Cornerstone Wealth Management LLC Makes New $203,000 Investment in FirstEnergy Corp. (NYSE:FE)

Cornerstone Wealth Management LLC purchased a new stake in shares of FirstEnergy Corp. (NYSE:FE) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,105 shares of the utilities provider’s stock, valued at approximately $203,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Livelsberger Financial Advisory acquired a new position in FirstEnergy during the 3rd quarter valued at about $26,000. True Wealth Design LLC boosted its holdings 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 acquiring an additional 640 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in shares of FirstEnergy during the second quarter valued at approximately $32,000. Quarry LP raised its holdings in FirstEnergy by 59.1% during the third quarter. Quarry LP now owns 861 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 320 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in FirstEnergy by 48.4% in the third quarter. UMB Bank n.a. now owns 997 shares of the utilities provider’s stock worth $44,000 after purchasing an additional 325 shares during the period. 89.41% of the stock is currently owned by institutional investors.

FirstEnergy Stock Performance

Shares of FE stock opened at $39.18 on Monday. The company has a market capitalization of $22.58 billion, a price-to-earnings ratio of 25.27, a P/E/G ratio of 1.97 and a beta of 0.52. FirstEnergy Corp. has a 1-year low of $35.41 and a 1-year high of $44.97. The company has a current ratio of 0.56, a quick ratio of 0.46 and a debt-to-equity ratio of 1.58. The stock’s fifty day simple moving average is $40.35 and its 200-day simple moving average is $41.80.

FirstEnergy (NYSE:FE) last released its earnings results on Tuesday, October 29th. The utilities provider reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.05). The business had revenue of $3.73 billion for the quarter, compared to analysts’ expectations of $3.96 billion. FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. The company’s revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm earned $0.88 EPS. On average, sell-side analysts predict that FirstEnergy Corp. will post 2.67 earnings per share for the current fiscal year.

FirstEnergy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Friday, February 7th will be paid a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date of this dividend is Friday, February 7th. FirstEnergy’s dividend payout ratio (DPR) is currently 109.68%.

Analyst Ratings Changes

Several brokerages have recently issued reports on FE. Barclays boosted their price objective on FirstEnergy from $40.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Jefferies Financial Group started coverage on shares of FirstEnergy in a research report on Monday, October 14th. They issued a “hold” rating and a $46.00 price target on the stock. Morgan Stanley reduced their price objective on shares of FirstEnergy from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Seaport Res Ptn downgraded shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 31st. Finally, KeyCorp reduced their target price on shares of FirstEnergy from $48.00 to $47.00 and set an “overweight” rating for the company in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $46.27.

FirstEnergy Company 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.