South Dakota Investment Council lowered its holdings in FirstEnergy Corporation (NYSE:FE) by 45.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 53,679 shares of the utilities provider’s stock after selling 44,417 shares during the period. South Dakota Investment Council’s holdings in FirstEnergy were worth $1,655,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Federated Investors Inc. PA lifted its holdings in FirstEnergy by 21.7% during the 2nd quarter. Federated Investors Inc. PA now owns 80,711 shares of the utilities provider’s stock worth $2,354,000 after buying an additional 14,381 shares during the last quarter. P Schoenfeld Asset Management LP bought a new position in FirstEnergy during the 2nd quarter worth approximately $11,708,000. Swiss National Bank lifted its holdings in FirstEnergy by 6.9% during the 2nd quarter. Swiss National Bank now owns 1,612,181 shares of the utilities provider’s stock worth $47,011,000 after buying an additional 103,600 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in FirstEnergy by 3.7% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,256,711 shares of the utilities provider’s stock worth $36,646,000 after buying an additional 44,965 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its holdings in FirstEnergy by 4.3% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 975,833 shares of the utilities provider’s stock worth $28,455,000 after buying an additional 40,642 shares during the last quarter. 81.59% of the stock is owned by hedge funds and other institutional investors.
FE has been the topic of a number of research analyst reports. Morgan Stanley increased their target price on FirstEnergy from $39.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, September 8th. Zacks Investment Research downgraded FirstEnergy from a “buy” rating to a “hold” rating in a report on Tuesday, September 12th. Bank of America Corporation started coverage on FirstEnergy in a report on Tuesday, October 24th. They issued a “neutral” rating and a $34.00 price target on the stock. ValuEngine downgraded FirstEnergy from a “buy” rating to a “hold” rating in a report on Tuesday, September 12th. Finally, Deutsche Bank AG reissued a “hold” rating and issued a $34.00 price target (up previously from $31.00) on shares of FirstEnergy in a report on Monday, July 31st. Thirteen analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $34.39.
Shares of FirstEnergy Corporation (NYSE FE) traded down $0.30 during mid-day trading on Monday, hitting $33.94. The stock had a trading volume of 2,533,100 shares, compared to its average volume of 4,230,834. FirstEnergy Corporation has a one year low of $27.93 and a one year high of $35.22. The firm has a market cap of $15,098.48, a PE ratio of 12.43 and a beta of 0.24. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 3.29.
FirstEnergy (NYSE:FE) last issued its quarterly earnings results on Thursday, October 26th. The utilities provider reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.11. FirstEnergy had a positive return on equity of 19.29% and a negative net margin of 35.99%. The company had revenue of $3.70 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the firm earned $0.90 EPS. sell-side analysts predict that FirstEnergy Corporation will post 3 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, November 7th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 4.24%. The ex-dividend date is Monday, November 6th. FirstEnergy’s dividend payout ratio (DPR) is presently -12.31%.
FirstEnergy Company Profile
FirstEnergy Corp. is a holding company. The Company is engaged in holding, directly or indirectly, all of the outstanding equity of its principal subsidiaries. Its segments include Regulated Distribution, Regulated Transmission, Competitive Energy Services (CES) and Corporate/Other. As of December 31, 2016, the Regulated Distribution segment distributed electricity through the Company’s 10 utility operating companies, serving approximately six million customers, and purchased power for its provider of last resort (POLR), standard offer service (SOS), standard offer service (SSO) and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland.
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