New Mexico Educational Retirement Board Raises Stake in FirstEnergy Corp. (NYSE:FE)

Posted by Defense World Staff on Oct 1st, 2023

New Mexico Educational Retirement Board boosted its position in FirstEnergy Corp. (NYSE:FE – Free Report) by 4.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,340 shares of the utilities provider’s stock after buying an additional 1,200 shares during the quarter. New Mexico Educational Retirement Board’s holdings in FirstEnergy were worth $1,024,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of FE. Price T Rowe Associates Inc. MD boosted its stake in FirstEnergy by 41.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,698,278 shares of the utilities provider’s stock worth $826,146,000 after buying an additional 5,820,540 shares in the last quarter. Vanguard Group Inc. boosted its stake in FirstEnergy by 7.0% in the first quarter. Vanguard Group Inc. now owns 68,214,574 shares of the utilities provider’s stock worth $3,128,322,000 after buying an additional 4,443,050 shares in the last quarter. Zimmer Partners LP boosted its stake in FirstEnergy by 113.3% in the first quarter. Zimmer Partners LP now owns 2,735,311 shares of the utilities provider’s stock worth $109,577,000 after buying an additional 1,452,663 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in FirstEnergy by 13.2% in the first quarter. Ameriprise Financial Inc. now owns 11,744,900 shares of the utilities provider’s stock worth $470,512,000 after buying an additional 1,373,826 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in FirstEnergy by 122.5% in the first quarter. Deutsche Bank AG now owns 1,989,571 shares of the utilities provider’s stock worth $79,702,000 after buying an additional 1,095,445 shares in the last quarter. Hedge funds and other institutional investors own 82.34% of the company’s stock.

FirstEnergy Price Performance

Shares of FirstEnergy stock opened at $34.18 on Friday. The company has a quick ratio of 0.49, a current ratio of 0.60 and a debt-to-equity ratio of 2.07. The company has a market cap of $19.60 billion, a PE ratio of 43.27, a P/E/G ratio of 2.13 and a beta of 0.45. The business has a 50 day moving average of $36.59 and a 200 day moving average of $38.32. FirstEnergy Corp. has a 52 week low of $34.01 and a 52 week high of $43.31.

FirstEnergy (NYSE:FE – Get Free Report) last posted its quarterly earnings data on Tuesday, August 1st. The utilities provider reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate 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 forecast that FirstEnergy Corp. will post 2.52 earnings per share for the current year.

FirstEnergy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, November 7th will be issued a $0.41 dividend. This is an increase from FirstEnergy’s previous quarterly dividend of $0.39. The ex-dividend date is Monday, November 6th. This represents a $1.64 dividend on an annualized basis and a yield of 4.80%. FirstEnergy’s dividend payout ratio is 197.47%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FE. Guggenheim lowered their price objective on FirstEnergy from $46.00 to $44.00 in a research report on Friday, July 7th. Barclays began coverage on FirstEnergy in a research report on Wednesday, August 23rd. They issued an “equal weight” rating and a $37.00 price objective for the company. Morgan Stanley boosted their price objective on FirstEnergy from $43.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, September 21st. UBS Group downgraded FirstEnergy from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $45.00 to $40.00 in a research report on Monday, August 7th. Finally, Royal Bank of Canada lowered their price objective on FirstEnergy from $44.00 to $41.00 and set an “outperform” rating for the company in a research report on Wednesday, September 6th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, FirstEnergy presently has a consensus rating of “Hold” and a consensus target price of $41.50.

Check Out Our Latest Research Report on FE

FirstEnergy Profile

(Free Report)

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.