Beese Fulmer Investment Management Inc. decreased its stake in FirstEnergy Corp. (NYSE:FE) by 7.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,957 shares of the utilities provider’s stock after selling 1,050 shares during the period. Beese Fulmer Investment Management Inc.’s holdings in FirstEnergy were worth $673,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Moloney Securities Asset Management LLC lifted its holdings in shares of FirstEnergy by 136.5% in the 3rd quarter. Moloney Securities Asset Management LLC now owns 12,726 shares of the utilities provider’s stock worth $614,000 after purchasing an additional 7,344 shares during the last quarter. Picton Mahoney Asset Management lifted its holdings in shares of FirstEnergy by 16.1% in the 3rd quarter. Picton Mahoney Asset Management now owns 156,200 shares of the utilities provider’s stock worth $7,533,000 after purchasing an additional 21,700 shares during the last quarter. Mackay Shields LLC lifted its holdings in shares of FirstEnergy by 24.1% in the 3rd quarter. Mackay Shields LLC now owns 113,531 shares of the utilities provider’s stock worth $5,475,000 after purchasing an additional 22,053 shares during the last quarter. Synovus Financial Corp lifted its holdings in shares of FirstEnergy by 2.4% in the 3rd quarter. Synovus Financial Corp now owns 24,703 shares of the utilities provider’s stock worth $1,193,000 after purchasing an additional 587 shares during the last quarter. Finally, IFM Investors Pty Ltd lifted its holdings in shares of FirstEnergy by 58.9% in the 3rd quarter. IFM Investors Pty Ltd now owns 55,764 shares of the utilities provider’s stock worth $2,689,000 after purchasing an additional 20,660 shares during the last quarter. 94.22% of the stock is currently owned by institutional investors and hedge funds.
Shares of FirstEnergy stock opened at $47.11 on Thursday. The business’s fifty day moving average price is $47.99 and its two-hundred day moving average price is $44.69. The company has a debt-to-equity ratio of 2.63, a current ratio of 0.60 and a quick ratio of 0.53. The company has a market capitalization of $26.11 billion, a P/E ratio of 18.19, a PEG ratio of 3.24 and a beta of 0.18. FirstEnergy Corp. has a 1-year low of $35.33 and a 1-year high of $49.07.
FirstEnergy (NYSE:FE) last announced its earnings results on Monday, November 4th. The utilities provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.03. The firm had revenue of $3 billion for the quarter, compared to the consensus estimate of $2.91 billion. FirstEnergy had a return on equity of 20.29% and a net margin of 2.79%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.80 EPS. On average, research analysts expect that FirstEnergy Corp. will post 2.55 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Thursday, November 7th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.23%. The ex-dividend date is Wednesday, November 6th. FirstEnergy’s payout ratio is currently 58.69%.
FE has been the topic of several recent research reports. KeyCorp raised their price target on FirstEnergy from $51.00 to $56.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Bank of America downgraded FirstEnergy from a “buy” rating to a “neutral” rating in a report on Thursday, October 24th. They noted that the move was a valuation call. Mizuho downgraded FirstEnergy from a “buy” rating to a “neutral” rating and raised their price target for the stock from $48.00 to $48.50 in a report on Friday, September 20th. Citigroup set a $49.00 price target on FirstEnergy and gave the stock a “hold” rating in a report on Thursday, October 10th. Finally, Morgan Stanley downgraded FirstEnergy from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $50.00 to $49.00 in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $48.50.
FirstEnergy Company Profile
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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