Profund Advisors LLC Reduces Position in FirstEnergy Corp. (FE)

Profund Advisors LLC lessened its position in shares of FirstEnergy Corp. (NYSE:FE) by 25.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 29,774 shares of the utilities provider’s stock after selling 9,976 shares during the quarter. Profund Advisors LLC’s holdings in FirstEnergy were worth $1,013,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the stock. Nomura Asset Management Co. Ltd. grew its stake in FirstEnergy by 2.2% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 79,014 shares of the utilities provider’s stock worth $2,687,000 after buying an additional 1,703 shares during the last quarter. Signition LP purchased a new position in FirstEnergy during the 1st quarter worth approximately $204,000. Gideon Capital Advisors Inc. purchased a new position in FirstEnergy during the 1st quarter worth approximately $317,000. Principal Financial Group Inc. grew its stake in FirstEnergy by 79.4% during the 1st quarter. Principal Financial Group Inc. now owns 1,410,730 shares of the utilities provider’s stock worth $47,979,000 after buying an additional 624,164 shares during the last quarter. Finally, Bollard Group LLC grew its stake in FirstEnergy by 11.4% during the 1st quarter. Bollard Group LLC now owns 116,011 shares of the utilities provider’s stock worth $3,946,000 after buying an additional 11,837 shares during the last quarter. Hedge funds and other institutional investors own 95.03% of the company’s stock.

FirstEnergy opened at $33.32 on Wednesday, Marketbeat reports. The company has a current ratio of 0.46, a quick ratio of 0.40 and a debt-to-equity ratio of 2.32. FirstEnergy Corp. has a 1-year low of $28.72 and a 1-year high of $35.56. The company has a market capitalization of $15.72 billion, a P/E ratio of 10.85, a price-to-earnings-growth ratio of 2.31 and a beta of 0.28.

FirstEnergy (NYSE:FE) last posted its quarterly earnings results on Monday, April 23rd. The utilities provider reported $0.67 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.68 by ($0.01). FirstEnergy had a negative net margin of 5.33% and a positive return on equity of 22.52%. The business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $3.36 billion. During the same quarter last year, the firm earned $0.78 earnings per share. The firm’s quarterly revenue was down 18.4% compared to the same quarter last year. equities analysts anticipate that FirstEnergy Corp. will post 2.37 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, June 1st. Investors of record on Monday, May 7th were paid a $0.36 dividend. The ex-dividend date of this dividend was Friday, May 4th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.32%. FirstEnergy’s dividend payout ratio (DPR) is presently 46.91%.

Several brokerages have weighed in on FE. Morgan Stanley lifted their target price on FirstEnergy from $35.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, April 16th. ValuEngine downgraded FirstEnergy from a “buy” rating to a “hold” rating in a research note on Thursday, May 17th. Zacks Investment Research upgraded FirstEnergy from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a research note on Tuesday, June 5th. Mizuho upgraded FirstEnergy from a “neutral” rating to a “buy” rating in a research note on Monday, May 7th. Finally, Wells Fargo & Co upgraded FirstEnergy from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $27.93 to $34.30 in a research note on Monday, April 30th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $35.81.

About FirstEnergy

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution, Regulated Transmission, and Competitive Energy Services segments. It owns and operates coal-fired, nuclear, hydroelectric, oil and natural gas, wind, and solar power generating facilities.

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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