American International Group Inc. increased its position in shares of FirstEnergy Corp. (NYSE:FE) by 10.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 217,648 shares of the utilities provider’s stock after buying an additional 21,276 shares during the period. American International Group Inc.’s holdings in FirstEnergy were worth $8,090,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Investment Partners LTD. purchased a new position in FirstEnergy in the third quarter valued at about $216,000. Winslow Evans & Crocker Inc. purchased a new position in FirstEnergy in the third quarter valued at about $114,000. Valeo Financial Advisors LLC grew its stake in FirstEnergy by 104.4% in the third quarter. Valeo Financial Advisors LLC now owns 3,759 shares of the utilities provider’s stock valued at $140,000 after purchasing an additional 1,920 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new position in FirstEnergy in the second quarter valued at about $189,000. Finally, BB&T Corp purchased a new position in FirstEnergy in the third quarter valued at about $208,000. Hedge funds and other institutional investors own 90.57% of the company’s stock.
Several research firms have issued reports on FE. Morgan Stanley lifted their target price on FirstEnergy from $39.00 to $41.00 and gave the company a “buy” rating in a research note on Tuesday, September 11th. 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 note on Monday, October 29th. Barclays lifted their target price on FirstEnergy from $39.00 to $40.00 and gave the company a “hold” rating in a research note on Monday, November 19th. ValuEngine upgraded FirstEnergy from a “hold” rating to a “buy” rating in a research note on Tuesday, October 9th. Finally, Citigroup boosted their price target on FirstEnergy from $34.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 3rd. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $40.00.
Shares of FE stock opened at $37.83 on Monday. FirstEnergy Corp. has a fifty-two week low of $29.33 and a fifty-two week high of $39.38. The stock has a market cap of $19.35 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 2.47 and a beta of 0.24. The company has a debt-to-equity ratio of 2.44, a quick ratio of 0.41 and a current ratio of 0.45.
FirstEnergy (NYSE:FE) last issued its quarterly earnings results on Thursday, October 25th. The utilities provider reported $0.80 earnings per share 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 for the quarter, compared to analyst estimates of $2.82 billion. Sell-side analysts predict that FirstEnergy Corp. will post 2.55 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Thursday, February 7th will be paid a dividend of $0.38 per share. This is a positive change from FirstEnergy’s previous quarterly dividend of $0.36. The ex-dividend date is Wednesday, February 6th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.02%. FirstEnergy’s payout ratio is presently 46.91%.
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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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