.1% in the second quarter. Concourse Financial Group Securities Inc. now owns 6,360 shares of the utilities provider’s stock valued at $63,000 after buying an additional 1,106 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of PG&E by 3.8% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,636 shares of the utilities provider’s stock valued at $366,000 after buying an additional 1,122 shares in the last quarter. FirstPurpose Wealth LLC increased its position in shares of PG&E by 10.3% in the second quarter. FirstPurpose Wealth LLC now owns 12,110 shares of the utilities provider’s stock valued at $121,000 after buying an additional 1,132 shares in the last quarter. Finally, Capital Group International Inc. CA increased its position in shares of PG&E by 0.4% in the first quarter. Capital Group International Inc. CA now owns 348,323 shares of the utilities provider’s stock valued at $4,159,000 after buying an additional 1,238 shares in the last quarter. Hedge funds and other institutional investors own 83.63% of the company’s stock.

PG&E Price Performance

PG&E stock opened at $15.87 on Wednesday. PG&E Co. has a 1 year low of $9.64 and a 1 year high of $16.49. The firm has a 50 day moving average price of $15.61 and a 200 day moving average price of $13.64. The company has a market cap of $39.13 billion, a price-to-earnings ratio of 19.35, a PEG ratio of 5.08 and a beta of 1.10. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.82 and a current ratio of 0.87.

PG&E (NYSE:PCG – Get Rating) last released its earnings results on Thursday, October 27th. The utilities provider reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.05. PG&E had a net margin of 8.21% and a return on equity of 10.92%. The firm had revenue of $5.39 billion during the quarter, compared to the consensus estimate of $5.95 billion. Sell-side analysts predict that PG&E Co. will post 1.11 earnings per share for the current year.

Insider Activity at PG&E

In related news, major shareholder Pg&E Fire Victim Trust sold 60,000,000 shares of the business’s stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $15.26, for a total value of $915,600,000.00. Following the completion of the sale, the insider now directly owns 187,743,590 shares in the company, valued at $2,864,967,183.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.06% of the stock is owned by insiders.

Analysts Set New Price Targets

PCG has been the subject of a number of research analyst reports. Morgan Stanley raised their price target on PG&E from $12.50 to $14.00 and gave the company an “equal weight” rating in a research report on Friday, November 11th. StockNews.com initiated coverage on PG&E in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Jefferies Financial Group restated a “neutral” rating and issued a $17.00 price target on shares of PG&E in a research report on Tuesday, January 3rd. Royal Bank of Canada raised their price target on PG&E from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, October 7th. Finally, Citigroup increased their price objective on PG&E from $14.00 to $19.00 in a research note on Friday, October 28th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, PG&E has a consensus rating of “Moderate Buy” and a consensus target price of $17.44.

PG&E Profile

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PG&E Corp. is 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 San Francisco, CA.