Envestnet Asset Management Inc. Increases Stock Position in FirstEnergy Corporation $FE

Envestnet Asset Management Inc. boosted its holdings in FirstEnergy Corporation (NYSE:FE) by 19.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,583,324 shares of the utilities provider’s stock after buying an additional 256,494 shares during the period. Envestnet Asset Management Inc. owned approximately 0.27% of FirstEnergy worth $72,548,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of FE. Vanguard Group Inc. grew its position in shares of FirstEnergy by 1.3% in the second quarter. Vanguard Group Inc. now owns 66,988,086 shares of the utilities provider’s stock valued at $2,696,940,000 after purchasing an additional 837,872 shares in the last quarter. Geode Capital Management LLC boosted its stake in FirstEnergy by 1.1% in the 2nd quarter. Geode Capital Management LLC now owns 13,091,114 shares of the utilities provider’s stock worth $524,764,000 after purchasing an additional 146,742 shares during the period. Federated Hermes Inc. grew its holdings in FirstEnergy by 25.2% during the 3rd quarter. Federated Hermes Inc. now owns 8,627,746 shares of the utilities provider’s stock valued at $395,323,000 after buying an additional 1,738,779 shares in the last quarter. Legal & General Group Plc increased its position in shares of FirstEnergy by 8.6% during the second quarter. Legal & General Group Plc now owns 4,715,098 shares of the utilities provider’s stock valued at $189,830,000 after buying an additional 374,053 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of FirstEnergy by 1.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 3,465,592 shares of the utilities provider’s stock valued at $139,525,000 after buying an additional 34,839 shares during the period. Institutional investors own 89.41% of the company’s stock.

FirstEnergy Trading Down 0.7%

NYSE FE opened at $46.68 on Monday. The company has a quick ratio of 0.64, a current ratio of 0.75 and a debt-to-equity ratio of 1.80. The stock’s 50-day simple moving average is $45.59 and its two-hundred day simple moving average is $45.14. FirstEnergy Corporation has a twelve month low of $37.58 and a twelve month high of $48.20. The company has a market capitalization of $26.97 billion, a price-to-earnings ratio of 20.38, a PEG ratio of 2.66 and a beta of 0.64.

FirstEnergy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Friday, February 6th will be paid a $0.445 dividend. The ex-dividend date of this dividend is Friday, February 6th. This represents a $1.78 dividend on an annualized basis and a dividend yield of 3.8%. FirstEnergy’s dividend payout ratio is 77.73%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. KeyCorp cut shares of FirstEnergy from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, October 14th. UBS Group reduced their price target on shares of FirstEnergy from $49.00 to $46.00 and set a “neutral” rating for the company in a research report on Wednesday, December 17th. Scotiabank upped their price target on shares of FirstEnergy from $49.00 to $51.00 and gave the stock a “sector outperform” rating in a report on Friday, October 24th. Jefferies Financial Group lifted their price objective on FirstEnergy from $45.00 to $47.00 and gave the company a “hold” rating in a research note on Tuesday, October 21st. Finally, Barclays reduced their target price on FirstEnergy from $51.00 to $50.00 and set an “overweight” rating for the company in a research report on Thursday, January 22nd. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, FirstEnergy currently has an average rating of “Moderate Buy” and an average price target of $48.85.

FirstEnergy Company Profile

FirstEnergy Corp. (NYSE: FE) is a U.S.-based electric utility holding company headquartered in Akron, Ohio. The company’s primary business is the delivery of electricity through its regulated transmission and distribution utilities, serving residential, commercial and industrial customers across parts of the Midwest and Mid‑Atlantic. FirstEnergy’s service territory includes states such as Ohio, Pennsylvania, New Jersey, Maryland and West Virginia, and it operates primarily within the PJM regional transmission organization.

FirstEnergy’s core activities center on owning and operating electric distribution networks and transmission systems, maintaining and upgrading grid infrastructure, managing storm response and restoration, and offering customer programs that include energy efficiency and reliability services.