Allspring Global Investments Holdings LLC Sells 683,943 Shares of PG&E Co. (NYSE:PCG)

Allspring Global Investments Holdings LLC reduced its stake in PG&E Co. (NYSE:PCG) by 84.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 126,321 shares of the utilities provider’s stock after selling 683,943 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in PG&E were worth $2,278,000 as of its most recent filing with the SEC.

Other institutional investors have also bought and sold shares of the company. First Trust Direct Indexing L.P. increased its stake in PG&E by 13.8% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 27,142 shares of the utilities provider’s stock worth $438,000 after buying an additional 3,299 shares in the last quarter. Artemis Investment Management LLP increased its stake in PG&E by 6.2% in the 4th quarter. Artemis Investment Management LLP now owns 7,598,807 shares of the utilities provider’s stock worth $137,009,000 after buying an additional 446,848 shares in the last quarter. LPL Financial LLC increased its stake in PG&E by 8.9% in the 3rd quarter. LPL Financial LLC now owns 1,987,389 shares of the utilities provider’s stock worth $32,057,000 after buying an additional 162,476 shares in the last quarter. Mackenzie Financial Corp increased its stake in PG&E by 78.7% in the 3rd quarter. Mackenzie Financial Corp now owns 654,687 shares of the utilities provider’s stock worth $10,036,000 after buying an additional 288,280 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in PG&E by 8.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 881,981 shares of the utilities provider’s stock worth $14,226,000 after buying an additional 66,364 shares in the last quarter. Hedge funds and other institutional investors own 78.56% of the company’s stock.

PG&E Stock Up 1.9 %

Shares of NYSE:PCG opened at $16.85 on Monday. The company has a current ratio of 0.83, a quick ratio of 0.78 and a debt-to-equity ratio of 2.04. PG&E Co. has a 12 month low of $14.71 and a 12 month high of $18.32. The company has a 50-day moving average price of $16.53 and a 200 day moving average price of $16.86. The company has a market cap of $36.01 billion, a price-to-earnings ratio of 16.05 and a beta of 1.32.

PG&E (NYSE:PCG) last announced its quarterly earnings data on Thursday, February 22nd. The utilities provider reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. The business had revenue of $7.04 billion during the quarter, compared to the consensus estimate of $6.43 billion. PG&E had a net margin of 9.24% and a return on equity of 10.84%. During the same quarter last year, the firm earned $0.26 earnings per share. As a group, equities research analysts predict that PG&E Co. will post 1.35 earnings per share for the current year.

PG&E Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.24%. The ex-dividend date was Wednesday, March 27th. PG&E’s dividend payout ratio is presently 3.81%.

Analyst Ratings Changes

A number of brokerages have issued reports on PCG. StockNews.com upgraded PG&E from a “sell” rating to a “hold” rating in a research note on Thursday, February 1st. Barclays cut their price objective on PG&E from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, January 22nd. Finally, The Goldman Sachs Group assumed coverage on PG&E in a research report on Wednesday, April 10th. They set a “buy” rating and a $21.00 price objective for the company. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.78.

About PG&E

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.