Norden Group LLC Purchases 16,937 Shares of PG&E Co. (NYSE:PCG)

Norden Group LLC lifted its position in shares of PG&E Co. (NYSE:PCGFree Report) by 73.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,140 shares of the utilities provider’s stock after acquiring an additional 16,937 shares during the period. Norden Group LLC’s holdings in PG&E were worth $673,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Raymond James Trust N.A. increased its holdings in shares of PG&E by 4.2% in the 4th quarter. Raymond James Trust N.A. now owns 17,013 shares of the utilities provider’s stock worth $307,000 after purchasing an additional 680 shares in the last quarter. Bleakley Financial Group LLC increased its holdings in PG&E by 1.5% in the 4th quarter. Bleakley Financial Group LLC now owns 45,332 shares of the utilities provider’s stock worth $817,000 after buying an additional 691 shares in the last quarter. Global Retirement Partners LLC raised its position in PG&E by 8.0% in the 1st quarter. Global Retirement Partners LLC now owns 9,275 shares of the utilities provider’s stock worth $155,000 after buying an additional 691 shares during the last quarter. Parallel Advisors LLC lifted its stake in PG&E by 2.1% during the 4th quarter. Parallel Advisors LLC now owns 35,427 shares of the utilities provider’s stock valued at $639,000 after acquiring an additional 712 shares during the period. Finally, Glenmede Trust Co. NA boosted its holdings in shares of PG&E by 5.5% during the 3rd quarter. Glenmede Trust Co. NA now owns 15,982 shares of the utilities provider’s stock valued at $258,000 after acquiring an additional 835 shares during the last quarter. 78.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Patricia K. Poppe sold 59,000 shares of the business’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $17.08, for a total value of $1,007,720.00. Following the transaction, the chief executive officer now directly owns 1,515,777 shares in the company, valued at $25,889,471.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PCG. Morgan Stanley lowered their price objective on shares of PG&E from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Monday, June 24th. The Goldman Sachs Group began coverage on PG&E in a research note on Wednesday, April 10th. They issued a “buy” rating and a $21.00 price target on the stock. Citigroup upped their price objective on PG&E from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Barclays dropped their target price on PG&E from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Monday, June 17th. Finally, JPMorgan Chase & Co. upgraded PG&E from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $19.00 to $22.00 in a research note on Monday, June 10th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, PG&E currently has an average rating of “Moderate Buy” and an average target price of $20.11.

Check Out Our Latest Report on PG&E

PG&E Price Performance

NYSE PCG opened at $17.34 on Wednesday. The company has a market capitalization of $49.93 billion, a PE ratio of 15.48 and a beta of 1.08. The company has a debt-to-equity ratio of 2.08, a quick ratio of 0.93 and a current ratio of 0.99. The business’s fifty day moving average is $17.94 and its 200 day moving average is $17.23. PG&E Co. has a fifty-two week low of $14.71 and a fifty-two week high of $18.95.

PG&E (NYSE:PCGGet Free Report) last released its earnings results on Thursday, April 25th. The utilities provider reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.02. The company had revenue of $5.86 billion for the quarter, compared to the consensus estimate of $6.60 billion. PG&E had a return on equity of 11.32% and a net margin of 10.05%. PG&E’s quarterly revenue was down 5.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.29 earnings per share. Sell-side analysts predict that PG&E Co. will post 1.35 earnings per share for the current year.

PG&E Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a $0.01 dividend. The ex-dividend date is Friday, June 28th. This represents a $0.04 annualized dividend and a dividend yield of 0.23%. PG&E’s payout ratio is 3.57%.

About PG&E

(Free Report)

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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Institutional Ownership by Quarter for PG&E (NYSE:PCG)

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