Magellan Asset Management Ltd Raises Position in FirstEnergy Corporation $FE

Magellan Asset Management Ltd boosted its position in FirstEnergy Corporation (NYSE:FE) by 2.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 630,371 shares of the utilities provider’s stock after purchasing an additional 14,886 shares during the period. Magellan Asset Management Ltd’s holdings in FirstEnergy were worth $29,968,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Parallel Advisors LLC raised its stake in FirstEnergy by 4.1% in the 4th quarter. Parallel Advisors LLC now owns 5,381 shares of the utilities provider’s stock valued at $241,000 after acquiring an additional 213 shares during the period. Simplicity Wealth LLC lifted its stake in FirstEnergy by 3.4% in the 1st quarter. Simplicity Wealth LLC now owns 6,839 shares of the utilities provider’s stock worth $346,000 after purchasing an additional 223 shares in the last quarter. Dorsey & Whitney Trust CO LLC boosted its stake in FirstEnergy by 5.0% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 4,677 shares of the utilities provider’s stock valued at $209,000 after buying an additional 223 shares during the period. Pinnacle Bancorp Inc. boosted its position in shares of FirstEnergy by 44.4% during the 1st quarter. Pinnacle Bancorp Inc. now owns 754 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 232 shares during the last quarter. Finally, Allworth Financial LP lifted its position in FirstEnergy by 3.7% during the fourth quarter. Allworth Financial LP now owns 6,778 shares of the utilities provider’s stock valued at $303,000 after purchasing an additional 241 shares during the last quarter. 89.41% of the stock is owned by institutional investors.

FirstEnergy Trading Up 0.1%

NYSE FE opened at $45.99 on Monday. The firm has a market cap of $26.61 billion, a PE ratio of 24.46, a price-to-earnings-growth ratio of 2.20 and a beta of 0.46. FirstEnergy Corporation has a 1-year low of $42.87 and a 1-year high of $52.34. The stock has a 50-day moving average of $47.92 and a 200-day moving average of $48.31. The company has a current ratio of 0.54, a quick ratio of 0.45 and a debt-to-equity ratio of 1.88.

FirstEnergy (NYSE:FE) last announced its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 EPS for the quarter, hitting analysts’ consensus estimates of $0.50. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%.The business had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.51 billion. During the same period in the previous year, the firm earned $0.52 EPS. As a group, sell-side analysts forecast that FirstEnergy Corporation will post 2.74 EPS for the current year.

FirstEnergy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be paid a $0.465 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $1.86 annualized dividend and a dividend yield of 4.0%. FirstEnergy’s dividend payout ratio (DPR) is presently 98.94%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Weiss Ratings lowered shares of FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 17th. TD Cowen upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating and cut their target price for the stock from $56.00 to $53.00 in a research report on Friday, May 15th. Wolfe Research cut FirstEnergy from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Morgan Stanley lowered their price target on FirstEnergy from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Barclays cut their price objective on FirstEnergy from $55.00 to $54.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.83.

FirstEnergy Company Profile

FirstEnergy Corp. (NYSE: FE) is a U.S.-based electric utility holding company headquartered in Akron, Ohio. The company’s primary business is the delivery of electricity through its regulated transmission and distribution utilities, serving residential, commercial and industrial customers across parts of the Midwest and Mid‑Atlantic. FirstEnergy’s service territory includes states such as Ohio, Pennsylvania, New Jersey, Maryland and West Virginia, and it operates primarily within the PJM regional transmission organization.

FirstEnergy’s core activities center on owning and operating electric distribution networks and transmission systems, maintaining and upgrading grid infrastructure, managing storm response and restoration, and offering customer programs that include energy efficiency and reliability services.