Wells Fargo & Company MN increased its holdings in shares of FirstEnergy Corp. (NYSE:FE) by 290.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,304,504 shares of the utilities provider’s stock after purchasing an additional 3,201,774 shares during the quarter. Wells Fargo & Company MN owned 0.84% of FirstEnergy worth $159,998,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of FE. Renaissance Technologies LLC grew its position in FirstEnergy by 23.1% in the 2nd quarter. Renaissance Technologies LLC now owns 12,007,408 shares of the utilities provider’s stock valued at $431,186,000 after acquiring an additional 2,251,708 shares in the last quarter. Mount Yale Investment Advisors LLC grew its position in FirstEnergy by 4.9% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 203,333 shares of the utilities provider’s stock valued at $7,302,000 after acquiring an additional 9,466 shares in the last quarter. Achmea Investment Management B.V. grew its position in FirstEnergy by 21.3% in the 2nd quarter. Achmea Investment Management B.V. now owns 126,776 shares of the utilities provider’s stock valued at $4,552,000 after acquiring an additional 22,287 shares in the last quarter. Employees Retirement System of Texas grew its position in FirstEnergy by 206.1% in the 2nd quarter. Employees Retirement System of Texas now owns 65,346 shares of the utilities provider’s stock valued at $2,347,000 after acquiring an additional 44,000 shares in the last quarter. Finally, Bank of Montreal Can grew its position in FirstEnergy by 9.8% in the 3rd quarter. Bank of Montreal Can now owns 705,256 shares of the utilities provider’s stock valued at $26,215,000 after acquiring an additional 63,208 shares in the last quarter. 89.79% of the stock is owned by hedge funds and other institutional investors.
Several research firms have weighed in on FE. Bank of America lifted their target price on FirstEnergy from $39.00 to $41.00 and gave the company a “buy” rating in a research report on Monday, October 29th. Zacks Investment Research downgraded FirstEnergy from a “buy” rating to a “hold” rating in a research report on Wednesday, July 18th. Citigroup boosted their price objective on FirstEnergy from $34.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 3rd. Howard Weil began coverage on FirstEnergy in a research report on Tuesday, July 24th. They set a “sector outperform” rating and a $39.00 price objective for the company. Finally, Morgan Stanley boosted their price objective on FirstEnergy from $36.00 to $39.00 and gave the stock a “buy” rating in a research report on Monday, July 16th. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $39.90.
Shares of FirstEnergy stock opened at $38.00 on Friday. FirstEnergy Corp. has a one year low of $29.33 and a one year high of $39.01. The stock has a market cap of $19.31 billion, a PE ratio of 12.38, a P/E/G ratio of 2.48 and a beta of 0.24. The company has a debt-to-equity ratio of 2.44, a current ratio of 0.45 and a quick ratio of 0.41.
FirstEnergy (NYSE:FE) last announced its quarterly earnings data on Thursday, October 25th. The utilities provider reported $0.80 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.09. FirstEnergy had a positive return on equity of 24.42% and a negative net margin of 11.86%. The business had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $2.82 billion. On average, sell-side analysts predict that FirstEnergy Corp. will post 2.54 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Stockholders of record on Wednesday, November 7th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend is Tuesday, November 6th. FirstEnergy’s dividend payout ratio is presently 46.91%.
WARNING: This article was first reported by American Banking News and is the property of of American Banking News. If you are viewing this article on another domain, it was copied illegally and reposted in violation of U.S. and international trademark & copyright laws. The legal version of this article can be accessed at https://www.americanbankingnews.com/2018/11/10/firstenergy-corp-fe-position-increased-by-wells-fargo-company-mn.html.
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.
Recommended Story: Correction
Want to see what other hedge funds are holding FE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FirstEnergy Corp. (NYSE:FE).
Receive News & Ratings for FirstEnergy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FirstEnergy and related companies with MarketBeat.com's FREE daily email newsletter.