Investment Centers of America Inc. reduced its stake in FirstEnergy Corporation (NYSE:FE) by 8.1% during the second quarter, according to its most recent filing with the SEC. The fund owned 8,456 shares of the utilities provider’s stock after selling 746 shares during the quarter. Investment Centers of America Inc.’s holdings in FirstEnergy Corporation were worth $246,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Patriot Financial Group Insurance Agency LLC lifted its holdings in FirstEnergy Corporation by 22.1% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 3,633 shares of the utilities provider’s stock valued at $106,000 after purchasing an additional 658 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in FirstEnergy Corporation during the first quarter valued at about $139,000. Sandy Spring Bank lifted its holdings in FirstEnergy Corporation by 1.9% during the first quarter. Sandy Spring Bank now owns 5,075 shares of the utilities provider’s stock valued at $161,000 after purchasing an additional 97 shares during the last quarter. City Holding Co. lifted its holdings in FirstEnergy Corporation by 8.2% during the second quarter. City Holding Co. now owns 5,261 shares of the utilities provider’s stock valued at $153,000 after purchasing an additional 400 shares during the last quarter. Finally, Tredje AP fonden lifted its holdings in FirstEnergy Corporation by 781,500.0% during the first quarter. Tredje AP fonden now owns 7,816 shares of the utilities provider’s stock valued at $249,000 after purchasing an additional 7,815 shares during the last quarter. 79.97% of the stock is currently owned by institutional investors.
Several equities research analysts have commented on the stock. ValuEngine raised shares of FirstEnergy Corporation from a “hold” rating to a “buy” rating in a report on Monday, August 7th. Zacks Investment Research downgraded shares of FirstEnergy Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. Evercore ISI raised shares of FirstEnergy Corporation from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $30.00 to $35.00 in a report on Monday, August 14th. Jefferies Group LLC reaffirmed a “hold” rating and set a $33.00 price objective (up from $31.00) on shares of FirstEnergy Corporation in a report on Monday, July 31st. Finally, BidaskClub raised shares of FirstEnergy Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Fourteen research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $34.09.
Shares of FirstEnergy Corporation (FE) opened at 31.37 on Wednesday. The stock has a 50 day moving average of $32.26 and a 200-day moving average of $30.69. FirstEnergy Corporation has a one year low of $27.93 and a one year high of $34.96. The stock’s market capitalization is $13.94 billion.
FirstEnergy Corporation (NYSE:FE) last posted its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.61 earnings per share for the quarter, meeting the Zacks’ consensus estimate 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 earned $0.56 EPS. The business’s quarterly revenue was down 3.0% on a year-over-year basis. Equities analysts forecast that FirstEnergy Corporation will post $2.81 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, November 7th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.59%. FirstEnergy Corporation’s payout ratio is currently -12.31%.
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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