Allspring Global Investments Holdings LLC Lowers Stake in PG&E Co. (NYSE:PCG)

Allspring Global Investments Holdings LLC decreased its position in shares of PG&E Co. (NYSE:PCG - Free Report) by 46.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,090,948 shares of the utilities provider's stock after selling 946,039 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in PG&E were worth $21,830,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PCG. FMR LLC boosted its stake in shares of PG&E by 5.1% in the third quarter. FMR LLC now owns 176,839,426 shares of the utilities provider's stock worth $3,496,115,000 after acquiring an additional 8,604,396 shares during the period. State Street Corp boosted its stake in PG&E by 5.0% in the 3rd quarter. State Street Corp now owns 108,953,808 shares of the utilities provider's stock worth $2,155,093,000 after purchasing an additional 5,191,463 shares during the period. Brookfield Corp ON grew its holdings in PG&E by 45.6% during the 3rd quarter. Brookfield Corp ON now owns 12,643,085 shares of the utilities provider's stock valued at $249,954,000 after buying an additional 3,958,495 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of PG&E by 2.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 104,846,953 shares of the utilities provider's stock valued at $2,072,824,000 after buying an additional 2,936,763 shares during the last quarter. Finally, Duff & Phelps Investment Management Co. lifted its holdings in shares of PG&E by 91.2% in the third quarter. Duff & Phelps Investment Management Co. now owns 4,027,434 shares of the utilities provider's stock worth $79,622,000 after buying an additional 1,920,734 shares in the last quarter. Institutional investors own 78.56% of the company's stock.

Insider Activity

In related news, CEO Patricia K. Poppe sold 55,555 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.66, for a total value of $1,147,766.30. Following the transaction, the chief executive officer now owns 1,460,222 shares of the company's stock, valued at $30,168,186.52. This represents a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.15% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on PCG. Mizuho raised their target price on shares of PG&E from $24.00 to $26.00 and gave the company an "outperform" rating in a research note on Wednesday, November 27th. UBS Group cut their price objective on PG&E from $24.00 to $22.00 and set a "buy" rating for the company in a research report on Thursday, January 30th. Guggenheim downgraded PG&E from a "buy" rating to a "neutral" rating in a research report on Tuesday. Barclays cut their price target on PG&E from $24.00 to $23.00 and set an "overweight" rating for the company in a report on Monday, January 27th. Finally, BMO Capital Markets upped their price objective on PG&E from $21.00 to $23.00 and gave the stock an "outperform" rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $22.23.

PG&E Trading Up 1.7 %

PCG stock traded up $0.26 during midday trading on Wednesday, reaching $15.68. 24,405,972 shares of the company traded hands, compared to its average volume of 28,575,895. PG&E Co. has a 52-week low of $14.99 and a 52-week high of $21.72. The company has a debt-to-equity ratio of 1.86, a quick ratio of 1.00 and a current ratio of 1.05. The business has a 50 day moving average of $17.83 and a 200-day moving average of $19.18. The firm has a market capitalization of $41.89 billion, a price-to-earnings ratio of 13.64, a P/E/G ratio of 1.07 and a beta of 0.99.

PG&E (NYSE:PCG - Get Free Report) last released its earnings results on Thursday, February 13th. The utilities provider reported $0.31 EPS for the quarter, meeting analysts' consensus estimates of $0.31. The firm had revenue of $6.63 billion for the quarter, compared to analysts' expectations of $7.29 billion. PG&E had a return on equity of 10.94% and a net margin of 10.27%. During the same quarter in the prior year, the firm posted $0.47 earnings per share. As a group, sell-side analysts expect that PG&E Co. will post 1.49 earnings per share for the current fiscal year.

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.