State Street Corp has significantly increased its stake in PG&E Corporation, now holding 108,953,808 shares valued at approximately $2.16 billion after acquiring an additional 5,191,463 shares. This move reflects a broader trend among institutional investors, with 78.56% of PG&E's stock currently owned by such entities.
Notably, Tokio Marine Asset Management Co. Ltd. has raised its holdings in PG&E by an impressive 259.6% during the third quarter, now owning 61,850 shares worth around $1.22 million after purchasing an additional 44,650 shares.
Other institutional players are also making notable moves. Scientech Research LLC entered the fray by purchasing a new stake in PG&E valued at about $1.12 million in the second quarter. Allspring Global Investments Holdings LLC has made headlines with an astounding 808.5% increase in its stake, now owning 1,243,020 shares valued at $21.7 million after acquiring an additional 1,106,200 shares. Meanwhile, Van ECK Associates Corp has increased its position by 23.7%, now holding 1,387,786 shares worth approximately $24.23 million.
PG&E's stock has garnered attention from various analysts, with UBS Group recently lowering its price target from $26.00 to $24.00 while maintaining a "buy" rating. This new target suggests a potential upside of 24.03% from the company's previous close. Other firms have also weighed in, with Morgan Stanley raising its target price from $19.00 to $20.00, while Bank of America initiated coverage with a "buy" rating and a $24.00 target.
Barclays has adjusted its price target down from $25.00 to $24.00, maintaining an "overweight" rating. Mizuho has taken a more optimistic stance, raising its price objective from $24.00 to $26.00 and assigning an "outperform" rating. The consensus rating for PG&E stands at "Moderate Buy," with a consensus target price of $22.80, reflecting a generally positive outlook among analysts despite some recent adjustments.
PG&E recently reported its earnings results, revealing earnings per share (EPS) of $0.37 for the quarter, surpassing the consensus estimate of $0.32 by $0.05. The company generated revenue of $5.94 billion, falling short of analysts' expectations of $6.58 billion. Despite this, PG&E's revenue for the quarter showed a modest increase of 0.9% compared to the same period last year, indicating resilience in its operations.
The company's financial metrics reveal a market capitalization of $50.61 billion, a price-to-earnings ratio of 15.12, and a PEG ratio of 1.51. PG&E's stock has experienced fluctuations, with a 12-month low of $15.94 and a high of $21.72. The current trading price opened at $19.35, with a 50-day moving average of $20.51 and a 200-day moving average of $19.28, suggesting a stable yet cautious market sentiment.
In a notable insider transaction, CEO Patricia K. Poppe sold 55,555 shares of PG&E stock at an average price of $20.66, totaling approximately $1.15 million. Following this sale, she retains ownership of 1,460,222 shares valued at around $30.17 million, indicating a slight decrease of 3.67% in her position. Insider ownership remains relatively low, with only 0.15% of the stock held by insiders, which may reflect a strategic approach to managing personal investments amid market fluctuations.
The dynamics of institutional investment and insider activity at PG&E highlight a complex landscape where large investors are positioning themselves for potential growth, while insider transactions may signal varying levels of confidence in the company's future performance. As PG&E navigates the challenges of the utilities sector, the interplay between institutional support and insider actions will be crucial in shaping its market trajectory.