Dynamic Technology Lab Private Ltd Purchases Shares of 73,305 FirstEnergy Corp. (NYSE:FE)

Dynamic Technology Lab Private Ltd acquired a new position in shares of FirstEnergy Corp. (NYSE:FE) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 73,305 shares of the utilities provider’s stock, valued at approximately $3,251,000.

Other hedge funds have also recently made changes to their positions in the company. Assenagon Asset Management S.A. grew its position in FirstEnergy by 1,417.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 743,303 shares of the utilities provider’s stock worth $32,965,000 after purchasing an additional 694,313 shares during the period. Allspring Global Investments Holdings LLC raised its position in FirstEnergy by 5.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 9,098,472 shares of the utilities provider’s stock valued at $403,517,000 after acquiring an additional 457,231 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in FirstEnergy in the second quarter valued at approximately $14,933,000. Los Angeles Capital Management LLC boosted its position in FirstEnergy by 1,178.5% in the 2nd quarter. Los Angeles Capital Management LLC now owns 286,824 shares of the utilities provider’s stock worth $10,977,000 after purchasing an additional 264,389 shares in the last quarter. Finally, Boston Partners lifted its stake in shares of FirstEnergy by 2.3% in the 1st quarter. Boston Partners now owns 9,517,314 shares of the utilities provider’s stock valued at $367,423,000 after purchasing an additional 218,165 shares during the period. 89.41% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Seaport Res Ptn downgraded shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. Jefferies Financial Group began coverage on FirstEnergy in a research report on Monday, October 14th. They issued a “hold” rating and a $46.00 price objective for the company. Bank of America increased their target price on FirstEnergy from $42.00 to $43.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. Wells Fargo & Company boosted their price target on shares of FirstEnergy from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, August 1st. Finally, Scotiabank upped their price target on shares of FirstEnergy from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, FirstEnergy presently has an average rating of “Hold” and a consensus price target of $45.91.

FirstEnergy Price Performance

FirstEnergy stock opened at $41.79 on Monday. The company has a current ratio of 0.56, a quick ratio of 0.46 and a debt-to-equity ratio of 1.58. The stock has a market cap of $24.08 billion, a P/E ratio of 26.96, a PEG ratio of 2.25 and a beta of 0.51. The company has a 50-day moving average price of $42.87 and a 200 day moving average price of $41.45. FirstEnergy Corp. has a 12-month low of $35.41 and a 12-month high of $44.97.

FirstEnergy (NYSE:FE) last announced its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.05). FirstEnergy had a return on equity of 11.38% and a net margin of 6.64%. The firm had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.96 billion. During the same quarter in the prior year, the business earned $0.88 EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. Sell-side analysts anticipate that FirstEnergy Corp. will post 2.68 earnings per share for the current year.

FirstEnergy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Thursday, November 7th will be paid a $0.425 dividend. This represents a $1.70 annualized dividend and a dividend yield of 4.07%. The ex-dividend date of this dividend is Thursday, November 7th. FirstEnergy’s dividend payout ratio (DPR) is presently 109.68%.

FirstEnergy Profile

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