Principal Financial Group Inc. Purchases 12,997 Shares of FirstEnergy Corp. (NYSE:FE)

Principal Financial Group Inc. lifted its position in FirstEnergy Corp. (NYSE:FEGet Rating) by 1.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 715,574 shares of the utilities provider’s stock after buying an additional 12,997 shares during the period. Principal Financial Group Inc. owned about 0.13% of FirstEnergy worth $27,471,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Prospera Financial Services Inc bought a new position in FirstEnergy during the first quarter valued at approximately $25,000. Trust Co. of Vermont bought a new position in FirstEnergy during the second quarter valued at approximately $29,000. Allworth Financial LP lifted its position in FirstEnergy by 64.7% during the second quarter. Allworth Financial LP now owns 858 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 337 shares during the period. Pinnacle Bancorp Inc. lifted its position in FirstEnergy by 65.5% during the second quarter. Pinnacle Bancorp Inc. now owns 1,011 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 400 shares during the period. Finally, Farmers & Merchants Investments Inc. raised its position in FirstEnergy by 266.7% in the second quarter. Farmers & Merchants Investments Inc. now owns 1,100 shares of the utilities provider’s stock worth $42,000 after acquiring an additional 800 shares during the period. Institutional investors own 87.20% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on FE. Guggenheim decreased their price target on shares of FirstEnergy from $43.00 to $34.00 in a research report on Monday, October 24th. Wells Fargo & Company reduced their price objective on shares of FirstEnergy from $44.00 to $40.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 19th. Morgan Stanley increased their price objective on shares of FirstEnergy from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday, November 11th. StockNews.com started coverage on shares of FirstEnergy in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, KeyCorp cut their target price on shares of FirstEnergy from $47.00 to $44.00 and set an “overweight” rating for the company in a research note on Thursday, October 20th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $42.78.

FirstEnergy Price Performance

FirstEnergy stock opened at $38.48 on Friday. The firm has a 50-day moving average price of $38.19 and a 200-day moving average price of $39.34. The firm has a market capitalization of $22.00 billion, a PE ratio of 17.57, a price-to-earnings-growth ratio of 2.30 and a beta of 0.45. The company has a current ratio of 0.66, a quick ratio of 0.56 and a debt-to-equity ratio of 1.86. FirstEnergy Corp. has a 12-month low of $35.32 and a 12-month high of $48.85.

FirstEnergy (NYSE:FEGet Rating) last released its earnings results on Tuesday, October 25th. The utilities provider reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.02. The firm had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.14 billion. FirstEnergy had a net margin of 10.35% and a return on equity of 13.76%. The business’s revenue was up 11.2% on a year-over-year basis. During the same quarter last year, the business earned $0.82 EPS. As a group, equities research analysts forecast that FirstEnergy Corp. will post 2.44 EPS for the current year.

FirstEnergy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 7th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 4th. This represents a $1.56 dividend on an annualized basis and a yield of 4.05%. FirstEnergy’s payout ratio is 71.23%.

FirstEnergy Company Profile

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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, natural gas, wind, and solar power generating facilities.

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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