Meiji Yasuda Asset Management Co Ltd. bought a new position in FirstEnergy Corp. (NYSE:FE) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 5,513 shares of the utilities provider’s stock, valued at approximately $205,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. raised its stake in shares of FirstEnergy by 2.4% in the third quarter. BlackRock Inc. now owns 58,738,683 shares of the utilities provider’s stock worth $2,183,318,000 after acquiring an additional 1,352,890 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of 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 acquiring an additional 2,251,708 shares during the last quarter. FMR LLC raised its stake in shares of 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 acquiring an additional 185,041 shares during the last quarter. Northern Trust Corp raised its stake in shares of 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 acquiring an additional 223,160 shares during the last quarter. Finally, PointState Capital LP raised its stake in shares of 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 acquiring an additional 5,457,181 shares during the last quarter. 90.57% of the stock is owned by institutional investors.
FE opened at $37.83 on Friday. The company has a quick ratio of 0.41, a current ratio of 0.45 and a debt-to-equity ratio of 2.44. The company has a market cap 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 Corp. has a fifty-two week low of $29.33 and a fifty-two week high of $39.38.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Thursday, February 7th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.02%. This is an increase from FirstEnergy’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Wednesday, February 6th. FirstEnergy’s payout ratio is 46.91%.
A number of equities analysts have weighed in on FE shares. Bank of America boosted their target price on shares of FirstEnergy from $39.00 to $41.00 and gave the stock a “buy” rating in a research note on Monday, October 29th. Zacks Investment Research raised shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a research note on Wednesday, October 10th. ValuEngine raised shares of FirstEnergy from a “hold” rating to a “buy” rating in a research note on Tuesday, October 9th. Morgan Stanley dropped their target price on shares of FirstEnergy from $41.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, September 21st. Finally, Wells Fargo & Co reaffirmed a “buy” rating and issued a $42.00 target price (up from $41.00) on shares of FirstEnergy in a research note on Monday, September 17th. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. FirstEnergy currently has an average rating of “Buy” and an average target price of $40.00.
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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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