Connor Clark & Lunn Investment Management Ltd. raised its position in FirstEnergy Corporation (NYSE:FE – Free Report) by 63.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 333,283 shares of the utilities provider’s stock after purchasing an additional 129,786 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in FirstEnergy were worth $15,844,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. boosted its position in FirstEnergy by 11,305.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,974,989 shares of the utilities provider’s stock worth $81,699,000 after acquiring an additional 1,957,673 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of FirstEnergy by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,109,341 shares of the utilities provider’s stock worth $3,049,255,000 after acquiring an additional 761,157 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of FirstEnergy by 42.8% in the fourth quarter. Intech Investment Management LLC now owns 85,247 shares of the utilities provider’s stock valued at $3,817,000 after purchasing an additional 25,571 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of FirstEnergy by 6,066.6% in the second quarter. Assenagon Asset Management S.A. now owns 495,299 shares of the utilities provider’s stock valued at $23,547,000 after purchasing an additional 487,267 shares during the last quarter. Finally, BW Gestao de Investimentos Ltda. bought a new stake in shares of FirstEnergy in the fourth quarter worth $15,172,000. 89.41% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several research analysts recently commented on the stock. TD Cowen upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating and reduced their target price for the stock from $56.00 to $53.00 in a report on Friday, May 15th. Barclays lowered their price target on shares of FirstEnergy from $55.00 to $54.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. Morgan Stanley cut their price target on shares of FirstEnergy from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Friday, August 21st. Weiss Ratings downgraded shares of FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, June 17th. Finally, UBS Group raised their price objective on FirstEnergy from $50.00 to $51.00 and gave the company a “neutral” rating in a report on Thursday, June 11th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, FirstEnergy currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.83.
FirstEnergy Price Performance
NYSE:FE opened at $46.65 on Wednesday. The company has a market cap of $26.99 billion, a P/E ratio of 24.81, a P/E/G ratio of 2.23 and a beta of 0.46. The firm’s fifty day moving average price is $47.88 and its two-hundred day moving average price is $48.31. FirstEnergy Corporation has a one year low of $42.87 and a one year high of $52.34. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.54 and a quick ratio of 0.45.
FirstEnergy (NYSE:FE – Get Free Report) last posted its earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.50. The company had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.51 billion. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. During the same quarter last year, the company posted $0.52 EPS. Equities analysts expect that FirstEnergy Corporation will post 2.74 earnings per share for the current year.
FirstEnergy Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be issued a $0.465 dividend. This represents a $1.86 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Friday, August 7th. FirstEnergy’s dividend payout ratio is currently 98.94%.
About FirstEnergy
FirstEnergy Corp. (NYSE: FE) is a U.S.-based electric utility holding company headquartered in Akron, Ohio. The company’s primary business is the delivery of electricity through its regulated transmission and distribution utilities, serving residential, commercial and industrial customers across parts of the Midwest and Mid‑Atlantic. FirstEnergy’s service territory includes states such as Ohio, Pennsylvania, New Jersey, Maryland and West Virginia, and it operates primarily within the PJM regional transmission organization.
FirstEnergy’s core activities center on owning and operating electric distribution networks and transmission systems, maintaining and upgrading grid infrastructure, managing storm response and restoration, and offering customer programs that include energy efficiency and reliability services.
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