Meag Munich Ergo Kapitalanlagegesellschaft MBH reduced its position in shares of FirstEnergy Corporation (NYSE:FE) by 12.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 458,730 shares of the utilities provider’s stock after selling 63,453 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH owned approximately 0.10% of FirstEnergy Corporation worth $13,196,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of FE. BlackRock Inc. boosted its stake in shares of FirstEnergy Corporation by 4,036.6% in the first quarter. BlackRock Inc. now owns 38,676,251 shares of the utilities provider’s stock worth $1,230,678,000 after buying an additional 37,741,283 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of FirstEnergy Corporation by 90.8% in the first quarter. Bank of New York Mellon Corp now owns 10,801,367 shares of the utilities provider’s stock worth $343,698,000 after buying an additional 5,141,450 shares during the period. Vanguard Group Inc. boosted its stake in shares of FirstEnergy Corporation by 7.1% in the first quarter. Vanguard Group Inc. now owns 35,965,731 shares of the utilities provider’s stock worth $1,144,430,000 after buying an additional 2,378,538 shares during the period. Prudential Financial Inc. boosted its stake in shares of FirstEnergy Corporation by 73.2% in the first quarter. Prudential Financial Inc. now owns 5,096,548 shares of the utilities provider’s stock worth $162,172,000 after buying an additional 2,154,657 shares during the period. Finally, Bank of America Corp DE boosted its stake in shares of FirstEnergy Corporation by 54.8% in the first quarter. Bank of America Corp DE now owns 4,423,238 shares of the utilities provider’s stock valued at $140,747,000 after buying an additional 1,566,627 shares during the last quarter. Institutional investors and hedge funds own 78.11% of the company’s stock.
FirstEnergy Corporation (NYSE FE) opened at 32.17 on Friday. The stock’s 50 day moving average price is $30.62 and its 200 day moving average price is $30.36. The company’s market capitalization is $14.29 billion. FirstEnergy Corporation has a 52 week low of $27.93 and a 52 week high of $34.96.
FirstEnergy Corporation (NYSE:FE) last issued its quarterly earnings results on Thursday, July 27th. The utilities provider reported $0.61 EPS for the quarter, hitting analysts’ consensus estimates of $0.61. FirstEnergy Corporation had a positive return on equity of 15.41% and a negative net margin of 35.59%. The firm had revenue of $3.30 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same period in the previous year, the firm posted $0.56 EPS. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. Analysts anticipate that FirstEnergy Corporation will post $2.81 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 7th will be issued 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 yield of 4.48%. FirstEnergy Corporation’s payout ratio is currently -12.31%.
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FE has been the topic of several research analyst reports. Zacks Investment Research cut FirstEnergy Corporation from a “hold” rating to a “sell” rating in a report on Tuesday. Deutsche Bank AG reiterated a “hold” rating and issued a $34.00 price target (up previously from $31.00) on shares of FirstEnergy Corporation in a report on Monday, July 31st. Barclays PLC reiterated an “overweight” rating and issued a $37.00 price target (up previously from $36.00) on shares of FirstEnergy Corporation in a report on Monday, June 19th. J P Morgan Chase & Co cut FirstEnergy Corporation from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $36.00 to $32.00 in a report on Monday, May 1st. Finally, Morgan Stanley set a $38.00 price target on FirstEnergy Corporation and gave the company a “buy” rating in a report on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company’s stock. FirstEnergy Corporation currently has an average rating of “Hold” and an average target price 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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