Gateway Advisory LLC acquired a new position in FirstEnergy Corp. (NYSE:FE) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 33,505 shares of the utilities provider’s stock, valued at approximately $1,245,000.
Other institutional investors have also recently modified their holdings of the company. Reilly Financial Advisors LLC boosted its stake in FirstEnergy by 285.8% in the 2nd quarter. Reilly Financial Advisors LLC now owns 2,878 shares of the utilities provider’s stock worth $103,000 after purchasing an additional 2,132 shares in the last quarter. Private Capital Group LLC boosted its stake in FirstEnergy by 1,890.7% in the 1st quarter. Private Capital Group LLC now owns 2,986 shares of the utilities provider’s stock worth $102,000 after purchasing an additional 2,836 shares in the last quarter. Winslow Evans & Crocker Inc. acquired a new stake in FirstEnergy in the 3rd quarter worth approximately $114,000. IMA Wealth Inc. acquired a new stake in FirstEnergy in the 2nd quarter worth approximately $180,000. Finally, Piedmont Investment Advisors LLC acquired a new stake in FirstEnergy in the 2nd quarter worth approximately $189,000. 94.43% of the stock is currently owned by hedge funds and other institutional investors.
NYSE FE traded up $0.17 on Thursday, hitting $38.09. 22,705 shares of the company’s stock traded hands, compared to its average volume of 5,129,673. The company has a current ratio of 0.47, a quick ratio of 0.41 and a debt-to-equity ratio of 2.18. FirstEnergy Corp. has a 1-year low of $29.33 and a 1-year high of $38.70. The stock has a market cap of $18.07 billion, a price-to-earnings ratio of 12.40, a PEG ratio of 2.52 and a beta of 0.29.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Wednesday, November 7th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 3.78%. The ex-dividend date of this dividend is Tuesday, November 6th. FirstEnergy’s payout ratio is 46.91%.
A number of analysts recently commented on FE shares. Bank of America lifted their target price on shares of FirstEnergy from $38.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, August 1st. Zacks Investment Research upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Tuesday, July 17th. Barclays began coverage on shares of FirstEnergy in a research note on Tuesday, July 10th. They set an “equal weight” rating and a $39.00 price objective for the company. Morgan Stanley lifted their price objective 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. Finally, Wells Fargo & Co restated a “buy” rating and set a $42.00 price objective (up from $41.00) on shares of FirstEnergy in a research note on Monday, September 17th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $39.70.
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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