Kentucky Retirement Systems Cuts Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Kentucky Retirement Systems lessened its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 7.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 34,705 shares of the utilities provider’s stock after selling 2,828 shares during the quarter. Kentucky Retirement Systems’ holdings in Public Service Enterprise Group were worth $3,096,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in PEG. Empowered Funds LLC raised its holdings in shares of Public Service Enterprise Group by 7.7% in the 3rd quarter. Empowered Funds LLC now owns 8,362 shares of the utilities provider’s stock valued at $746,000 after purchasing an additional 597 shares in the last quarter. Empirical Finance LLC increased its holdings in Public Service Enterprise Group by 2.3% in the third quarter. Empirical Finance LLC now owns 17,282 shares of the utilities provider’s stock valued at $1,542,000 after buying an additional 381 shares during the last quarter. CIBC Asset Management Inc raised its stake in Public Service Enterprise Group by 84.6% in the third quarter. CIBC Asset Management Inc now owns 147,246 shares of the utilities provider’s stock valued at $13,136,000 after buying an additional 67,487 shares in the last quarter. OneDigital Investment Advisors LLC lifted its holdings in Public Service Enterprise Group by 2.1% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 19,382 shares of the utilities provider’s stock worth $1,729,000 after buying an additional 390 shares during the last quarter. Finally, Oak Harbor Wealth Partners LLC acquired a new position in shares of Public Service Enterprise Group during the 3rd quarter worth about $1,471,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Public Service Enterprise Group Stock Performance

PEG opened at $88.99 on Friday. Public Service Enterprise Group Incorporated has a 12-month low of $56.85 and a 12-month high of $92.20. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $44.34 billion, a P/E ratio of 21.86, a price-to-earnings-growth ratio of 3.27 and a beta of 0.61. The stock’s 50 day moving average price is $87.50 and its two-hundred day moving average price is $79.96.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.03. The company had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.85 EPS. On average, equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Public Service Enterprise Group in a report on Friday, September 13th. They set a “hold” rating and a $85.00 price objective on the stock. Wells Fargo & Company lifted their price objective on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. BMO Capital Markets boosted their target price on Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Bank of America upped their target price on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Finally, Morgan Stanley boosted their price objective on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $86.69.

Insider Buying and Selling

In other news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the sale, the chief executive officer now directly owns 148,892 shares in the company, valued at approximately $12,014,095.48. The trade was a 0.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Tamara Louise Linde sold 9,563 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $79.54, for a total transaction of $760,641.02. Following the completion of the sale, the executive vice president now owns 57,961 shares in the company, valued at $4,610,217.94. This represents a 14.16 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,783 shares of company stock valued at $2,381,626. 0.57% of the stock is owned by company insiders.

Public Service Enterprise Group Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.