Luminus Management LLC lessened its position in shares of FirstEnergy Corp. (NYSE:FE) by 0.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,928,325 shares of the utilities provider’s stock after selling 11,667 shares during the period. FirstEnergy comprises 2.6% of Luminus Management LLC’s holdings, making the stock its 8th largest position. Luminus Management LLC owned approximately 0.88% of FirstEnergy worth $120,285,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. Baker Ellis Asset Management LLC bought a new position in shares of FirstEnergy in the 4th quarter valued at about $122,000. Tower Research Capital LLC TRC grew its holdings in shares of FirstEnergy by 344.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,791 shares of the utilities provider’s stock valued at $147,000 after acquiring an additional 3,714 shares in the last quarter. IBM Retirement Fund bought a new position in shares of FirstEnergy in the 3rd quarter valued at about $204,000. Commerzbank Aktiengesellschaft FI bought a new position in shares of FirstEnergy in the 4th quarter valued at about $228,000. Finally, Farmers Trust Co. bought a new position in shares of FirstEnergy in the 4th quarter valued at about $251,000. Hedge funds and other institutional investors own 78.77% of the company’s stock.
Shares of FirstEnergy Corp. (NYSE FE) opened at $32.65 on Monday. FirstEnergy Corp. has a one year low of $27.93 and a one year high of $35.22. The stock has a market cap of $15,528.01, a PE ratio of -8.41, a P/E/G ratio of 13.67 and a beta of 0.34. The company has a quick ratio of 0.65, a current ratio of 0.76 and a debt-to-equity ratio of 5.38.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 1st. Investors of record on Wednesday, February 7th were paid a $0.36 dividend. The ex-dividend date of this dividend was Tuesday, February 6th. This represents a $1.44 annualized dividend and a yield of 4.41%. FirstEnergy’s dividend payout ratio (DPR) is currently -37.11%.
Several brokerages have recently weighed in on FE. Morgan Stanley set a $35.00 price objective on FirstEnergy and gave the company a “buy” rating in a report on Thursday. UBS Group began coverage on FirstEnergy in a report on Friday, February 2nd. They issued a “buy” rating and a $39.00 price objective for the company. Citigroup decreased their price objective on FirstEnergy from $34.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, January 30th. Mizuho restated a “hold” rating and issued a $32.00 price objective on shares of FirstEnergy in a report on Tuesday, January 30th. Finally, Wolfe Research upgraded FirstEnergy from a “peer perform” rating to an “outperform” rating in a report on Monday, January 29th. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $35.29.
FirstEnergy Corp. is a holding company. The Company is engaged in holding, directly or indirectly, all of the outstanding equity of its principal subsidiaries. Its segments include Regulated Distribution, Regulated Transmission, Competitive Energy Services (CES) and Corporate/Other. As of December 31, 2016, the Regulated Distribution segment distributed electricity through the Company’s 10 utility operating companies, serving approximately six million customers, and purchased power for its provider of last resort (POLR), standard offer service (SOS), standard offer service (SSO) and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland.
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