Longfellow Investment Management Co. LLC Reduces Stock Position in FirstEnergy Corp. (NYSE:FE)

Longfellow Investment Management Co. LLC reduced its stake in shares of FirstEnergy Corp. (NYSE:FE) by 35.0% in the third quarter, Holdings Channel reports. The firm owned 10,028 shares of the utilities provider’s stock after selling 5,390 shares during the period. Longfellow Investment Management Co. LLC’s holdings in FirstEnergy were worth $445,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. ST Germain D J Co. Inc. increased its position in shares of FirstEnergy by 1,138.9% during the second quarter. ST Germain D J Co. Inc. now owns 669 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 615 shares during the period. Livelsberger Financial Advisory bought a new stake in shares of FirstEnergy in the third quarter valued at about $26,000. Strategic Investment Solutions Inc. IL purchased a new stake in FirstEnergy in the second quarter worth about $32,000. Western Pacific Wealth Management LP bought a new position in FirstEnergy during the 1st quarter worth about $36,000. Finally, West Oak Capital LLC purchased a new position in FirstEnergy during the 2nd quarter valued at about $38,000. Hedge funds and other institutional investors own 89.41% of the company’s stock.

Wall Street Analysts Forecast Growth

FE has been the subject of several research reports. Morgan Stanley lowered their price target on shares of FirstEnergy from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday. Seaport Res Ptn cut FirstEnergy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. Wells Fargo & Company lifted their price target on FirstEnergy from $42.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, August 1st. Scotiabank raised their price objective on FirstEnergy from $40.00 to $45.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 20th. Finally, Jefferies Financial Group started coverage on shares of FirstEnergy in a report on Monday, October 14th. They issued a “hold” rating and a $46.00 target price for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $45.91.

FirstEnergy Trading Up 0.2 %

NYSE:FE opened at $41.88 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 firm has a fifty day simple moving average of $42.87 and a 200-day simple moving average of $41.45. FirstEnergy Corp. has a 12 month low of $35.41 and a 12 month high of $44.97. The company has a market capitalization of $24.14 billion, a P/E ratio of 26.96, a PEG ratio of 2.25 and a beta of 0.51.

FirstEnergy (NYSE:FE) last posted its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.05). FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. The firm had revenue of $3.73 billion for the quarter, compared to analysts’ expectations of $3.96 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research 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. Shareholders of record on Thursday, November 7th will be given a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date of this dividend is Thursday, November 7th. FirstEnergy’s dividend payout ratio 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.