Wagner Bowman Management Corp cut its position in FirstEnergy Corporation (NYSE:FE) by 4.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,485 shares of the utilities provider’s stock after selling 349 shares during the period. Wagner Bowman Management Corp’s holdings in FirstEnergy Corporation were worth $218,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in FE. Oppenheimer Asset Management Inc. bought a new position in FirstEnergy Corporation during the first quarter valued at about $139,000. City Holding Co. increased its position in FirstEnergy Corporation by 8.2% in the second quarter. City Holding Co. now owns 5,261 shares of the utilities provider’s stock valued at $153,000 after buying an additional 400 shares during the period. Sandy Spring Bank increased its position in FirstEnergy Corporation by 1.9% in the first quarter. Sandy Spring Bank now owns 5,075 shares of the utilities provider’s stock valued at $161,000 after buying an additional 97 shares during the period. Ledyard National Bank bought a new position in FirstEnergy Corporation during the first quarter valued at about $174,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of FirstEnergy Corporation during the first quarter valued at $215,000. 78.11% of the stock is owned by institutional investors and hedge funds.
FirstEnergy Corporation (NYSE:FE) traded up 0.41% on Friday, hitting $32.17. The stock had a trading volume of 3,904,651 shares. The stock’s market cap is $14.29 billion. The stock’s 50 day moving average is $30.62 and its 200 day moving average is $30.36. FirstEnergy Corporation has a one year low of $27.93 and a one year high of $34.96.
FirstEnergy Corporation (NYSE:FE) last posted its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.61 EPS for the quarter, hitting analysts’ consensus estimates of $0.61. The business had revenue of $3.30 billion for the quarter, compared to analyst estimates of $3.38 billion. FirstEnergy Corporation had a positive return on equity of 15.41% and a negative net margin of 35.59%. The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.56 earnings per share. Analysts anticipate that FirstEnergy Corporation will post $2.81 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, August 7th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.48%. FirstEnergy Corporation’s payout ratio is presently -12.31%.
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Several equities analysts recently weighed in on the stock. Morgan Stanley set a $39.00 price target on shares of FirstEnergy Corporation and gave the stock a “buy” rating in a report on Thursday. Zacks Investment Research downgraded shares of FirstEnergy Corporation from a “hold” rating to a “sell” rating in a report on Tuesday. ValuEngine raised shares of FirstEnergy Corporation from a “hold” rating to a “buy” rating in a research note on Monday, August 7th. Jefferies Group LLC reaffirmed a “hold” rating and set a $33.00 price objective (up previously from $31.00) on shares of FirstEnergy Corporation in a research note on Monday, July 31st. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $34.00 price objective (up previously from $31.00) on shares of FirstEnergy Corporation in a research note on Monday, July 31st. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $33.71.
FirstEnergy Corporation Company Profile
FirstEnergy Corp. is a holding company. The Company is engaged in holding, directly or indirectly, all of the outstanding equity of its principal subsidiaries. Its segments include Regulated Distribution, Regulated Transmission, Competitive Energy Services (CES) and Corporate/Other. As of December 31, 2016, the Regulated Distribution segment distributed electricity through the Company’s 10 utility operating companies, serving approximately six million customers, and purchased power for its provider of last resort (POLR), standard offer service (SOS), standard offer service (SSO) and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland.
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