Bank of New York Mellon Corp Purchases 5,232,503 Shares of PG&E Co. (NYSE:PCG)

Bank of New York Mellon Corp increased its position in shares of PG&E Co. (NYSE:PCG – Get Rating) by 104.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,230,430 shares of the utilities provider’s stock after purchasing an additional 5,232,503 shares during the period. Bank of New York Mellon Corp’s holdings in PG&E were worth $127,880,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PCG. CI Investments Inc. increased its stake in PG&E by 770.6% in the 3rd quarter. CI Investments Inc. now owns 2,159 shares of the utilities provider’s stock worth $27,000 after buying an additional 1,911 shares in the last quarter. Wipfli Financial Advisors LLC bought a new stake in PG&E during the 3rd quarter valued at approximately $34,000. Hexagon Capital Partners LLC lifted its holdings in PG&E by 135.8% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,886 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 1,662 shares in the last quarter. Alta Advisers Ltd bought a new position in PG&E in the 3rd quarter worth approximately $51,000. Finally, Concourse Financial Group Securities Inc. grew its holdings in PG&E by 21.1% during the 2nd quarter. Concourse Financial Group Securities Inc. now owns 6,360 shares of the utilities provider’s stock valued at $63,000 after buying an additional 1,106 shares in the last quarter. Hedge funds and other institutional investors own 83.63% of the company’s stock.

Insider Activity

In related news, major shareholder Pg&E Fire Victim Trust sold 60,000,000 shares of the stock in a transaction dated Monday, January 9th. The shares were sold at an average price of $15.26, for a total value of $915,600,000.00. Following the sale, the insider now directly owns 187,743,590 shares of the company’s stock, valued at approximately $2,864,967,183.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other PG&E news, CEO Patricia K. Poppe sold 66,700 shares of the stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $15.87, for a total value of $1,058,529.00. Following the sale, the chief executive officer now owns 1,269,325 shares in the company, valued at $20,144,187.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Pg&E Fire Victim Trust sold 60,000,000 shares of PG&E stock in a transaction on Monday, January 9th. The stock was sold at an average price of $15.26, for a total value of $915,600,000.00. Following the sale, the insider now owns 187,743,590 shares of the company’s stock, valued at $2,864,967,183.40. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PCG. Morgan Stanley lowered their target price on shares of PG&E from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 22nd. UBS Group lowered PG&E from a “buy” rating to a “neutral” rating and set a $17.00 price objective for the company. in a research report on Tuesday, January 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $20.00 target price on shares of PG&E in a research report on Friday, March 10th. Wells Fargo & Company raised their price target on PG&E to $20.00 in a report on Wednesday, December 14th. Finally, StockNews.com initiated coverage on PG&E in a report on Thursday. They set a “hold” rating on the stock. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, PG&E presently has an average rating of “Hold” and an average price target of $17.78.

PG&E Price Performance

Shares of PG&E stock opened at $16.10 on Friday. The stock has a 50 day moving average price of $15.80 and a 200-day moving average price of $15.02. PG&E Co. has a one year low of $9.64 and a one year high of $16.83. The stock has a market cap of $39.71 billion, a price-to-earnings ratio of 19.17, a price-to-earnings-growth ratio of 5.21 and a beta of 1.10. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.76 and a current ratio of 0.81.

PG&E (NYSE:PCG – Get Rating) last posted its quarterly earnings data on Thursday, February 23rd. The utilities provider reported $0.26 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.02). PG&E had a return on equity of 10.55% and a net margin of 8.37%. The firm had revenue of $5.37 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the firm earned $0.28 earnings per share. Equities analysts expect that PG&E Co. will post 1.21 EPS for the current year.

PG&E Company Profile

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PG&E Corp. is 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.