Bank of New York Mellon Corp Buys 5,232,503 Shares of PG&E Co. (NYSE:PCG)

Bank of New York Mellon Corp increased its stake in shares of PG&E Co. (NYSE:PCG – Get Rating) by 104.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,230,430 shares of the utilities provider’s stock after acquiring an additional 5,232,503 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.41% of PG&E worth $127,880,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of PCG. Coastal Investment Advisors Inc. grew its holdings in shares of PG&E by 1.2% in the third quarter. Coastal Investment Advisors Inc. now owns 60,803 shares of the utilities provider’s stock worth $760,000 after purchasing an additional 692 shares during the last quarter. Global Retirement Partners LLC increased its position in shares of PG&E by 11.0% in the third quarter. Global Retirement Partners LLC now owns 7,242 shares of the utilities provider’s stock valued at $108,000 after acquiring an additional 718 shares during the period. IFP Advisors Inc raised its stake in shares of PG&E by 3.4% during the third quarter. IFP Advisors Inc now owns 24,495 shares of the utilities provider’s stock valued at $1,026,000 after acquiring an additional 800 shares during the last quarter. Utah Retirement Systems boosted its holdings in shares of PG&E by 0.4% during the third quarter. Utah Retirement Systems now owns 277,620 shares of the utilities provider’s stock worth $3,470,000 after purchasing an additional 1,100 shares during the period. Finally, Concourse Financial Group Securities Inc. grew its stake 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 worth $63,000 after purchasing an additional 1,106 shares during the last quarter. 83.63% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, major shareholder Pg&E Fire Victim Trust sold 60,000,000 shares of the firm’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 transaction of $915,600,000.00. Following the completion of the sale, the insider now owns 187,743,590 shares of the company’s stock, valued at $2,864,967,183.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Patricia K. Poppe sold 66,700 shares of the firm’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $15.87, for a total transaction of $1,058,529.00. Following the sale, the chief executive officer now owns 1,269,325 shares of the company’s stock, valued at approximately $20,144,187.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Pg&E Fire Victim Trust sold 60,000,000 shares of the stock in a transaction 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 transaction, the insider now directly owns 187,743,590 shares in the company, valued at $2,864,967,183.40. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company’s stock.

PG&E Stock Performance

Shares of PCG opened at $16.10 on Friday. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 2.07. The stock has a market cap of $39.71 billion, a P/E ratio of 19.17, a P/E/G ratio of 5.21 and a beta of 1.10. The business’s 50 day moving average price is $15.80 and its 200-day moving average price is $15.02. PG&E Co. has a 52 week low of $9.64 and a 52 week high of $16.83.

PG&E (NYSE:PCG – Get Rating) last released its earnings results on Thursday, February 23rd. The utilities provider reported $0.26 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.02). The company had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.70 billion. PG&E had a return on equity of 10.55% and a net margin of 8.37%. During the same period last year, the firm posted $0.28 earnings per share. Equities research analysts anticipate that PG&E Co. will post 1.21 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group reiterated a “neutral” rating and issued a $17.00 price objective on shares of PG&E in a research report on Tuesday, January 3rd. UBS Group cut shares of PG&E from a “buy” rating to a “neutral” rating and set a $17.00 target price for the company. in a research report on Tuesday, January 3rd. StockNews.com initiated coverage on shares of PG&E in a research report on Thursday. They set a “hold” rating on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $20.00 price objective on shares of PG&E in a research report on Friday, March 10th. Finally, Credit Suisse Group lifted their price objective on PG&E from $18.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, February 24th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $17.78.

PG&E Company 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 Oakland, CA.