Investors Sell Shares of FirstEnergy Corp. (FE) on Strength After Analyst Downgrade
Investors sold shares of FirstEnergy Corp. (NYSE:FE) on strength during trading hours on Thursday after Royal Bank Of Canada lowered their price target on the stock from $38.00 to $36.00. $64.23 million flowed into the stock on the tick-up and $110.46 million flowed out of the stock on the tick-down, for a money net flow of $46.23 million out of the stock. Of all companies tracked, FirstEnergy Corp. had the 13th highest net out-flow for the day. FirstEnergy Corp. traded up $0.14 for the day and closed at $31.36
Other equities analysts have also issued research reports about the stock. RBC Capital Markets reissued a “hold” rating and issued a $36.00 price objective on shares of FirstEnergy Corp. in a research report on Thursday. Barclays PLC raised shares of FirstEnergy Corp. from an “equal weight” rating to an “overweight” rating and set a $37.00 price objective for the company in a research report on Thursday. Goldman Sachs Group Inc. lowered shares of FirstEnergy Corp. from a “neutral” rating to a “sell” rating and cut their price objective for the company from $36.00 to $31.00 in a research report on Tuesday, July 26th. Jefferies Group boosted their price objective on shares of FirstEnergy Corp. from $35.00 to $36.00 and gave the company a “hold” rating in a research report on Thursday, July 7th. Finally, Bank of America Corp. raised shares of FirstEnergy Corp. from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $41.00 to $40.00 in a research report on Monday, August 8th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $36.10.
A number of hedge funds and other institutional investors have recently bought and sold shares of FE. Premier Asset Managment LLC increased its position in FirstEnergy Corp. by 75.6% in the third quarter. Premier Asset Managment LLC now owns 25,730 shares of the company’s stock worth $851,000 after buying an additional 11,075 shares during the period. Nisa Investment Advisors LLC increased its position in FirstEnergy Corp. by 52.6% in the third quarter. Nisa Investment Advisors LLC now owns 61,516 shares of the company’s stock worth $2,035,000 after buying an additional 21,200 shares during the period. Capstone Asset Management Co. increased its position in FirstEnergy Corp. by 1.4% in the third quarter. Capstone Asset Management Co. now owns 50,327 shares of the company’s stock worth $1,665,000 after buying an additional 706 shares during the period. Oregon Public Employees Retirement Fund increased its position in FirstEnergy Corp. by 30.8% in the third quarter. Oregon Public Employees Retirement Fund now owns 153,935 shares of the company’s stock worth $5,092,000 after buying an additional 36,289 shares during the period. Finally, Pure Financial Advisors Inc. increased its position in FirstEnergy Corp. by 1.1% in the third quarter. Pure Financial Advisors Inc. now owns 13,442 shares of the company’s stock worth $445,000 after buying an additional 146 shares during the period. Hedge funds and other institutional investors own 75.93% of the company’s stock.
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The company’s market cap is $13.42 billion. The company’s 50-day moving average price is $32.81 and its 200-day moving average price is $33.83.
FirstEnergy Corp. (NYSE:FE) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.02. FirstEnergy Corp. had a negative net margin of 3.96% and a positive return on equity of 10.05%. During the same quarter last year, the firm earned $0.53 EPS. Analysts predict that FirstEnergy Corp. will post $2.54 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 7th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 4.56%. The ex-dividend date is Thursday, November 3rd. FirstEnergy Corp.’s payout ratio is presently -103.60%.
About FirstEnergy Corp.
FirstEnergy Corp. is a holding company. The Company operates through three segments: Regulated Distribution, Regulated Transmission and Competitive Energy Services (CES). The Regulated Distribution segment distributes electricity through its approximately 10 utility operating companies. The Regulated Transmission segment transmits electricity through transmission facilities.
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