Envestnet Asset Management Inc. Has $29.43 Million Holdings in FirstEnergy Corporation (NYSE:FE)

Envestnet Asset Management Inc. grew its holdings in shares of FirstEnergy Corporation (NYSE:FE) by 91.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 728,098 shares of the utilities provider’s stock after purchasing an additional 346,917 shares during the quarter. Envestnet Asset Management Inc. owned about 0.13% of FirstEnergy worth $29,430,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Covestor Ltd lifted its stake in shares of FirstEnergy by 69.3% in the fourth quarter. Covestor Ltd now owns 623 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 255 shares in the last quarter. Lee Danner & Bass Inc. acquired a new stake in shares of FirstEnergy during the 4th quarter worth $26,000. Bernard Wealth Management Corp. acquired a new stake in FirstEnergy in the fourth quarter valued at approximately $31,000. Tsfg LLC increased its stake in FirstEnergy by 143.6% in the 1st quarter. Tsfg LLC now owns 1,072 shares of the utilities provider’s stock worth $43,000 after acquiring an additional 632 shares during the last quarter. Finally, Versant Capital Management Inc raised its stake in FirstEnergy by 179.8% during the first quarter. Versant Capital Management Inc now owns 1,192 shares of the utilities provider’s stock valued at $48,000 after buying an additional 766 shares during the last quarter. 89.41% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at FirstEnergy

In related news, CAO Jason Lisowski sold 12,000 shares of the company’s stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $41.97, for a total transaction of $503,640.00. Following the completion of the transaction, the chief accounting officer owned 183 shares in the company, valued at approximately $7,680.51. This represents a 98.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jon Taylor K. sold 12,000 shares of the company’s stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $43.03, for a total value of $516,360.00. Following the completion of the transaction, the chief financial officer directly owned 99,919 shares in the company, valued at approximately $4,299,514.57. The trade was a 10.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on FE. UBS Group set a $44.00 target price on shares of FirstEnergy and gave the company a “neutral” rating in a report on Tuesday, June 24th. Wells Fargo & Company upped their price objective on shares of FirstEnergy from $41.00 to $44.00 and gave the company an “equal weight” rating in a report on Friday, April 25th. Scotiabank reiterated an “outperform” rating on shares of FirstEnergy in a research note on Friday, April 25th. Mizuho set a $43.00 target price on shares of FirstEnergy in a report on Monday, April 28th. Finally, Morgan Stanley cut their price target on FirstEnergy from $48.00 to $47.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 18th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $46.00.

FirstEnergy Trading Up 0.2%

NYSE FE opened at $40.47 on Tuesday. The company has a quick ratio of 0.34, a current ratio of 0.42 and a debt-to-equity ratio of 1.53. FirstEnergy Corporation has a 52 week low of $37.58 and a 52 week high of $44.97. The company has a 50 day moving average price of $40.96 and a 200 day moving average price of $40.48. The firm has a market cap of $23.35 billion, a PE ratio of 21.52, a price-to-earnings-growth ratio of 2.48 and a beta of 0.39.

FirstEnergy (NYSE:FE) last announced its earnings results on Wednesday, April 23rd. The utilities provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.68 billion. FirstEnergy had a return on equity of 11.49% and a net margin of 7.78%. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.55 earnings per share. As a group, sell-side analysts forecast that FirstEnergy Corporation will post 2.66 EPS for the current fiscal year.

About FirstEnergy

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.