Pattern Energy Group Inc. (PEGI) Shares Sold by GAM Holding AG
GAM Holding AG decreased its stake in shares of Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) by 30.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 131,500 shares of the utilities provider’s stock after selling 58,463 shares during the period. GAM Holding AG owned about 0.15% of Pattern Energy Group worth $3,135,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. Symons Capital Management Inc. bought a new stake in shares of Pattern Energy Group during the second quarter worth approximately $212,000. Turner Investments LLC bought a new stake in shares of Pattern Energy Group during the second quarter worth approximately $167,000. Legal & General Group Plc increased its stake in shares of Pattern Energy Group by 2.4% in the second quarter. Legal & General Group Plc now owns 25,151 shares of the utilities provider’s stock worth $601,000 after buying an additional 584 shares during the last quarter. Convergence Investment Partners LLC bought a new stake in shares of Pattern Energy Group during the second quarter worth approximately $882,000. Finally, Rhumbline Advisers increased its stake in shares of Pattern Energy Group by 13.5% in the second quarter. Rhumbline Advisers now owns 83,650 shares of the utilities provider’s stock worth $1,994,000 after buying an additional 9,942 shares during the last quarter. Institutional investors and hedge funds own 94.72% of the company’s stock.
Shares of Pattern Energy Group Inc. (NASDAQ:PEGI) opened at 24.65 on Monday. The firm has a market cap of $2.16 billion, a PE ratio of 71.87 and a beta of 1.05. The company has a 50 day moving average price of $24.47 and a 200 day moving average price of $22.38. Pattern Energy Group Inc. has a 12-month low of $18.68 and a 12-month high of $25.42.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its quarterly earnings data on Tuesday, August 8th. The utilities provider reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.03. Pattern Energy Group had a net margin of 7.77% and a return on equity of 1.05%. The firm had revenue of $107.76 million during the quarter, compared to analyst estimates of $124.02 million. During the same quarter last year, the business posted ($0.04) EPS. The company’s revenue was up 15.4% on a year-over-year basis. On average, analysts forecast that Pattern Energy Group Inc. will post $0.36 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be paid a $0.42 dividend. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.68 dividend on an annualized basis and a yield of 6.82%. Pattern Energy Group’s dividend payout ratio (DPR) is currently 506.08%.
A number of brokerages have recently commented on PEGI. Zacks Investment Research upgraded Pattern Energy Group from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research note on Friday. BidaskClub upgraded Pattern Energy Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 17th. BMO Capital Markets reiterated a “buy” rating and set a $28.00 price target on shares of Pattern Energy Group in a research report on Wednesday, August 2nd. ValuEngine upgraded Pattern Energy Group from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, Raymond James Financial, Inc. increased their price target on Pattern Energy Group from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, June 22nd. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $25.30.
In other Pattern Energy Group news, insider Esben W. Pedersen sold 1,200 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $25.18, for a total value of $30,216.00. Following the completion of the sale, the insider now owns 149,411 shares in the company, valued at approximately $3,762,168.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Daniel M. Elkort sold 4,100 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $24.08, for a total transaction of $98,728.00. Following the completion of the sale, the vice president now owns 75,173 shares of the company’s stock, valued at approximately $1,810,165.84. The disclosure for this sale can be found here. Insiders sold a total of 8,709,200 shares of company stock valued at $190,838,434 in the last ninety days. Company insiders own 1.60% of the company’s stock.
Pattern Energy Group Company Profile
Pattern Energy Group Inc is an independent power company focused on owning and operating power projects. The Company holds interests in over 18 wind power projects located in the United States, Canada and Chile with total capacity of over 2,644 megawatts (MW). Each of its projects has contracted to sell its output pursuant to a power sale agreement.
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