Tredje AP fonden Sells 1,339 Shares of FirstEnergy Corp. (NYSE:FE)

Tredje AP fonden reduced its stake in FirstEnergy Corp. (NYSE:FE) by 1.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,899 shares of the utilities provider’s stock after selling 1,339 shares during the period. Tredje AP fonden’s holdings in FirstEnergy were worth $3,249,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in FE. Van ECK Associates Corp boosted its stake in shares of FirstEnergy by 41.4% during the first quarter. Van ECK Associates Corp now owns 187,964 shares of the utilities provider’s stock valued at $7,259,000 after purchasing an additional 54,990 shares in the last quarter. Lumbard & Kellner LLC bought a new position in shares of FirstEnergy during the fourth quarter valued at approximately $2,418,000. Lord Abbett & CO. LLC boosted its stake in shares of FirstEnergy by 5.3% during the first quarter. Lord Abbett & CO. LLC now owns 1,335,364 shares of the utilities provider’s stock valued at $51,572,000 after purchasing an additional 67,469 shares in the last quarter. First Pacific Advisors LP boosted its stake in shares of FirstEnergy by 1.3% during the fourth quarter. First Pacific Advisors LP now owns 3,481,258 shares of the utilities provider’s stock valued at $127,623,000 after purchasing an additional 45,350 shares in the last quarter. Finally, CCM Investment Advisers LLC bought a new position in shares of FirstEnergy during the fourth quarter valued at approximately $9,867,000. 89.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on FE shares. Morgan Stanley increased their price objective on shares of FirstEnergy from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Mizuho increased their target price on shares of FirstEnergy from $38.00 to $41.00 and gave the company a “neutral” rating in a research report on Monday, June 3rd. Scotiabank increased their target price on shares of FirstEnergy from $40.00 to $45.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 20th. JPMorgan Chase & Co. increased their target price on shares of FirstEnergy from $43.00 to $45.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, KeyCorp increased their target price on shares of FirstEnergy from $45.00 to $46.00 and gave the company an “overweight” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, FirstEnergy has a consensus rating of “Hold” and an average price target of $43.60.

FirstEnergy Trading Down 0.6 %

NYSE FE opened at $43.23 on Friday. The company has a fifty day simple moving average of $42.41 and a two-hundred day simple moving average of $39.93. The stock has a market cap of $24.88 billion, a P/E ratio of 24.84, a P/E/G ratio of 2.32 and a beta of 0.50. FirstEnergy Corp. has a 12-month low of $32.18 and a 12-month high of $44.97. The company has a current ratio of 0.51, a quick ratio of 0.43 and a debt-to-equity ratio of 1.52.

FirstEnergy (NYSE:FE) last posted its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.56. The business had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.47 billion. FirstEnergy had a net margin of 6.61% and a return on equity of 12.12%. During the same quarter last year, the company posted $0.47 earnings per share. On average, analysts forecast that FirstEnergy Corp. will post 2.7 earnings per share for the current year.

FirstEnergy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Wednesday, August 7th were paid a $0.425 dividend. The ex-dividend date was Wednesday, August 7th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 3.93%. FirstEnergy’s payout ratio is currently 97.70%.

About FirstEnergy

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.