VIRGINIA RETIREMENT SYSTEMS ET Al Invests $13.31 Million in FirstEnergy Corporation $FE

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of FirstEnergy Corporation (NYSE:FE) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 279,950 shares of the utilities provider’s stock, valued at approximately $13,309,000.

Several other hedge funds have also made changes to their positions in the stock. California State Teachers Retirement System grew its position in FirstEnergy by 4,641.7% during the second quarter. California State Teachers Retirement System now owns 30,356,239 shares of the utilities provider’s stock worth $1,443,136,000 after buying an additional 29,716,038 shares in the last quarter. Boston Partners raised its holdings in FirstEnergy by 13.5% in the 3rd quarter. Boston Partners now owns 18,344,403 shares of the utilities provider’s stock valued at $841,161,000 after acquiring an additional 2,185,400 shares in the last quarter. Geode Capital Management LLC raised its holdings in FirstEnergy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 13,463,298 shares of the utilities provider’s stock valued at $600,351,000 after acquiring an additional 126,834 shares in the last quarter. Invesco Ltd. lifted its position in shares of FirstEnergy by 0.3% in the 4th quarter. Invesco Ltd. now owns 11,722,471 shares of the utilities provider’s stock worth $524,815,000 after acquiring an additional 34,014 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of FirstEnergy by 7.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,971,706 shares of the utilities provider’s stock worth $508,158,000 after acquiring an additional 694,449 shares during the period. Institutional investors own 89.41% of the company’s stock.

FirstEnergy Stock Performance

FE stock opened at $46.77 on Tuesday. FirstEnergy Corporation has a 1-year low of $42.87 and a 1-year high of $52.34. The firm has a market cap of $27.06 billion, a P/E ratio of 24.88, a P/E/G ratio of 2.70 and a beta of 0.45. The business’s 50 day moving average is $47.72 and its 200-day moving average is $48.20. The company has a current ratio of 0.54, a quick ratio of 0.45 and a debt-to-equity ratio of 1.88.

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

FirstEnergy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th were issued a dividend of $0.465 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $1.86 dividend on an annualized basis and a dividend yield of 4.0%. FirstEnergy’s dividend payout ratio (DPR) is presently 98.94%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on FE shares. Barclays decreased their price objective on FirstEnergy from $55.00 to $54.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. Weiss Ratings cut FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. UBS Group lifted their price target on shares of FirstEnergy from $50.00 to $51.00 and gave the stock a “neutral” rating in a research note on Thursday, June 11th. Wall Street Zen lowered shares of FirstEnergy from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Morgan Stanley dropped their price objective on shares of FirstEnergy from $53.00 to $52.00 and set an “overweight” rating for the company in a research note on Friday, August 21st. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $52.83.

About FirstEnergy

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.