FirstEnergy Corp. (FE) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. reduced its stake in shares of FirstEnergy Corp. (NYSE:FE) by 29.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,996 shares of the utilities provider’s stock after selling 2,916 shares during the period. Pinnacle Associates Ltd.’s holdings in FirstEnergy were worth $260,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. BlackRock Inc. grew its holdings in shares of FirstEnergy by 2.4% during the 3rd quarter. BlackRock Inc. now owns 58,738,683 shares of the utilities provider’s stock valued at $2,183,318,000 after acquiring an additional 1,352,890 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in FirstEnergy by 23.1% in the second quarter. Renaissance Technologies LLC now owns 12,007,408 shares of the utilities provider’s stock worth $431,186,000 after purchasing an additional 2,251,708 shares in the last quarter. FMR LLC boosted its holdings in FirstEnergy by 2.0% in the third quarter. FMR LLC now owns 9,470,530 shares of the utilities provider’s stock worth $352,019,000 after purchasing an additional 185,041 shares in the last quarter. Northern Trust Corp boosted its holdings in FirstEnergy by 4.0% in the second quarter. Northern Trust Corp now owns 5,756,487 shares of the utilities provider’s stock worth $206,716,000 after purchasing an additional 223,160 shares in the last quarter. Finally, PointState Capital LP boosted its holdings in FirstEnergy by 76,111.3% in the second quarter. PointState Capital LP now owns 5,464,351 shares of the utilities provider’s stock worth $196,225,000 after purchasing an additional 5,457,181 shares in the last quarter. Institutional investors and hedge funds own 90.57% of the company’s stock.

Shares of NYSE:FE opened at $37.83 on Friday. The company has a debt-to-equity ratio of 2.44, a current ratio of 0.45 and a quick ratio of 0.41. FirstEnergy Corp. has a 1 year low of $29.33 and a 1 year high of $39.38. The firm has a market capitalization of $19.00 billion, a P/E ratio of 12.32, a price-to-earnings-growth ratio of 2.43 and a beta of 0.24.

FirstEnergy (NYSE:FE) last released its quarterly earnings results on Thursday, October 25th. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.09. FirstEnergy had a negative net margin of 11.86% and a positive return on equity of 24.42%. The company had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $2.82 billion. As a group, equities analysts anticipate that FirstEnergy Corp. will post 2.55 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Thursday, February 7th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 4.02%. This is a boost from FirstEnergy’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Wednesday, February 6th. FirstEnergy’s dividend payout ratio is 46.91%.

FE has been the subject of a number of recent research reports. Bank of America upped their price objective on shares of FirstEnergy from $39.00 to $41.00 and gave the stock a “buy” rating in a report on Monday, October 29th. Zacks Investment Research upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a report on Wednesday, October 10th. ValuEngine upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating in a report on Tuesday, October 9th. Morgan Stanley decreased their price objective on shares of FirstEnergy from $41.00 to $40.00 and set a “buy” rating for the company in a report on Friday, September 21st. Finally, Wells Fargo & Co reiterated a “buy” rating and issued a $42.00 price objective (up from $41.00) on shares of FirstEnergy in a report on Monday, September 17th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $40.00.

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FirstEnergy Company Profile

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution, Regulated Transmission, and Competitive Energy Services segments. It owns and operates coal-fired, nuclear, hydroelectric, oil and natural gas, wind, and solar power generating facilities.

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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