Hartford Investment Management Co. Cuts Holdings in FirstEnergy Corp. (FE)

Hartford Investment Management Co. lowered its stake in FirstEnergy Corp. (NYSE:FE) by 2.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 69,161 shares of the utilities provider’s stock after selling 1,483 shares during the quarter. Hartford Investment Management Co.’s holdings in FirstEnergy were worth $2,597,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Legacy Financial Advisors Inc. lifted its position in shares of FirstEnergy by 251.2% in the fourth quarter. Legacy Financial Advisors Inc. now owns 1,433 shares of the utilities provider’s stock worth $54,000 after purchasing an additional 1,025 shares in the last quarter. Sound Income Strategies LLC lifted its position in shares of FirstEnergy by 520.8% in the fourth quarter. Sound Income Strategies LLC now owns 1,788 shares of the utilities provider’s stock worth $67,000 after purchasing an additional 1,500 shares in the last quarter. We Are One Seven LLC bought a new stake in shares of FirstEnergy in the fourth quarter worth $86,000. Investment Partners LTD. bought a new stake in shares of FirstEnergy in the third quarter worth $216,000. Finally, Strategic Wealth Partners Ltd. lifted its position in shares of FirstEnergy by 141.8% in the third quarter. Strategic Wealth Partners Ltd. now owns 2,483 shares of the utilities provider’s stock worth $92,000 after purchasing an additional 1,456 shares in the last quarter. 94.75% of the stock is currently owned by hedge funds and other institutional investors.

NYSE FE opened at $39.49 on Friday. The company has a debt-to-equity ratio of 2.44, a quick ratio of 0.41 and a current ratio of 0.45. FirstEnergy Corp. has a 1 year low of $30.71 and a 1 year high of $39.88. The firm has a market cap of $20.20 billion, a price-to-earnings ratio of 12.86, a PEG ratio of 2.57 and a beta of 0.27.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Thursday, February 7th will be given a dividend of $0.38 per share. This is a positive change from FirstEnergy’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a yield of 3.85%. The ex-dividend date of this dividend is Wednesday, February 6th. FirstEnergy’s dividend payout ratio is 49.51%.

In other FirstEnergy news, EVP James F. Pearson sold 40,000 shares of the company’s stock in a transaction on Wednesday, January 9th. The shares were sold at an average price of $37.87, for a total transaction of $1,514,800.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.27% of the company’s stock.

A number of analysts have recently commented on the stock. Zacks Investment Research raised shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research report on Friday, January 11th. Barclays boosted their price objective on shares of FirstEnergy from $39.00 to $40.00 and gave the stock a “hold” rating in a research report on Monday, November 19th. Bank of America boosted their price objective on shares of FirstEnergy from $39.00 to $41.00 and gave the stock a “buy” rating in a research report on Monday, October 29th. Finally, Morgan Stanley set a $38.00 price objective on shares of FirstEnergy and gave the stock a “buy” rating in a research report on Thursday, December 20th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $40.00.

ILLEGAL ACTIVITY WARNING: “Hartford Investment Management Co. Cuts Holdings in FirstEnergy Corp. (FE)” was posted by Chaffey Breeze and is the property of of Chaffey Breeze. If you are reading this story on another site, it was illegally stolen and republished in violation of United States and international trademark and copyright legislation. The original version of this story can be viewed at https://www.chaffeybreeze.com/2019/02/09/hartford-investment-management-co-cuts-holdings-in-firstenergy-corp-fe.html.

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.

Read More: Reverse Stock Split

Want to see what other hedge funds are holding FE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FirstEnergy Corp. (NYSE:FE).

Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

Receive News & Ratings for FirstEnergy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FirstEnergy and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply