Mitsubishi UFJ Asset Management Co. Ltd. Buys 532,615 Shares of Pacific Gas & Electric Co. (NYSE:PCG)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Pacific Gas & Electric Co. by 15.9% during the first quarter, owning approximately 3.88 million shares worth $66.60 million.
• Pacific Gas & Electric reported $0.31 earnings per share, missing the analysts' consensus estimate of $0.33, and had a revenue decline of 1.5% year-over-year.
• The company declared a quarterly dividend of $0.025 per share, resulting in an annualized dividend yield of 0.7%.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 15.9% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,876,387 shares of the utilities provider's stock after purchasing an additional 532,615 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.14% of Pacific Gas & Electric worth $66,596,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PCG. Cambridge Investment Research Advisors Inc. grew its position in Pacific Gas & Electric by 55.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 77,846 shares of the utilities provider's stock worth $1,337,000 after acquiring an additional 27,832 shares in the last quarter. Golden State Wealth Management LLC grew its position in Pacific Gas & Electric by 431.2% in the first quarter. Golden State Wealth Management LLC now owns 3,469 shares of the utilities provider's stock worth $60,000 after acquiring an additional 2,816 shares in the last quarter. GAMMA Investing LLC grew its position in Pacific Gas & Electric by 738.7% in the first quarter. GAMMA Investing LLC now owns 176,043 shares of the utilities provider's stock worth $3,024,000 after acquiring an additional 155,052 shares in the last quarter. Blue Trust Inc. grew its position in Pacific Gas & Electric by 38.1% in the first quarter. Blue Trust Inc. now owns 5,316 shares of the utilities provider's stock worth $91,000 after acquiring an additional 1,468 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Pacific Gas & Electric by 138.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 254,549 shares of the utilities provider's stock worth $4,373,000 after acquiring an additional 147,964 shares in the last quarter. 78.56% of the stock is owned by hedge funds and other institutional investors.

Pacific Gas & Electric Stock Performance

Pacific Gas & Electric stock traded down $0.22 on Wednesday, hitting $15.25. The company's stock had a trading volume of 8,813,921 shares, compared to its average volume of 23,522,582. The firm has a market cap of $40.79 billion, a P/E ratio of 13.97, a price-to-earnings-growth ratio of 1.12 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. The company has a fifty day moving average price of $14.14 and a 200-day moving average price of $15.75. Pacific Gas & Electric Co. has a one year low of $12.97 and a one year high of $21.72.

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

Pacific Gas & Electric Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PCG. Evercore ISI boosted their price objective on shares of Pacific Gas & Electric from $15.00 to $17.00 and gave the stock an "in-line" rating in a research note on Monday, April 28th. Wells Fargo & Company restated an "overweight" rating and issued a $24.00 price objective on shares of Pacific Gas & Electric in a research note on Friday, April 25th. Mizuho boosted their price objective on shares of Pacific Gas & Electric from $20.00 to $21.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Morgan Stanley set a $18.00 price objective on shares of Pacific Gas & Electric and gave the stock an "underweight" rating in a research note on Thursday, May 22nd. Finally, Barclays cut their target price on shares of Pacific Gas & Electric from $22.00 to $20.00 and set an "overweight" rating for the company in a research note on Tuesday, July 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Pacific Gas & Electric currently has a consensus rating of "Moderate Buy" and an average price target of $20.55.

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.