Livforsakringsbolaget Skandia Omsesidigt trimmed its position in FirstEnergy Corp. (NYSE:FE) by 23.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,022 shares of the utilities provider’s stock after selling 4,600 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in FirstEnergy were worth $558,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Alpha Cubed Investments LLC bought a new stake in shares of FirstEnergy in the 3rd quarter valued at approximately $281,000. First Trust Advisors LP increased its holdings in shares of FirstEnergy by 180.6% in the 3rd quarter. First Trust Advisors LP now owns 1,119,344 shares of the utilities provider’s stock valued at $41,606,000 after acquiring an additional 720,402 shares during the last quarter. IFP Advisors Inc grew its stake in FirstEnergy by 93.3% during the 3rd quarter. IFP Advisors Inc now owns 17,496 shares of the utilities provider’s stock worth $650,000 after buying an additional 8,444 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in FirstEnergy by 5.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,450,515 shares of the utilities provider’s stock worth $53,915,000 after buying an additional 77,748 shares during the last quarter. Finally, First Midwest Bank Trust Division grew its stake in FirstEnergy by 18.7% during the 3rd quarter. First Midwest Bank Trust Division now owns 17,067 shares of the utilities provider’s stock worth $635,000 after buying an additional 2,690 shares during the last quarter. Institutional investors and hedge funds own 94.43% of the company’s stock.
Shares of FE stock opened at $37.23 on Wednesday. The company has a quick ratio of 0.41, a current ratio of 0.45 and a debt-to-equity ratio of 2.44. FirstEnergy Corp. has a 1 year low of $29.33 and a 1 year high of $39.01. The firm has a market cap of $18.78 billion, a price-to-earnings ratio of 12.13, a price-to-earnings-growth ratio of 2.45 and a beta of 0.29.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Wednesday, November 7th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, November 6th. This represents a $1.44 dividend on an annualized basis and a yield of 3.87%. FirstEnergy’s dividend payout ratio (DPR) is presently 46.91%.
A number of research analysts recently commented on the company. Bank of America upped their price objective on FirstEnergy from $39.00 to $41.00 and gave the stock a “buy” rating in a research note on Monday. Zacks Investment Research upgraded FirstEnergy from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a research note on Wednesday, October 10th. ValuEngine upgraded FirstEnergy from a “hold” rating to a “buy” rating in a research note on Tuesday, October 9th. Citigroup upped their price objective on FirstEnergy from $34.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 3rd. Finally, Morgan Stanley lowered their price objective on FirstEnergy from $41.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, September 21st. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $39.90.
FirstEnergy Company Profile
FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution, Regulated Transmission, and Competitive Energy Services segments. It owns and operates coal-fired, nuclear, hydroelectric, oil and natural gas, wind, and solar power generating facilities.
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