Versor Investments LP bought a new stake in shares of FirstEnergy Corp. (NYSE:FE – Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 6,800 shares of the utilities provider’s stock, valued at approximately $272,000.
Several other hedge funds have also modified their holdings of FE. Price T Rowe Associates Inc. MD lifted its holdings in shares of FirstEnergy by 41.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,698,278 shares of the utilities provider’s stock valued at $826,146,000 after purchasing an additional 5,820,540 shares during the last quarter. Vanguard Group Inc. raised its position in FirstEnergy by 7.0% during the first quarter. Vanguard Group Inc. now owns 68,214,574 shares of the utilities provider’s stock valued at $3,128,322,000 after buying an additional 4,443,050 shares during the period. Boston Partners raised its position in FirstEnergy by 31.9% during the fourth quarter. Boston Partners now owns 11,608,710 shares of the utilities provider’s stock valued at $486,530,000 after buying an additional 2,807,818 shares during the period. Jupiter Asset Management Ltd. raised its position in FirstEnergy by 1,717.1% during the fourth quarter. Jupiter Asset Management Ltd. now owns 1,035,174 shares of the utilities provider’s stock valued at $43,426,000 after buying an additional 978,207 shares during the period. Finally, ClearBridge Investments Ltd raised its position in FirstEnergy by 58.1% during the first quarter. ClearBridge Investments Ltd now owns 2,543,588 shares of the utilities provider’s stock valued at $116,649,000 after buying an additional 934,346 shares during the period. 85.35% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on the company. StockNews.com assumed coverage on FirstEnergy in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Morgan Stanley upped their target price on FirstEnergy from $45.00 to $46.00 and gave the stock an “overweight” rating in a research report on Friday, July 21st. UBS Group lowered FirstEnergy from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $45.00 to $40.00 in a research report on Monday. Bank of America upped their target price on FirstEnergy from $38.00 to $39.00 and gave the stock an “underperform” rating in a research report on Friday, April 14th. Finally, Guggenheim dropped their target price on FirstEnergy from $46.00 to $44.00 in a research report on Friday, July 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, FirstEnergy has an average rating of “Hold” and a consensus target price of $42.38.
FirstEnergy Stock Performance
Shares of NYSE FE opened at $36.48 on Wednesday. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.49 and a current ratio of 0.60. The firm has a market cap of $20.92 billion, a price-to-earnings ratio of 46.18, a P/E/G ratio of 2.22 and a beta of 0.45. The business’s 50-day simple moving average is $38.77 and its 200-day simple moving average is $39.40. FirstEnergy Corp. has a 52 week low of $35.60 and a 52 week high of $43.31.
FirstEnergy (NYSE:FE – Get Free Report) last issued its quarterly earnings data on Tuesday, August 1st. The utilities provider reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.89 billion. FirstEnergy had a return on equity of 12.41% and a net margin of 3.55%. As a group, equities research analysts expect that FirstEnergy Corp. will post 2.53 earnings per share for the current fiscal year.
FirstEnergy Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 7th will be paid a dividend of $0.39 per share. The ex-dividend date is Friday, August 4th. This represents a $1.56 annualized dividend and a yield of 4.28%. FirstEnergy’s payout ratio is 197.47%.
About FirstEnergy
FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. It operates through Regulated Distribution and Regulated Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, wind, and solar power generating facilities.
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