Empirical Finance LLC Purchases New Shares in FirstEnergy Corp. (NYSE:FE)

Empirical Finance LLC acquired a new position in FirstEnergy Corp. (NYSE:FE) in the second quarter, Holdings Channel reports. The fund acquired 6,261 shares of the utilities provider’s stock, valued at approximately $233,000.

A number of other hedge funds have also recently modified their holdings of the business. Van ECK Associates Corp lifted its position in shares of FirstEnergy by 11.7% during the 2nd quarter. Van ECK Associates Corp now owns 79,236 shares of the utilities provider’s stock worth $2,948,000 after buying an additional 8,331 shares in the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of FirstEnergy by 9.4% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 22,393 shares of the utilities provider’s stock worth $833,000 after buying an additional 1,923 shares in the last quarter. Rafferty Asset Management LLC lifted its position in shares of FirstEnergy by 14.6% during the 2nd quarter. Rafferty Asset Management LLC now owns 12,234 shares of the utilities provider’s stock worth $455,000 after buying an additional 1,560 shares in the last quarter. Centaurus Financial Inc. lifted its position in shares of FirstEnergy by 44.7% during the 2nd quarter. Centaurus Financial Inc. now owns 8,092 shares of the utilities provider’s stock worth $301,000 after buying an additional 2,500 shares in the last quarter. Finally, Stelac Advisory Services LLC bought a new position in shares of FirstEnergy during the 2nd quarter worth approximately $419,000. 82.24% of the stock is owned by institutional investors and hedge funds.

FE has been the topic of several recent analyst reports. Mizuho lifted their target price on shares of FirstEnergy from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, July 26th. Barclays lifted their price target on shares of FirstEnergy from $37.00 to $41.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 25th. Morgan Stanley lifted their price target on shares of FirstEnergy from $46.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, August 19th. Finally, Wells Fargo & Company lifted their price target on shares of FirstEnergy from $38.00 to $40.00 and gave the stock an “underweight” rating in a report on Monday, July 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $40.80.

Shares of FE stock opened at $37.31 on Friday. The company’s fifty day simple moving average is $38.30 and its two-hundred day simple moving average is $37.11. The company has a debt-to-equity ratio of 3.10, a current ratio of 0.83 and a quick ratio of 0.75. FirstEnergy Corp. has a 1 year low of $26.17 and a 1 year high of $39.94. The stock has a market capitalization of $20.30 billion, a price-to-earnings ratio of 18.47, a PEG ratio of 3.54 and a beta of 0.24.

FirstEnergy (NYSE:FE) last issued its earnings results on Thursday, July 22nd. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. FirstEnergy had a net margin of 9.98% and a return on equity of 18.17%. The business had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.65 billion. During the same quarter in the previous year, the firm posted $0.57 EPS. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. Equities research analysts anticipate that FirstEnergy Corp. will post 2.55 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Friday, August 6th were issued a dividend of $0.39 per share. The ex-dividend date was Thursday, August 5th. This represents a $1.56 dividend on an annualized basis and a yield of 4.18%. FirstEnergy’s payout ratio is 65.27%.

FirstEnergy Company Profile

FirstEnergy Corp. engages in the generation, transmission and distribution of electricity as well as energy management and other energy-related services through its subsidiaries. It operates through the following business segments: Regulated Distribution, Regulated Transmission and Corporate. The Regulated Distribution segment distributes electricity through FirstEnergy’s utility operating companies, serving various customers.

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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