Engineers Gate Manager LP Increases Stake in FirstEnergy Corporation (FE)

Engineers Gate Manager LP grew its stake in shares of FirstEnergy Corporation (NYSE:FE) by 4.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 199,601 shares of the utilities provider’s stock after buying an additional 8,761 shares during the period. FirstEnergy accounts for approximately 0.5% of Engineers Gate Manager LP’s holdings, making the stock its 3rd biggest holding. Engineers Gate Manager LP’s holdings in FirstEnergy were worth $6,154,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in FE. Vanguard Group Inc. boosted its position in FirstEnergy by 23.4% during the 2nd quarter. Vanguard Group Inc. now owns 44,375,170 shares of the utilities provider’s stock worth $1,293,979,000 after purchasing an additional 8,409,439 shares during the period. BlackRock Inc. boosted its position in FirstEnergy by 13.9% during the 2nd quarter. BlackRock Inc. now owns 44,045,492 shares of the utilities provider’s stock worth $1,284,363,000 after purchasing an additional 5,369,241 shares during the period. Brookfield Asset Management Inc. boosted its position in FirstEnergy by 3,345.0% during the 2nd quarter. Brookfield Asset Management Inc. now owns 1,829,980 shares of the utilities provider’s stock worth $53,362,000 after purchasing an additional 1,776,860 shares during the period. Thompson Siegel & Walmsley LLC boosted its position in FirstEnergy by 23.3% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 6,071,635 shares of the utilities provider’s stock worth $177,049,000 after purchasing an additional 1,148,955 shares during the period. Finally, Parametric Portfolio Associates LLC boosted its position in FirstEnergy by 131.8% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 2,013,626 shares of the utilities provider’s stock worth $58,717,000 after purchasing an additional 1,144,794 shares during the period. 82.70% of the stock is owned by institutional investors.

A number of analysts recently weighed in on the stock. ValuEngine raised shares of FirstEnergy from a “hold” rating to a “buy” rating in a research report on Wednesday, November 15th. Mizuho reaffirmed a “hold” rating and set a $30.50 price target on shares of FirstEnergy in a research report on Tuesday, October 24th. Bank of America assumed coverage on shares of FirstEnergy in a research report on Tuesday, October 24th. They set a “neutral” rating and a $34.00 price target for the company. KeyCorp reaffirmed a “hold” rating on shares of FirstEnergy in a research report on Friday, October 20th. Finally, Citigroup boosted their price objective on shares of FirstEnergy from $31.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday, October 17th. Thirteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. FirstEnergy has an average rating of “Hold” and a consensus target price of $34.39.

Shares of FirstEnergy Corporation (FE) traded down $1.18 during mid-day trading on Tuesday, reaching $32.58. 8,799,700 shares of the company’s stock were exchanged, compared to its average volume of 4,262,717. FirstEnergy Corporation has a 52-week low of $27.93 and a 52-week high of $35.22. The company has a debt-to-equity ratio of 3.29, a current ratio of 0.69 and a quick ratio of 0.56. The firm has a market cap of $14,480.00, a price-to-earnings ratio of 12.37 and a beta of 0.25.

FirstEnergy (NYSE:FE) last issued its quarterly earnings data on Thursday, October 26th. The utilities provider reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.11. The firm had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.72 billion. FirstEnergy had a negative net margin of 35.99% and a positive return on equity of 19.29%. During the same quarter in the previous year, the business posted $0.90 EPS. research analysts predict that FirstEnergy Corporation will post 3 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Tuesday, November 7th were paid a $0.36 dividend. The ex-dividend date of this dividend was Monday, November 6th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.42%. FirstEnergy’s dividend payout ratio (DPR) is presently -12.23%.

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About FirstEnergy

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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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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