Franklin Resources Inc. lessened its stake in shares of FirstEnergy Corp. (NYSE:FE) by 0.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,760,064 shares of the utilities provider’s stock after selling 37,359 shares during the quarter. Franklin Resources Inc. owned about 0.93% of FirstEnergy worth $176,931,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Piedmont Investment Advisors LLC bought a new position in FirstEnergy during the second quarter valued at $189,000. Massachusetts Financial Services Co. MA raised its stake in shares of FirstEnergy by 0.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,372,767 shares of the utilities provider’s stock valued at $49,296,000 after acquiring an additional 5,324 shares during the period. Sumitomo Mitsui Asset Management Company LTD raised its stake in shares of FirstEnergy by 10.8% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 32,837 shares of the utilities provider’s stock valued at $1,179,000 after acquiring an additional 3,201 shares during the period. TD Asset Management Inc. raised its stake in shares of FirstEnergy by 6.4% in the second quarter. TD Asset Management Inc. now owns 615,756 shares of the utilities provider’s stock valued at $22,112,000 after acquiring an additional 37,183 shares during the period. Finally, Commonwealth Equity Services LLC raised its stake in shares of FirstEnergy by 7.9% in the second quarter. Commonwealth Equity Services LLC now owns 126,621 shares of the utilities provider’s stock valued at $4,547,000 after acquiring an additional 9,251 shares during the period. Institutional investors own 90.57% of the company’s stock.
Several brokerages have recently weighed in on FE. Morgan Stanley increased their target price on shares of FirstEnergy from $39.00 to $41.00 and gave the company a “buy” rating in a research note on Tuesday, September 11th. Bank of America increased their target price on shares of FirstEnergy from $39.00 to $41.00 and gave the company a “buy” rating in a research note on Monday, October 29th. Barclays increased their target price on shares of FirstEnergy from $39.00 to $40.00 and gave the company a “hold” rating in a research note on Monday, November 19th. ValuEngine raised shares of FirstEnergy from a “hold” rating to a “buy” rating in a research note on Tuesday, October 9th. Finally, Citigroup increased their target price on shares of FirstEnergy from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Wednesday, October 3rd. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $40.00.
FirstEnergy (NYSE:FE) last posted its quarterly earnings results on Thursday, October 25th. The utilities provider reported $0.80 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.09. The company had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $2.82 billion. FirstEnergy had a negative net margin of 11.86% and a positive return on equity of 24.42%. On average, equities research analysts predict that FirstEnergy Corp. will post 2.55 earnings per share for the current year.
The business 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 $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 4.02%. The ex-dividend date is Wednesday, February 6th. This is an increase from FirstEnergy’s previous quarterly dividend of $0.36. FirstEnergy’s dividend payout ratio (DPR) is currently 46.91%.
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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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