J.W. Cole Advisors Inc. purchased a new stake in FirstEnergy Corp. (NYSE:FE – Get Rating) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 7,088 shares of the utilities provider’s stock, valued at approximately $262,000.
A number of other large investors have also made changes to their positions in FE. International Assets Investment Management LLC lifted its holdings in FirstEnergy by 42.0% in the third quarter. International Assets Investment Management LLC now owns 9,747 shares of the utilities provider’s stock valued at $361,000 after acquiring an additional 2,881 shares during the last quarter. Czech National Bank acquired a new position in FirstEnergy in the third quarter valued at approximately $2,334,000. Benjamin Edwards Inc. acquired a new position in FirstEnergy in the third quarter valued at approximately $134,000. Grimes & Company Inc. lifted its holdings in FirstEnergy by 50.0% in the third quarter. Grimes & Company Inc. now owns 9,000 shares of the utilities provider’s stock valued at $333,000 after acquiring an additional 3,000 shares during the last quarter. Finally, New York State Teachers Retirement System lifted its holdings in FirstEnergy by 8.4% in the third quarter. New York State Teachers Retirement System now owns 645,387 shares of the utilities provider’s stock valued at $23,879,000 after acquiring an additional 50,017 shares during the last quarter. 81.80% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts recently commented on the company. Morgan Stanley upped their price objective on FirstEnergy from $45.00 to $47.00 and gave the company an “overweight” rating in a report on Thursday, December 15th. StockNews.com began coverage on FirstEnergy in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Wells Fargo & Company upped their price target on FirstEnergy to $45.00 in a research note on Wednesday, December 14th. Guggenheim decreased their price target on FirstEnergy from $43.00 to $34.00 in a research note on Monday, October 24th. Finally, KeyCorp decreased their price target on FirstEnergy from $47.00 to $44.00 and set an “overweight” rating on the stock in a research note on Thursday, October 20th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $43.25.
FirstEnergy Stock Down 0.8 %
FirstEnergy (NYSE:FE – Get Rating) last announced its quarterly earnings data on Tuesday, October 25th. The utilities provider reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.02. The business had revenue of $3.48 billion for the quarter, compared to analysts’ expectations of $3.14 billion. FirstEnergy had a return on equity of 13.76% and a net margin of 10.35%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period last year, the firm earned $0.82 earnings per share. As a group, equities analysts predict that FirstEnergy Corp. will post 2.43 EPS for the current fiscal year.
FirstEnergy Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 1st. Investors of record on Tuesday, February 7th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.65%. The ex-dividend date of this dividend is Monday, February 6th. FirstEnergy’s dividend payout ratio (DPR) is presently 71.23%.
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, natural gas, wind, and solar power generating facilities.
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