Mitsubishi UFJ Asset Management Co. Ltd. Invests $62.16 Million in FirstEnergy Corporation $FE

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in FirstEnergy Corporation (NYSE:FE) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,307,552 shares of the utilities provider’s stock, valued at approximately $62,161,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.23% of FirstEnergy at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in FE. OneDigital Investment Advisors LLC purchased a new position in FirstEnergy during the second quarter worth about $371,000. Simplicity Wealth LLC purchased a new stake in FirstEnergy in the 2nd quarter valued at about $288,000. Trivium Point Advisory LLC bought a new position in shares of FirstEnergy during the 2nd quarter worth approximately $849,000. HBK Sorce Advisory LLC bought a new position in shares of FirstEnergy during the 2nd quarter worth approximately $498,000. Finally, Horizon Investment Services LLC purchased a new position in shares of FirstEnergy in the 2nd quarter worth approximately $278,000. 89.41% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FE has been the subject of several recent analyst reports. Morgan Stanley reaffirmed an “overweight” rating on shares of FirstEnergy in a report on Wednesday, July 22nd. UBS Group boosted their price objective on FirstEnergy from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Thursday, June 11th. TD Cowen upgraded FirstEnergy from a “hold” rating to a “buy” rating and reduced their price objective for the company from $56.00 to $53.00 in a research note on Friday, May 15th. Weiss Ratings lowered FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. Finally, Wolfe Research lowered FirstEnergy from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.83.

FirstEnergy Price Performance

Shares of NYSE:FE opened at $47.24 on Thursday. The company has a quick ratio of 0.45, a current ratio of 0.54 and a debt-to-equity ratio of 1.88. The firm has a market capitalization of $27.34 billion, a PE ratio of 25.13, a P/E/G ratio of 2.26 and a beta of 0.46. FirstEnergy Corporation has a twelve month low of $42.87 and a twelve month high of $52.34. The company has a 50-day moving average price of $47.93 and a two-hundred day moving average price of $48.32.

FirstEnergy (NYSE:FE) last posted its earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share for the quarter, hitting the consensus estimate of $0.50. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.51 billion. During the same quarter last year, the company earned $0.52 earnings per share. Equities analysts forecast that FirstEnergy Corporation will post 2.74 EPS for the current year.

FirstEnergy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be paid a $0.465 dividend. This represents a $1.86 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Friday, August 7th. FirstEnergy’s payout ratio is currently 98.94%.

FirstEnergy Company Profile

FirstEnergy Corp. (NYSE: FE) is a U.S.-based electric utility holding company headquartered in Akron, Ohio. The company’s primary business is the delivery of electricity through its regulated transmission and distribution utilities, serving residential, commercial and industrial customers across parts of the Midwest and Mid?Atlantic. FirstEnergy’s service territory includes states such as Ohio, Pennsylvania, New Jersey, Maryland and West Virginia, and it operates primarily within the PJM regional transmission organization.

FirstEnergy’s core activities center on owning and operating electric distribution networks and transmission systems, maintaining and upgrading grid infrastructure, managing storm response and restoration, and offering customer programs that include energy efficiency and reliability services.