Canada Pension Plan Investment Board cut its position in FirstEnergy Corporation (NYSE:FE) by 18.5% during the second quarter, Holdings Channel reports. The fund owned 1,002,935 shares of the utilities provider’s stock after selling 228,273 shares during the period. Canada Pension Plan Investment Board’s holdings in FirstEnergy Corporation were worth $29,246,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. boosted its position in shares of FirstEnergy Corporation by 4,036.6% in the first quarter. BlackRock Inc. now owns 38,676,251 shares of the utilities provider’s stock worth $1,230,678,000 after buying an additional 37,741,283 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of FirstEnergy Corporation by 90.8% in the first quarter. Bank of New York Mellon Corp now owns 10,801,367 shares of the utilities provider’s stock worth $343,698,000 after buying an additional 5,141,450 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of FirstEnergy Corporation by 7.1% in the first quarter. Vanguard Group Inc. now owns 35,965,731 shares of the utilities provider’s stock worth $1,144,430,000 after buying an additional 2,378,538 shares during the last quarter. Prudential Financial Inc. boosted its position in shares of FirstEnergy Corporation by 73.2% in the first quarter. Prudential Financial Inc. now owns 5,096,548 shares of the utilities provider’s stock worth $162,172,000 after buying an additional 2,154,657 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of FirstEnergy Corporation by 54.8% in the first quarter. Bank of America Corp DE now owns 4,423,238 shares of the utilities provider’s stock worth $140,747,000 after buying an additional 1,566,627 shares during the last quarter. 78.11% of the stock is owned by institutional investors and hedge funds.

Shares of FirstEnergy Corporation (NYSE:FE) opened at 32.17 on Friday. FirstEnergy Corporation has a one year low of $27.93 and a one year high of $34.96. The company’s 50-day moving average is $30.62 and its 200-day moving average is $30.36. The company’s market cap is $14.29 billion.

FirstEnergy Corporation (NYSE:FE) last posted its earnings results on Thursday, July 27th. The utilities provider reported $0.61 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.61. FirstEnergy Corporation had a negative net margin of 35.59% and a positive return on equity of 15.41%. The company had revenue of $3.30 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same quarter in the prior year, the company posted $0.56 earnings per share. FirstEnergy Corporation’s revenue for the quarter was down 3.0% compared to the same quarter last year. On average, equities analysts predict that FirstEnergy Corporation will post $2.81 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Monday, August 7th will be given a $0.36 dividend. The ex-dividend date is Thursday, August 3rd. This represents a $1.44 dividend on an annualized basis and a yield of 4.48%. FirstEnergy Corporation’s payout ratio is currently -12.31%.

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A number of equities analysts have commented on FE shares. J P Morgan Chase & Co cut shares of FirstEnergy Corporation from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $36.00 to $32.00 in a research note on Monday, May 1st. Mizuho reissued a “neutral” rating and issued a $31.25 price objective on shares of FirstEnergy Corporation in a research note on Wednesday, April 19th. Goldman Sachs Group, Inc. (The) cut shares of FirstEnergy Corporation from a “positive” rating to a “neutral” rating in a research note on Monday, June 26th. Barclays PLC raised shares of FirstEnergy Corporation from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $38.00 to $36.00 in a research note on Monday, May 1st. Finally, Morgan Stanley reissued an “overweight” rating on shares of FirstEnergy Corporation in a research note on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the stock. FirstEnergy Corporation presently has a consensus rating of “Hold” and a consensus target price of $33.71.

About FirstEnergy Corporation

FirstEnergy Corp. is a holding company. The Company is engaged in holding, directly or indirectly, all of the outstanding equity of its principal subsidiaries. Its segments include Regulated Distribution, Regulated Transmission, Competitive Energy Services (CES) and Corporate/Other. As of December 31, 2016, the Regulated Distribution segment distributed electricity through the Company’s 10 utility operating companies, serving approximately six million customers, and purchased power for its provider of last resort (POLR), standard offer service (SOS), standard offer service (SSO) and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland.

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Institutional Ownership by Quarter for FirstEnergy Corporation (NYSE:FE)

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