Brave Asset Management Inc. Takes $217,000 Position in FirstEnergy Corp. (NYSE:FE)

Brave Asset Management Inc. bought a new stake in shares of FirstEnergy Corp. (NYSE:FE) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 4,500 shares of the utilities provider’s stock, valued at approximately $217,000.

Several other institutional investors have also made changes to their positions in FE. Nuveen Asset Management LLC increased its position in shares of FirstEnergy by 2,004.3% during the 2nd quarter. Nuveen Asset Management LLC now owns 14,658,518 shares of the utilities provider’s stock valued at $627,531,000 after purchasing an additional 13,961,923 shares during the last quarter. Magellan Asset Management Ltd increased its position in shares of FirstEnergy by 880.7% during the 2nd quarter. Magellan Asset Management Ltd now owns 4,139,429 shares of the utilities provider’s stock valued at $177,209,000 after purchasing an additional 3,717,332 shares during the last quarter. Reaves W H & Co. Inc. purchased a new stake in shares of FirstEnergy during the 2nd quarter valued at $43,975,000. Vanguard Group Inc. increased its position in shares of FirstEnergy by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 65,113,979 shares of the utilities provider’s stock valued at $2,787,529,000 after purchasing an additional 783,467 shares during the last quarter. Finally, Duff & Phelps Investment Management Co. purchased a new stake in shares of FirstEnergy during the 2nd quarter valued at $29,539,000. 94.23% of the stock is owned by hedge funds and other institutional investors.

Shares of FE opened at $48.29 on Friday. The business has a 50-day moving average of $47.79 and a 200 day moving average of $44.24. FirstEnergy Corp. has a fifty-two week low of $35.33 and a fifty-two week high of $49.07. The firm has a market cap of $26.14 billion, a P/E ratio of 18.64, a price-to-earnings-growth ratio of 3.23 and a beta of 0.21. The company has a debt-to-equity ratio of 2.63, a quick ratio of 0.53 and a current ratio of 0.60.

FirstEnergy (NYSE:FE) last announced its quarterly earnings data on Tuesday, July 23rd. The utilities provider reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.01. FirstEnergy had a return on equity of 20.29% and a net margin of 2.79%. The company had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same quarter last year, the firm posted $0.62 EPS. The firm’s revenue for the quarter was down 3.8% on a year-over-year basis. As a group, research analysts predict that FirstEnergy Corp. will post 2.5 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Thursday, November 7th will be paid a $0.38 dividend. The ex-dividend date is Wednesday, November 6th. This represents a $1.52 annualized dividend and a yield of 3.15%. FirstEnergy’s dividend payout ratio is currently 58.69%.

Several brokerages recently weighed in on FE. Citigroup set a $49.00 price objective on FirstEnergy and gave the stock a “hold” rating in a report on Thursday, October 10th. TheStreet lowered FirstEnergy from a “b” rating to a “f” rating in a report on Thursday, July 18th. Bank of America lowered FirstEnergy from a “buy” rating to a “neutral” rating in a report on Thursday. They noted that the move was a valuation call. Mizuho lowered FirstEnergy from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $48.00 to $48.50 in a report on Friday, September 20th. Finally, ValuEngine lowered FirstEnergy from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $47.79.

About FirstEnergy

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution and Regulated Transmission segments. It owns and operates coal-fired, nuclear, hydroelectric, natural gas, wind, and solar power generating facilities.

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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