UBS Asset Management Americas Inc. Purchases 32,851 Shares of FirstEnergy Corp. (NYSE:FE)

Posted by Defense World Staff on Mar 13th, 2023

UBS Asset Management Americas Inc. grew its position in FirstEnergy Corp. (NYSE:FE – Get Rating) by 1.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 1,734,564 shares of the utilities provider’s stock after acquiring an additional 32,851 shares during the period. UBS Asset Management Americas Inc. owned 0.30% of FirstEnergy worth $64,179,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Utah Retirement Systems raised its position in FirstEnergy by 0.4% during the 3rd quarter. Utah Retirement Systems now owns 100,833 shares of the utilities provider’s stock worth $3,731,000 after purchasing an additional 400 shares during the last quarter. Vaughan David Investments LLC IL raised its position in FirstEnergy by 0.9% during the 3rd quarter. Vaughan David Investments LLC IL now owns 926,888 shares of the utilities provider’s stock worth $34,295,000 after purchasing an additional 8,390 shares during the last quarter. Pathstone Family Office LLC raised its position in shares of FirstEnergy by 11.6% in the 3rd quarter. Pathstone Family Office LLC now owns 10,135 shares of the utilities provider’s stock worth $376,000 after acquiring an additional 1,056 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of FirstEnergy by 20.0% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 13,877,738 shares of the utilities provider’s stock worth $513,478,000 after acquiring an additional 2,315,790 shares in the last quarter. Finally, Putnam Investments LLC raised its position in shares of FirstEnergy by 21.2% in the 3rd quarter. Putnam Investments LLC now owns 105,043 shares of the utilities provider’s stock worth $3,886,000 after acquiring an additional 18,362 shares in the last quarter. 81.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

FE has been the subject of several research analyst reports. Mizuho lowered their price objective on FirstEnergy from $43.00 to $42.00 and set a “neutral” rating for the company in a research report on Monday, February 6th. Bank of America lowered FirstEnergy from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $41.00 to $38.00 in a research report on Monday, January 23rd. Guggenheim raised FirstEnergy from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $34.00 to $46.00 in a research report on Monday, January 23rd. Wells Fargo & Company raised their target price on FirstEnergy to $45.00 in a research note on Wednesday, December 14th. Finally, Morgan Stanley reduced their target price on FirstEnergy from $48.00 to $47.00 and set an “overweight” rating for the company in a research note on Wednesday, February 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, FirstEnergy presently has an average rating of “Hold” and a consensus target price of $44.25.

FirstEnergy Price Performance

FE stock opened at $38.09 on Monday. The company has a market capitalization of $21.80 billion, a P/E ratio of 53.65, a price-to-earnings-growth ratio of 2.33 and a beta of 0.43. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.50 and a current ratio of 0.61. FirstEnergy Corp. has a 52-week low of $35.32 and a 52-week high of $48.85. The business has a 50-day simple moving average of $40.82 and a two-hundred day simple moving average of $39.93.

FirstEnergy (NYSE:FE – Get Rating) last released its quarterly earnings results on Monday, February 13th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.03). FirstEnergy had a net margin of 3.26% and a return on equity of 13.16%. The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $2.45 billion. During the same quarter last year, the firm posted $0.51 EPS. FirstEnergy’s revenue for the quarter was up 18.5% on a year-over-year basis. Research analysts expect that FirstEnergy Corp. will post 2.53 EPS for the current fiscal year.

FirstEnergy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 1st. Stockholders of record on Tuesday, February 7th were paid a $0.39 dividend. The ex-dividend date was Monday, February 6th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 4.10%. FirstEnergy’s payout ratio is presently 219.72%.

FirstEnergy Company Profile

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FirstEnergy Corp. engages in the generation, transmission, and distribution of electricity as well as energy management and other energy-related services through its subsidiaries. It operates through the following business segments: Regulated Distribution, Regulated Transmission, and Corporate or Other.