Cedar Brook Financial Partners LLC decreased its stake in shares of FirstEnergy Corp. (NYSE:FE) by 26.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,153 shares of the utilities provider’s stock after selling 2,961 shares during the quarter. Cedar Brook Financial Partners LLC’s holdings in FirstEnergy were worth $339,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in FE. BlackRock Inc. raised its holdings in shares of FirstEnergy by 0.6% during the fourth quarter. BlackRock Inc. now owns 59,070,063 shares of the utilities provider’s stock worth $2,218,080,000 after acquiring an additional 331,380 shares during the period. Vanguard Group Inc raised its stake in FirstEnergy by 4.4% during the 3rd quarter. Vanguard Group Inc now owns 58,780,161 shares of the utilities provider’s stock valued at $2,184,859,000 after purchasing an additional 2,480,578 shares during the period. FMR LLC increased its stake in shares of FirstEnergy by 15.9% in the fourth quarter. FMR LLC now owns 10,979,972 shares of the utilities provider’s stock worth $412,298,000 after acquiring an additional 1,509,442 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of FirstEnergy by 6.4% in the fourth quarter. Geode Capital Management LLC now owns 6,393,048 shares of the utilities provider’s stock worth $239,645,000 after acquiring an additional 382,694 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of FirstEnergy by 4.8% in the fourth quarter. Northern Trust Corp now owns 6,348,462 shares of the utilities provider’s stock worth $238,384,000 after acquiring an additional 292,118 shares during the last quarter. Institutional investors and hedge funds own 93.81% of the company’s stock.
FirstEnergy stock traded up $0.62 during mid-day trading on Friday, reaching $43.97. 2,554,386 shares of the company were exchanged, compared to its average volume of 4,433,967. FirstEnergy Corp. has a twelve month low of $33.82 and a twelve month high of $44.11. The company has a current ratio of 0.54, a quick ratio of 0.47 and a debt-to-equity ratio of 2.72. The stock has a market capitalization of $23.23 billion, a price-to-earnings ratio of 16.98, a PEG ratio of 2.80 and a beta of 0.29.
FirstEnergy (NYSE:FE) last posted its quarterly earnings data on Tuesday, April 23rd. The utilities provider reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.01). The company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.88 billion. FirstEnergy had a return on equity of 21.90% and a net margin of 2.63%. The firm’s revenue was up .0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.67 earnings per share. Equities analysts predict that FirstEnergy Corp. will post 2.58 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Tuesday, May 7th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend was Monday, May 6th. FirstEnergy’s dividend payout ratio is presently 58.69%.
A number of equities analysts have recently weighed in on FE shares. Morgan Stanley set a $44.00 price target on shares of FirstEnergy and gave the stock a “buy” rating in a research note on Friday, April 5th. Zacks Investment Research downgraded shares of FirstEnergy from a “buy” rating to a “hold” rating in a report on Wednesday, April 17th. Barclays upgraded shares of FirstEnergy from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $40.00 to $46.00 in a report on Wednesday, March 20th. KeyCorp restated an “overweight” rating and set a $46.00 price objective on shares of FirstEnergy in a report on Wednesday, June 5th. Finally, Bank of America lifted their target price on shares of FirstEnergy from $41.00 to $46.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $43.25.
In related news, Director Christopher D. Pappas bought 3,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was bought at an average cost of $41.14 per share, with a total value of $123,420.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.32% of the company’s stock.
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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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