State of Alaska Department of Revenue Trims Stake in FirstEnergy Corp. (NYSE:FE)

State of Alaska Department of Revenue cut its stake in FirstEnergy Corp. (NYSE:FE) by 15.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 131,119 shares of the utilities provider’s stock after selling 23,795 shares during the quarter. State of Alaska Department of Revenue’s holdings in FirstEnergy were worth $5,063,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of FE. Sachetta LLC acquired a new position in shares of FirstEnergy in the 4th quarter valued at $25,000. Sugarloaf Wealth Management LLC purchased a new position in FirstEnergy in the fourth quarter valued at $29,000. Scarborough Advisors LLC purchased a new position in FirstEnergy in the fourth quarter valued at $31,000. Blue Trust Inc. raised its position in shares of FirstEnergy by 327.3% in the fourth quarter. Blue Trust Inc. now owns 1,034 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 792 shares during the period. Finally, Wetzel Investment Advisors Inc. acquired a new stake in shares of FirstEnergy during the 4th quarter valued at about $40,000. Hedge funds and other institutional investors own 89.41% of the company’s stock.

FirstEnergy Stock Performance

NYSE:FE opened at $38.44 on Friday. FirstEnergy Corp. has a twelve month low of $32.18 and a twelve month high of $40.65. The company has a market cap of $22.12 billion, a P/E ratio of 22.09, a P/E/G ratio of 2.43 and a beta of 0.49. The company has a current ratio of 0.65, a quick ratio of 0.56 and a debt-to-equity ratio of 1.59. The company’s 50-day moving average price is $39.05 and its 200-day moving average price is $37.99.

FirstEnergy (NYSE:FE) last issued its earnings results on Thursday, April 25th. The utilities provider reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.02. FirstEnergy had a return on equity of 12.45% and a net margin of 8.22%. The business had revenue of $3.29 billion for the quarter, compared to analysts’ expectations of $3.36 billion. On average, sell-side analysts forecast that FirstEnergy Corp. will post 2.69 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on FE shares. StockNews.com raised FirstEnergy from a “sell” rating to a “hold” rating in a report on Monday, April 29th. The Goldman Sachs Group began coverage on FirstEnergy in a research note on Wednesday, April 10th. They set a “buy” rating and a $45.00 target price for the company. Mizuho lifted their price target on shares of FirstEnergy from $38.00 to $41.00 and gave the company a “neutral” rating in a research note on Monday, June 3rd. Morgan Stanley reduced their price objective on shares of FirstEnergy from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Monday, June 24th. Finally, Scotiabank dropped their target price on shares of FirstEnergy from $41.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $40.09.

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.