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.
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.
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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