Concentric Capital Strategies LP Cuts Position in PG&E Co. (NYSE:PCG)

Concentric Capital Strategies LP decreased its holdings in shares of PG&E Co. (NYSE:PCG - Free Report) by 44.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 907,178 shares of the utilities provider's stock after selling 732,921 shares during the period. PG&E makes up approximately 0.8% of Concentric Capital Strategies LP's holdings, making the stock its 13th largest position. Concentric Capital Strategies LP's holdings in PG&E were worth $18,307,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PCG. Czech National Bank increased its stake in shares of PG&E by 8.9% during the fourth quarter. Czech National Bank now owns 474,013 shares of the utilities provider's stock worth $9,566,000 after acquiring an additional 38,590 shares during the period. New York State Teachers Retirement System increased its position in PG&E by 8.2% during the 4th quarter. New York State Teachers Retirement System now owns 1,974,070 shares of the utilities provider's stock worth $39,837,000 after purchasing an additional 148,860 shares during the period. McElhenny Sheffield Capital Management LLC acquired a new position in PG&E during the 4th quarter worth approximately $514,000. Atria Wealth Solutions Inc. purchased a new position in shares of PG&E during the 4th quarter worth approximately $466,000. Finally, Merit Financial Group LLC acquired a new stake in shares of PG&E in the 4th quarter valued at approximately $336,000. Hedge funds and other institutional investors own 78.56% of the company's stock.

Insider Transactions at PG&E

In other news, EVP Carla J. Peterman sold 32,519 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $17.30, for a total transaction of $562,578.70. Following the completion of the transaction, the executive vice president now owns 151,116 shares of the company's stock, valued at $2,614,306.80. This represents a 17.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Arno Lockheart Harris bought 6,389 shares of the firm's stock in a transaction that occurred on Thursday, February 20th. The stock was bought at an average cost of $15.66 per share, for a total transaction of $100,051.74. Following the completion of the transaction, the director now directly owns 14,864 shares of the company's stock, valued at approximately $232,770.24. The trade was a 75.39 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.14% of the company's stock.

Analysts Set New Price Targets

PCG has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. reaffirmed an "overweight" rating and set a $22.00 price objective on shares of PG&E in a report on Wednesday, February 12th. Guggenheim increased their price target on shares of PG&E from $16.00 to $17.00 and gave the company a "neutral" rating in a report on Friday, April 25th. Wells Fargo & Company reissued an "overweight" rating and set a $24.00 price objective on shares of PG&E in a report on Friday, April 25th. UBS Group lowered shares of PG&E from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $22.00 to $19.00 in a research report on Wednesday, March 19th. Finally, Barclays reduced their price target on shares of PG&E from $23.00 to $22.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $21.13.

PG&E Price Performance

Shares of PG&E stock traded down $0.07 during trading on Friday, hitting $17.11. 17,180,187 shares of the company were exchanged, compared to its average volume of 16,513,497. PG&E Co. has a fifty-two week low of $14.99 and a fifty-two week high of $21.72. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 1.86. The firm has a 50 day moving average price of $16.88 and a 200 day moving average price of $18.05. The stock has a market capitalization of $45.78 billion, a price-to-earnings ratio of 14.88, a P/E/G ratio of 1.09 and a beta of 0.63.

PG&E (NYSE:PCG - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The utilities provider reported $0.33 earnings per share for the quarter, missing analysts' consensus estimates of $0.35 by ($0.02). The company had revenue of $5.98 billion during the quarter, compared to analyst estimates of $6.23 billion. PG&E had a return on equity of 10.94% and a net margin of 10.27%. The business's revenue was up 2.1% compared to the same quarter last year. During the same period last year, the firm earned $0.37 earnings per share. On average, equities analysts expect that PG&E Co. will post 1.49 earnings per share for the current fiscal year.

PG&E Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.025 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.10 annualized dividend and a dividend yield of 0.58%. PG&E's dividend payout ratio is currently 9.17%.

PG&E Profile

PG&E Corp. operates as 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.