Bornite Capital Management LP Makes New Investment in Public Service Enterprise Group Incorporated (NYSE:PEG)

Bornite Capital Management LP bought a new position in Public Service Enterprise Group Incorporated (NYSE:PEG) in the 1st quarter, HoldingsChannel reports. The fund bought 200,000 shares of the utilities provider’s stock, valued at approximately $13,356,000. Public Service Enterprise Group accounts for about 2.2% of Bornite Capital Management LP’s holdings, making the stock its 19th largest holding.

Several other institutional investors and hedge funds have also recently bought and sold shares of PEG. HB Wealth Management LLC grew its position in Public Service Enterprise Group by 13.5% in the 4th quarter. HB Wealth Management LLC now owns 5,005 shares of the utilities provider’s stock worth $306,000 after purchasing an additional 596 shares during the last quarter. Raymond James & Associates boosted its holdings in shares of Public Service Enterprise Group by 0.3% in the fourth quarter. Raymond James & Associates now owns 444,251 shares of the utilities provider’s stock valued at $27,166,000 after acquiring an additional 1,248 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Public Service Enterprise Group by 4.0% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 164,835 shares of the utilities provider’s stock valued at $10,080,000 after acquiring an additional 6,272 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Public Service Enterprise Group by 162.3% in the fourth quarter. Pacer Advisors Inc. now owns 82,526 shares of the utilities provider’s stock valued at $5,046,000 after acquiring an additional 51,063 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Public Service Enterprise Group by 1,167.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 240,591 shares of the utilities provider’s stock valued at $14,712,000 after acquiring an additional 221,613 shares in the last quarter. Institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Up 1.2 %

Shares of PEG traded up $0.93 during mid-day trading on Monday, hitting $76.94. 3,228,658 shares of the company’s stock were exchanged, compared to its average volume of 2,824,122. The firm has a fifty day moving average of $74.36 and a two-hundred day moving average of $67.82. Public Service Enterprise Group Incorporated has a twelve month low of $53.71 and a twelve month high of $77.46. The stock has a market cap of $38.32 billion, a price-to-earnings ratio of 21.31, a P/E/G ratio of 3.00 and a beta of 0.59. The company has a quick ratio of 0.62, a current ratio of 0.79 and a debt-to-equity ratio of 1.19.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.01). Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.99 billion. During the same quarter last year, the company earned $1.39 EPS. The business’s revenue for the quarter was down 26.5% compared to the same quarter last year. On average, sell-side analysts forecast that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a yield of 3.12%. Public Service Enterprise Group’s payout ratio is presently 66.48%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PEG shares. Guggenheim upgraded shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a report on Monday, June 17th. Barclays increased their target price on shares of Public Service Enterprise Group from $71.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, July 10th. Royal Bank of Canada increased their target price on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a research note on Monday, July 15th. Evercore ISI upped their price target on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Finally, Mizuho upped their price target on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $74.17.

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total value of $95,561.70. Following the transaction, the chief executive officer now directly owns 150,973 shares in the company, valued at approximately $10,500,172.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.57% of the stock is currently owned by company insiders.

Public Service Enterprise Group Company 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.