Redwood Investment Management LLC acquired a new position in shares of FirstEnergy Corporation (NYSE:FE – Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 17,569 shares of the utilities provider’s stock, valued at approximately $835,000.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC bought a new position in FirstEnergy in the fourth quarter worth about $256,000. Integrated Wealth Concepts LLC purchased a new position in shares of FirstEnergy in the 1st quarter worth approximately $289,000. Empowered Funds LLC raised its stake in shares of FirstEnergy by 7.0% during the 1st quarter. Empowered Funds LLC now owns 11,213 shares of the utilities provider’s stock worth $453,000 after acquiring an additional 732 shares in the last quarter. Woodline Partners LP raised its stake in shares of FirstEnergy by 40.7% during the 1st quarter. Woodline Partners LP now owns 43,334 shares of the utilities provider’s stock worth $1,752,000 after acquiring an additional 12,531 shares in the last quarter. Finally, Focus Partners Wealth lifted its position in FirstEnergy by 6.8% during the first quarter. Focus Partners Wealth now owns 21,178 shares of the utilities provider’s stock valued at $856,000 after acquiring an additional 1,340 shares during the last quarter. Institutional investors own 89.41% of the company’s stock.
FirstEnergy Stock Down 1.0%
NYSE:FE opened at $46.25 on Friday. The company has a market cap of $26.76 billion, a PE ratio of 24.60, a P/E/G ratio of 2.23 and a beta of 0.46. FirstEnergy Corporation has a twelve month low of $42.87 and a twelve month high of $52.34. The company has a current ratio of 0.54, a quick ratio of 0.45 and a debt-to-equity ratio of 1.88. The company’s 50 day moving average is $47.89 and its two-hundred day moving average is $48.31.
FirstEnergy Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be paid a $0.465 dividend. The ex-dividend date is Friday, August 7th. This represents a $1.86 dividend on an annualized basis and a yield of 4.0%. FirstEnergy’s dividend payout ratio (DPR) is 98.94%.
Analyst Upgrades and Downgrades
FE has been the subject of several recent analyst reports. Morgan Stanley lowered their target price on shares of FirstEnergy from $53.00 to $52.00 and set an “overweight” rating for the company in a research note on Friday, August 21st. Barclays reduced their price target on FirstEnergy from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. TD Cowen upgraded FirstEnergy from a “hold” rating to a “buy” rating and decreased their price objective for the company from $56.00 to $53.00 in a report on Friday, May 15th. UBS Group raised their price objective on FirstEnergy from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Thursday, June 11th. Finally, Wolfe Research cut FirstEnergy from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.83.
Read Our Latest Analysis on FirstEnergy
FirstEnergy Profile
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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