Wedge Capital Management L L P NC reduced its position in shares of FirstEnergy Corp. (NYSE:FE) by 1.4% during the second quarter, Holdings Channel reports. The fund owned 387,742 shares of the company’s stock after selling 5,428 shares during the period. Wedge Capital Management L L P NC’s holdings in FirstEnergy Corp. were worth $13,536,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. Sequoia Financial Advisors LLC raised its stake in FirstEnergy Corp. by 8.3% in the second quarter. Sequoia Financial Advisors LLC now owns 6,676 shares of the company’s stock worth $233,000 after buying an additional 510 shares in the last quarter. DT Investment Partners LLC purchased a new stake in FirstEnergy Corp. during the second quarter worth approximately $799,000. Sumitomo Mitsui Asset Management Company LTD raised its stake in FirstEnergy Corp. by 1.7% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 32,590 shares of the company’s stock worth $1,137,000 after buying an additional 554 shares in the last quarter. Concert Wealth Management Inc. purchased a new stake in FirstEnergy Corp. during the second quarter worth approximately $220,000. Finally, Savant Capital LLC raised its stake in FirstEnergy Corp. by 10.4% in the second quarter. Savant Capital LLC now owns 8,105 shares of the company’s stock worth $283,000 after buying an additional 763 shares in the last quarter. 75.93% of the stock is owned by institutional investors.
FirstEnergy Corp. (NYSE:FE) traded down 0.16% on Friday, reaching $31.51. The company’s stock had a trading volume of 3,228,568 shares. The company has a 50-day moving average price of $32.77 and a 200 day moving average price of $33.80. The company’s market cap is $13.40 billion. FirstEnergy Corp. has a 12 month low of $28.89 and a 12 month high of $36.60.
FirstEnergy Corp. (NYSE:FE) last posted its earnings results on Thursday, July 28th. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.02. FirstEnergy Corp. had a positive return on equity of 10.05% and a negative net margin of 3.96%. During the same quarter last year, the firm posted $0.53 EPS. On average, equities research analysts anticipate that FirstEnergy Corp. will post $2.54 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 7th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.57%. The ex-dividend date of this dividend is Thursday, November 3rd. FirstEnergy Corp.’s payout ratio is presently -103.60%.
FE has been the subject of a number of analyst reports. Bank of America Corp. raised shares of FirstEnergy Corp. from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $41.00 to $40.00 in a research note on Monday, August 8th. Jefferies Group increased their price objective on FirstEnergy Corp. from $35.00 to $36.00 and gave the company a “hold” rating in a research report on Thursday, July 7th. Barclays PLC set a $36.00 price objective on FirstEnergy Corp. and gave the company a “hold” rating in a research report on Saturday, September 17th. RBC Capital Markets reissued a “hold” rating and issued a $36.00 price objective (down from $38.00) on shares of FirstEnergy Corp. in a research report on Thursday. Finally, Morgan Stanley raised FirstEnergy Corp. from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $38.00 to $41.00 in a research report on Monday, August 8th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $36.10.
FirstEnergy Corp. Company Profile
FirstEnergy Corp. is a holding company. The Company operates through three segments: Regulated Distribution, Regulated Transmission and Competitive Energy Services (CES). The Regulated Distribution segment distributes electricity through its approximately 10 utility operating companies. The Regulated Transmission segment transmits electricity through transmission facilities.
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