Victory Capital Management Inc. Increases Holdings in FirstEnergy Corp. (FE)

Victory Capital Management Inc. boosted its stake in FirstEnergy Corp. (NYSE:FE) by 297.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 970,440 shares of the utilities provider’s stock after acquiring an additional 726,139 shares during the period. Victory Capital Management Inc. owned 0.18% of FirstEnergy worth $40,380,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Nordea Investment Management AB increased its position in FirstEnergy by 1.1% during the third quarter. Nordea Investment Management AB now owns 159,040 shares of the utilities provider’s stock worth $5,910,000 after buying an additional 1,760 shares during the last quarter. Legal & General Group Plc raised its stake in shares of FirstEnergy by 9.6% in the third quarter. Legal & General Group Plc now owns 3,276,571 shares of the utilities provider’s stock valued at $121,743,000 after acquiring an additional 287,205 shares during the last quarter. Morgan Stanley raised its stake in shares of FirstEnergy by 17.9% in the third quarter. Morgan Stanley now owns 3,967,041 shares of the utilities provider’s stock valued at $147,455,000 after acquiring an additional 601,988 shares during the last quarter. Marshall Wace LLP bought a new position in shares of FirstEnergy in the third quarter valued at approximately $614,000. Finally, Vanguard Group Inc raised its stake in shares of FirstEnergy by 4.4% in the third quarter. Vanguard Group Inc now owns 58,780,161 shares of the utilities provider’s stock valued at $2,184,859,000 after acquiring an additional 2,480,578 shares during the last quarter. 90.52% of the stock is currently owned by institutional investors and hedge funds.

Several research firms recently weighed in on FE. Zacks Investment Research upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a research report on Wednesday, May 1st. Bank of America boosted their price target on shares of FirstEnergy from $41.00 to $46.00 and gave the company a “buy” rating in a report on Thursday, March 28th. Morgan Stanley set a $44.00 price target on shares of FirstEnergy and gave the company a “buy” rating in a report on Friday, April 5th. Finally, Barclays raised shares of FirstEnergy from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $40.00 to $46.00 in a report on Wednesday, March 20th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $42.86.

FE traded up $0.41 on Thursday, reaching $42.24. The company had a trading volume of 63,797 shares, compared to its average volume of 4,704,122. FirstEnergy Corp. has a fifty-two week low of $32.92 and a fifty-two week high of $42.53. The firm has a market cap of $22.56 billion, a P/E ratio of 16.32, a price-to-earnings-growth ratio of 2.74 and a beta of 0.30. The company has a debt-to-equity ratio of 2.72, a quick ratio of 0.47 and a current ratio of 0.54.

FirstEnergy (NYSE:FE) last announced its quarterly earnings results on Tuesday, April 23rd. The utilities provider reported $0.67 EPS for the quarter, missing the Zacks’ consensus estimate of $0.68 by ($0.01). The company had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.88 billion. FirstEnergy had a net margin of 2.63% and a return on equity of 21.90%. The firm’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter last year, the company posted $0.67 EPS. As a group, equities analysts forecast that FirstEnergy Corp. will post 2.59 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Tuesday, May 7th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Monday, May 6th. This represents a $1.52 annualized dividend and a dividend yield of 3.60%. FirstEnergy’s dividend payout ratio is 58.69%.

In related news, EVP Leila L. Vespoli sold 24,400 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $41.33, for a total transaction of $1,008,452.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.32% of the company’s stock.

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About FirstEnergy

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

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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