Mackenzie Financial Corp Trims Stock Position in FirstEnergy Corp. (NYSE:FE)

Mackenzie Financial Corp trimmed its stake in FirstEnergy Corp. (NYSE:FE) by 8.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 43,418 shares of the utilities provider’s stock after selling 3,950 shares during the period. Mackenzie Financial Corp’s holdings in FirstEnergy were worth $1,592,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sugarloaf Wealth Management LLC purchased a new stake in shares of FirstEnergy in the 4th quarter valued at approximately $29,000. Blue Trust Inc. raised its stake in shares of FirstEnergy by 327.3% in the 4th quarter. Blue Trust Inc. now owns 1,034 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 792 shares during the period. NBC Securities Inc. purchased a new stake in FirstEnergy during the 3rd quarter worth approximately $45,000. Authentikos Wealth Advisory LLC purchased a new stake in FirstEnergy during the 3rd quarter worth approximately $45,000. Finally, Bear Mountain Capital Inc. purchased a new stake in FirstEnergy during the 4th quarter worth approximately $53,000. 89.41% of the stock is owned by hedge funds and other institutional investors.

FirstEnergy Trading Down 0.2 %

NYSE FE opened at $38.12 on Wednesday. The company has a quick ratio of 0.38, a current ratio of 0.48 and a debt-to-equity ratio of 2.10. FirstEnergy Corp. has a 52 week low of $32.18 and a 52 week high of $41.17. The stock has a market capitalization of $21.94 billion, a PE ratio of 21.06 and a beta of 0.48. The firm has a 50 day moving average of $37.76 and a two-hundred day moving average of $37.07.

FirstEnergy (NYSE:FE) last posted its quarterly earnings results on Friday, February 9th. The utilities provider reported $0.62 EPS for the quarter, topping the consensus estimate of $0.60 by $0.02. FirstEnergy had a net margin of 8.56% and a return on equity of 13.52%. The company had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.10 billion. During the same quarter in the previous year, the business posted $0.50 EPS. The firm’s revenue was up .0% on a year-over-year basis. As a group, research analysts expect that FirstEnergy Corp. will post 2.66 EPS for the current fiscal year.

FirstEnergy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Tuesday, May 7th will be issued a $0.425 dividend. This is a boost from FirstEnergy’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Monday, May 6th. This represents a $1.70 annualized dividend and a dividend yield of 4.46%. FirstEnergy’s dividend payout ratio is presently 90.61%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on FE shares. Bank of America upped their target price on shares of FirstEnergy from $30.00 to $35.00 and gave the stock an “underperform” rating in a research note on Tuesday. Scotiabank cut 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 note on Monday. StockNews.com downgraded shares of FirstEnergy from a “hold” rating to a “sell” rating in a research note on Monday, February 12th. The Goldman Sachs Group started coverage on shares of FirstEnergy in a research note on Wednesday, April 10th. They set a “buy” rating and a $45.00 target price on the stock. Finally, KeyCorp upped their target price on shares of FirstEnergy from $41.00 to $43.00 and gave the stock an “overweight” rating in a research note on Thursday, January 4th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $39.80.

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.