Mizuho Securities USA LLC Sells 1,916,624 Shares of FirstEnergy Corp. (NYSE:FE)

Mizuho Securities USA LLC cut its holdings in shares of FirstEnergy Corp. (NYSE:FE) by 97.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,613 shares of the utilities provider’s stock after selling 1,916,624 shares during the quarter. Mizuho Securities USA LLC’s holdings in FirstEnergy were worth $1,934,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Kestra Investment Management LLC acquired a new position in FirstEnergy during the fourth quarter valued at approximately $26,000. Lee Danner & Bass Inc. acquired a new stake in shares of FirstEnergy in the 4th quarter valued at approximately $26,000. True Wealth Design LLC grew its stake in shares of FirstEnergy by 4,571.4% in the third quarter. True Wealth Design LLC now owns 654 shares of the utilities provider’s stock valued at $29,000 after buying an additional 640 shares in the last quarter. WASHINGTON TRUST Co increased its holdings in FirstEnergy by 293.0% during the fourth quarter. WASHINGTON TRUST Co now owns 786 shares of the utilities provider’s stock worth $31,000 after buying an additional 586 shares during the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in FirstEnergy during the fourth quarter worth $33,000. 89.41% of the stock is currently owned by institutional investors and hedge funds.

FirstEnergy Stock Performance

NYSE FE opened at $39.03 on Tuesday. The firm has a 50-day moving average price of $39.94 and a two-hundred day moving average price of $41.26. FirstEnergy Corp. has a 12-month low of $36.81 and a 12-month high of $44.97. The company has a market capitalization of $22.51 billion, a P/E ratio of 25.18, a P/E/G ratio of 2.07 and a beta of 0.48. The company has a quick ratio of 0.46, a current ratio of 0.56 and a debt-to-equity ratio of 1.58.

FirstEnergy (NYSE:FE) last issued its quarterly earnings results on Wednesday, February 26th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.03). The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.53 billion. FirstEnergy had a return on equity of 11.38% and a net margin of 6.64%. Analysts anticipate that FirstEnergy Corp. will post 2.66 earnings per share for the current year.

FirstEnergy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Wednesday, May 7th will be given a dividend of $0.445 per share. This is a boost from FirstEnergy’s previous quarterly dividend of $0.43. The ex-dividend date is Wednesday, May 7th. This represents a $1.78 annualized dividend and a yield of 4.56%. FirstEnergy’s dividend payout ratio is currently 104.71%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Morgan Stanley decreased their price objective on shares of FirstEnergy from $52.00 to $48.00 and set an “overweight” rating for the company in a research report on Thursday, March 20th. UBS Group lifted their price target on FirstEnergy from $41.00 to $43.00 and gave the stock a “neutral” rating in a report on Friday. KeyCorp dropped their price objective on FirstEnergy from $48.00 to $47.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 4th. Wells Fargo & Company reduced their target price on FirstEnergy from $48.00 to $41.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. Finally, Wolfe Research cut FirstEnergy from an “outperform” rating to a “peer perform” rating in a research note on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $45.00.

FirstEnergy Profile

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