Pendal Group Ltd Invests $274,000 in FirstEnergy Corp. (NYSE:FE)

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Pendal Group Ltd acquired a new position in FirstEnergy Corp. (NYSE:FE) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,404 shares of the utilities provider’s stock, valued at approximately $274,000.

Several other institutional investors have also added to or reduced their stakes in the company. Wedbush Securities Inc. boosted its stake in FirstEnergy by 7.5% during the 2nd quarter. Wedbush Securities Inc. now owns 6,740 shares of the utilities provider’s stock valued at $289,000 after acquiring an additional 471 shares during the last quarter. United Asset Strategies Inc. boosted its stake in FirstEnergy by 2.9% during the 2nd quarter. United Asset Strategies Inc. now owns 151,845 shares of the utilities provider’s stock valued at $6,500,000 after acquiring an additional 4,224 shares during the last quarter. Public Employees Retirement Association of Colorado boosted its stake in FirstEnergy by 1.1% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 86,783 shares of the utilities provider’s stock valued at $3,715,000 after acquiring an additional 981 shares during the last quarter. Advisor Group Inc. boosted its stake in FirstEnergy by 41.5% during the 2nd quarter. Advisor Group Inc. now owns 60,489 shares of the utilities provider’s stock valued at $2,592,000 after acquiring an additional 17,754 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan boosted its stake in FirstEnergy by 5.3% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 6,930 shares of the utilities provider’s stock valued at $297,000 after acquiring an additional 350 shares during the last quarter. 93.57% of the stock is owned by institutional investors.

FE opened at $44.68 on Friday. FirstEnergy Corp. has a fifty-two week low of $35.33 and a fifty-two week high of $44.75. The company has a debt-to-equity ratio of 2.63, a current ratio of 0.60 and a quick ratio of 0.53. The firm’s fifty day moving average price is $43.75 and its two-hundred day moving average price is $41.99. The company has a market capitalization of $23.16 billion, a P/E ratio of 17.25, a P/E/G ratio of 2.90 and a beta of 0.27.

FirstEnergy (NYSE:FE) last issued its earnings results on Tuesday, July 23rd. The utilities provider reported $0.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.01. FirstEnergy had a net margin of 2.79% and a return on equity of 20.29%. The company had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter in the previous year, the company earned $0.62 EPS. The firm’s revenue for the quarter was down 3.8% compared to the same quarter last year. On average, equities research analysts expect that FirstEnergy Corp. will post 2.5 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Wednesday, August 7th will be paid a $0.38 dividend. The ex-dividend date is Tuesday, August 6th. This represents a $1.52 annualized dividend and a dividend yield of 3.40%. FirstEnergy’s dividend payout ratio is presently 58.69%.

In other news, Director Christopher D. Pappas bought 3,000 shares of FirstEnergy stock in a transaction dated Thursday, May 30th. The shares were bought at an average price of $41.14 per share, for a total transaction of $123,420.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 0.32% of the stock is currently owned by insiders.

A number of research analysts have recently issued reports on the stock. TheStreet downgraded shares of FirstEnergy from a “b” rating to a “f” rating in a research report on Thursday, July 18th. Mizuho dropped their price objective on shares of FirstEnergy from $48.00 to $46.00 and set a “buy” rating on the stock in a report on Tuesday. KeyCorp reaffirmed an “overweight” rating and issued a $46.00 price objective on shares of FirstEnergy in a report on Wednesday, June 5th. Finally, Zacks Investment Research cut shares of FirstEnergy from a “hold” rating to a “sell” rating and set a $45.00 price objective on the stock. in a report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $44.00.

About FirstEnergy

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution and Regulated Transmission segments. It owns and operates coal-fired, nuclear, hydroelectric, natural gas, wind, and solar power generating facilities.

Further Reading: Why do analysts give a neutral rating?

Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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