BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its stake in FirstEnergy Corp. (NYSE:FE) by 26.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 211,267 shares of the utilities provider’s stock after selling 77,562 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in FirstEnergy were worth $7,853,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of FE. Sowell Financial Services LLC lifted its stake in FirstEnergy by 6.3% in the third quarter. Sowell Financial Services LLC now owns 33,094 shares of the utilities provider’s stock valued at $1,230,000 after buying an additional 1,972 shares during the period. Ancora Advisors LLC acquired a new position in FirstEnergy in the third quarter valued at approximately $168,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in FirstEnergy in the third quarter valued at approximately $11,522,000. GSA Capital Partners LLP acquired a new position in FirstEnergy in the third quarter valued at approximately $607,000. Finally, Stevens Capital Management LP lifted its stake in FirstEnergy by 24.2% in the third quarter. Stevens Capital Management LP now owns 353,054 shares of the utilities provider’s stock valued at $13,123,000 after buying an additional 68,826 shares during the period. 94.84% of the stock is currently owned by institutional investors.
FE has been the topic of several recent analyst reports. Morgan Stanley boosted their price target on FirstEnergy from $39.00 to $41.00 and gave the company a “buy” rating in a research note on Tuesday, September 11th. Wells Fargo & Co reaffirmed a “buy” rating and set a $42.00 target price (up from $41.00) on shares of FirstEnergy in a research report on Monday, September 17th. Citigroup upped their target price on FirstEnergy from $34.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 3rd. ValuEngine raised FirstEnergy from a “hold” rating to a “buy” rating in a research report on Tuesday, October 9th. Finally, Zacks Investment Research raised FirstEnergy from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a research report on Wednesday, October 10th. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. FirstEnergy presently has a consensus rating of “Buy” and an average price target of $40.00.
Shares of NYSE:FE opened at $39.23 on Friday. The company has a current ratio of 0.45, a quick ratio of 0.41 and a debt-to-equity ratio of 2.44. FirstEnergy Corp. has a twelve month low of $29.33 and a twelve month high of $39.41. The company has a market cap of $19.72 billion, a PE ratio of 12.78, a PEG ratio of 2.52 and a beta of 0.30.
FirstEnergy (NYSE:FE) last issued its earnings results on Thursday, October 25th. The utilities provider reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $3.06 billion for the quarter, compared to analyst estimates of $2.82 billion. Equities analysts predict that FirstEnergy Corp. will post 2.55 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Thursday, February 7th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.87%. This is a positive change from FirstEnergy’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Wednesday, February 6th. FirstEnergy’s dividend payout ratio is presently 46.91%.
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FirstEnergy Company Profile
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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