Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in FirstEnergy Corp. (NYSE:FE – Get Rating) by 7.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 349,825 shares of the utilities provider’s stock after buying an additional 25,181 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. owned 0.06% of FirstEnergy worth $12,944,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in FirstEnergy by 7.0% during the first quarter. Vanguard Group Inc. now owns 68,214,574 shares of the utilities provider’s stock valued at $3,128,322,000 after purchasing an additional 4,443,050 shares during the period. State Street Corp raised its holdings in shares of FirstEnergy by 2.9% in the second quarter. State Street Corp now owns 45,132,285 shares of the utilities provider’s stock worth $1,732,628,000 after buying an additional 1,292,960 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of FirstEnergy by 3.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 8,418,751 shares of the utilities provider’s stock worth $323,195,000 after buying an additional 277,628 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of FirstEnergy by 3.0% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 6,981,175 shares of the utilities provider’s stock worth $268,008,000 after buying an additional 200,359 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of FirstEnergy by 0.5% in the first quarter. Northern Trust Corp now owns 5,171,444 shares of the utilities provider’s stock worth $237,162,000 after buying an additional 27,650 shares during the period. 81.80% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on FE. Guggenheim reduced their price target on FirstEnergy from $43.00 to $34.00 in a report on Monday, October 24th. Morgan Stanley increased their price objective on FirstEnergy from $45.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, December 15th. StockNews.com started coverage on FirstEnergy in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Wells Fargo & Company increased their target price on FirstEnergy to $45.00 in a research report on Wednesday, December 14th. Finally, KeyCorp dropped their target price on FirstEnergy from $47.00 to $44.00 and set an “overweight” rating on the stock in a research report on Thursday, October 20th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $43.25.
FirstEnergy Stock Performance
FirstEnergy (NYSE:FE – Get Rating) last posted its earnings results on Tuesday, October 25th. The utilities provider reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. FirstEnergy had a return on equity of 13.76% and a net margin of 10.35%. The firm had revenue of $3.48 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same period last year, the firm earned $0.82 EPS. The company’s quarterly revenue was up 11.2% on a year-over-year basis. As a group, research analysts expect that FirstEnergy Corp. will post 2.43 earnings per share for the current year.
FirstEnergy Dividend Announcement
The company also recently disclosed 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 is Monday, February 6th. FirstEnergy’s payout ratio is 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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