State of New Jersey Common Pension Fund D Has $13.34 Million Holdings in PG&E Co. (NYSE:PCG)

State of New Jersey Common Pension Fund D trimmed its position in PG&E Co. (NYSE:PCG) by 32.9% in the second quarter, HoldingsChannel.com reports. The firm owned 764,131 shares of the utilities provider’s stock after selling 375,341 shares during the period. State of New Jersey Common Pension Fund D’s holdings in PG&E were worth $13,342,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PCG. Norges Bank acquired a new position in shares of PG&E in the 4th quarter valued at $394,285,000. Balyasny Asset Management L.P. acquired a new position in PG&E in the fourth quarter worth about $142,612,000. Capital International Investors lifted its stake in PG&E by 7.1% during the fourth quarter. Capital International Investors now owns 116,093,791 shares of the utilities provider’s stock worth $2,093,198,000 after purchasing an additional 7,681,566 shares during the period. Vanguard Group Inc. boosted its holdings in PG&E by 2.0% during the first quarter. Vanguard Group Inc. now owns 282,332,215 shares of the utilities provider’s stock valued at $4,731,888,000 after purchasing an additional 5,635,693 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of PG&E by 534.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,314,611 shares of the utilities provider’s stock valued at $113,852,000 after purchasing an additional 5,319,289 shares during the period. 78.56% of the stock is owned by institutional investors.

PG&E Price Performance

Shares of PCG opened at $19.77 on Friday. The business has a 50-day simple moving average of $18.61 and a two-hundred day simple moving average of $17.76. PG&E Co. has a 12-month low of $14.71 and a 12-month high of $20.65. The stock has a market cap of $51.70 billion, a PE ratio of 17.65 and a beta of 1.01. The company has a quick ratio of 0.86, a current ratio of 0.90 and a debt-to-equity ratio of 1.99.

PG&E (NYSE:PCG) last posted its quarterly earnings results on Thursday, July 25th. The utilities provider reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.01. PG&E had a net margin of 10.22% and a return on equity of 11.76%. The business had revenue of $5.99 billion during the quarter, compared to analysts’ expectations of $5.86 billion. During the same period last year, the company posted $0.23 earnings per share. The business’s quarterly revenue was up 13.2% on a year-over-year basis. Analysts anticipate that PG&E Co. will post 1.35 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Stephanie N. Williams sold 38,601 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $18.32, for a total value of $707,170.32. Following the sale, the vice president now directly owns 19,114 shares in the company, valued at approximately $350,168.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

PCG has been the subject of several analyst reports. JPMorgan Chase & Co. upgraded PG&E from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $19.00 to $22.00 in a research report on Monday, June 10th. UBS Group lifted their price objective on PG&E from $24.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Bank of America began coverage on shares of PG&E in a report on Thursday. They issued a “buy” rating and a $24.00 target price on the stock. Barclays raised their target price on PG&E from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Morgan Stanley upped their price objective on PG&E from $18.00 to $19.00 and gave the stock an “equal weight” rating in a report on Friday, August 23rd. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, PG&E presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.45.

PG&E Profile

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.