Are Pacific Ethanol’s Powerful Institutional Investors Patiently Awaiting a Turnaround?

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In 2012, Pacific Ethanol, Inc.’s (NASDAQ:PEIX) shares are down 67.46 percent. Recently, the company announced it has agreed to purchase an additional 33 percent ownership interest in New PE Holdco LLC; this is the owner of PEI’s four production facilities. The purchase price of the ownership interests is $20 million, payable in $10 million cash.

According to the Sacramento Bee, Neil Koehler, PEI’s president and CEO, said the new agreement will increase Pacific Ethanol’s ownership in the plants to 67 percent, which had been  lost in a bankruptcy case. The deal will also encompass better credit terms.

With the purchase of additional ownership interests, will Pacific Ethanol’s largest shareholders increase their holdings? 40 institutional firms indicated owning shares of Pacific Ethanol, Inc. (NASDAQ:PEIX) in Q1 2012. These firms reported owning a total of 1.554 million shares on 03/31/2012. The shares closed at $1.10 on 03/31/2012.

Here are the ten largest positions in Pacific Ethanol, Inc. at the end of March 31st, 2012.

Vanguard Group Inc held 358,698 shares on 03/31/2012 worth $394,000. This brought the portfolio total to 0.0%.

Oppenheimer & Co Inc held 235,000 shares on 03/31/2012 worth $259,000. This brought the portfolio total to 0.01%.

Johnson Investment Counsel Inc held 100,000 shares on 03/31/2012 worth $110,000. This brought the portfolio total to 0.0%.

Geode Capital Management LLC held 92,869 shares on 03/31/2012 worth $102,000. This brought the portfolio total to 0.0%.

Ubs Oconnor LLC held 90,000 shares on 03/31/2012 worth $99,000. This brought the portfolio total to 0.0%.

Northern Trust Corp held 89,432 shares on 03/31/2012 worth $99,000. This brought the portfolio total to 0.0%.

Millennium Management LLC held 72,697 shares on 03/31/2012 worth $80,000. This brought the portfolio total to 0.0%.

US Bancorp \DE held 71,429 shares on 03/31/2012 worth $79,000. This brought the portfolio total to 0.0%.

Credit Suisse AG/ held 60,570 shares on 03/31/2012 worth $67,000. This brought the portfolio total to 0.0%.

California Public Employees Retirement System held 58,785 shares on 03/31/2012 worth $64,660. This brought the portfolio total to 0.0%.

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