Exane Asset Management Buys 23,564 Shares of FirstEnergy Corp. (FE)
Exane Asset Management raised its stake in FirstEnergy Corp. (NYSE:FE) by 48.0% during the first quarter, Holdings Channel reports. The institutional investor owned 72,639 shares of the utilities provider’s stock after buying an additional 23,564 shares during the quarter. FirstEnergy accounts for approximately 1.5% of Exane Asset Management’s holdings, making the stock its 24th biggest holding. Exane Asset Management’s holdings in FirstEnergy were worth $3,023,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the business. BlackRock Inc. increased its holdings in shares of FirstEnergy by 0.6% during the fourth quarter. BlackRock Inc. now owns 59,070,063 shares of the utilities provider’s stock valued at $2,218,080,000 after purchasing an additional 331,380 shares during the period. Vanguard Group Inc increased its holdings in shares of FirstEnergy by 4.4% during the third quarter. Vanguard Group Inc now owns 58,780,161 shares of the utilities provider’s stock valued at $2,184,859,000 after purchasing an additional 2,480,578 shares during the period. FMR LLC increased its holdings in shares of FirstEnergy by 15.9% during the fourth quarter. FMR LLC now owns 10,979,972 shares of the utilities provider’s stock valued at $412,298,000 after purchasing an additional 1,509,442 shares during the period. Geode Capital Management LLC increased its holdings in shares of FirstEnergy by 6.4% during the fourth quarter. Geode Capital Management LLC now owns 6,393,048 shares of the utilities provider’s stock valued at $239,645,000 after purchasing an additional 382,694 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of FirstEnergy by 4.8% during the fourth quarter. Northern Trust Corp now owns 6,348,462 shares of the utilities provider’s stock valued at $238,384,000 after purchasing an additional 292,118 shares during the period. Institutional investors own 90.52% of the company’s stock.
FE has been the topic of a number of research analyst reports. Zacks Investment Research raised FirstEnergy from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Wednesday, May 1st. Morgan Stanley set a $44.00 target price on FirstEnergy and gave the stock a “buy” rating in a report on Friday, April 5th. Bank of America lifted their target price on FirstEnergy from $41.00 to $46.00 and gave the stock a “buy” rating in a report on Thursday, March 28th. Finally, Barclays raised FirstEnergy from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $40.00 to $46.00 in a report on Wednesday, March 20th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $42.86.
NYSE:FE traded down $0.12 during mid-day trading on Wednesday, reaching $41.98. 83,812 shares of the stock were exchanged, compared to its average volume of 3,497,381. The firm has a market cap of $22.56 billion, a P/E ratio of 16.19, a PEG ratio of 2.74 and a beta of 0.30. FirstEnergy Corp. has a 1-year low of $32.92 and a 1-year high of $42.53. The company has a quick ratio of 0.47, a current ratio of 0.54 and a debt-to-equity ratio of 2.72.
FirstEnergy (NYSE:FE) last released its earnings results on Tuesday, April 23rd. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.01). The firm had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.88 billion. FirstEnergy had a return on equity of 21.90% and a net margin of 2.63%. FirstEnergy’s revenue was up .0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.67 earnings per share. Sell-side analysts expect that FirstEnergy Corp. will post 2.59 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Tuesday, May 7th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date is Monday, May 6th. FirstEnergy’s payout ratio is currently 58.69%.
COPYRIGHT VIOLATION WARNING: This news story was first published by Watch List News and is the property of of Watch List News. If you are viewing this news story on another publication, it was stolen and reposted in violation of United States & international copyright and trademark law. The legal version of this news story can be accessed at https://www.watchlistnews.com/exane-asset-management-buys-23564-shares-of-firstenergy-corp-fe/3011263.html.
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.
Recommended Story: What is a Futures Contract?
Want to see what other hedge funds are holding FE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FirstEnergy Corp. (NYSE:FE).
Receive News & Ratings for FirstEnergy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FirstEnergy and related companies with MarketBeat.com's FREE daily email newsletter.