iA Global Asset Management Inc. Sells 100,097 Shares of Pacific Gas & Electric Co. (NYSE:PCG)

Key Points

• iA Global Asset Management Inc. reduced its stake in Pacific Gas & Electric by 74.5%, selling 100,097 shares, leaving it with a total of 34,273 shares valued at approximately $589,000.
• Other institutional investors, such as Capital Research Global Investors and Northern Trust Corp, have increased their positions in Pacific Gas & Electric, highlighting ongoing interest with 78.56% of the stock owned by institutional investors.
• Analysts have mixed ratings for Pacific Gas & Electric, with a consensus rating of "Moderate Buy" and a target price of $20.55 despite the company's recent earnings miss.

iA Global Asset Management Inc. cut its holdings in Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 74.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,273 shares of the utilities provider's stock after selling 100,097 shares during the period. iA Global Asset Management Inc.'s holdings in Pacific Gas & Electric were worth $589,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Capital Research Global Investors raised its position in shares of Pacific Gas & Electric by 70.3% in the 4th quarter. Capital Research Global Investors now owns 46,805,768 shares of the utilities provider's stock worth $944,540,000 after acquiring an additional 19,317,171 shares in the last quarter. Northern Trust Corp increased its position in Pacific Gas & Electric by 6.8% in the 4th quarter. Northern Trust Corp now owns 19,125,945 shares of the utilities provider's stock valued at $385,962,000 after buying an additional 1,214,394 shares in the last quarter. BROOKFIELD Corp ON increased its position in Pacific Gas & Electric by 16.2% in the 4th quarter. BROOKFIELD Corp ON now owns 14,692,444 shares of the utilities provider's stock valued at $296,494,000 after buying an additional 2,049,359 shares in the last quarter. Zimmer Partners LP increased its position in Pacific Gas & Electric by 84.9% in the 4th quarter. Zimmer Partners LP now owns 12,661,324 shares of the utilities provider's stock valued at $255,506,000 after buying an additional 5,814,624 shares in the last quarter. Finally, Cohen & Steers Inc. increased its position in Pacific Gas & Electric by 5.5% in the 4th quarter. Cohen & Steers Inc. now owns 9,395,173 shares of the utilities provider's stock valued at $189,595,000 after buying an additional 493,264 shares in the last quarter. 78.56% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on PCG. Argus raised Pacific Gas & Electric to a "hold" rating in a research report on Monday, June 16th. Mizuho boosted their target price on Pacific Gas & Electric from $20.00 to $21.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. BMO Capital Markets decreased their target price on Pacific Gas & Electric from $23.00 to $22.00 and set an "outperform" rating for the company in a research report on Monday, April 14th. Evercore ISI boosted their target price on Pacific Gas & Electric from $15.00 to $17.00 and gave the company an "in-line" rating in a research report on Monday, April 28th. Finally, Jefferies Financial Group boosted their price objective on Pacific Gas & Electric from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.55.

Pacific Gas & Electric Price Performance

Shares of NYSE PCG opened at $15.08 on Friday. Pacific Gas & Electric Co. has a twelve month low of $12.97 and a twelve month high of $21.72. The stock's 50 day moving average price is $14.23 and its 200-day moving average price is $15.79. The company has a market capitalization of $40.33 billion, a PE ratio of 13.83, a PEG ratio of 1.13 and a beta of 0.54. The company has a quick ratio of 0.89, a current ratio of 0.94 and a debt-to-equity ratio of 1.81.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last announced its earnings results on Thursday, July 31st. The utilities provider reported $0.31 earnings per share for the quarter, missing analysts' consensus estimates of $0.33 by ($0.02). Pacific Gas & Electric had a return on equity of 10.13% and a net margin of 9.95%. The business had revenue of $5.90 billion during the quarter, compared to analysts' expectations of $6.37 billion. During the same quarter in the previous year, the firm earned $0.31 EPS. Pacific Gas & Electric's quarterly revenue was down 1.5% on a year-over-year basis. On average, equities analysts anticipate that Pacific Gas & Electric Co. will post 1.49 EPS for the current year.

Pacific Gas & Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Monday, June 30th. Pacific Gas & Electric's payout ratio is presently 9.17%.

Pacific Gas & Electric 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.

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