FirstEnergy Corporation (FE) Shares Sold by Cigna Investments Inc. New
Cigna Investments Inc. New lowered its position in shares of FirstEnergy Corporation (NYSE:FE) by 6.7% during the second quarter, Holdings Channel reports. The firm owned 16,843 shares of the utilities provider’s stock after selling 1,208 shares during the period. Cigna Investments Inc. New’s holdings in FirstEnergy Corporation were worth $491,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of FE. Oppenheimer Asset Management Inc. bought a new position in FirstEnergy Corporation during the first quarter worth approximately $139,000. City Holding Co. increased its position in FirstEnergy Corporation by 8.2% in the second quarter. City Holding Co. now owns 5,261 shares of the utilities provider’s stock worth $153,000 after buying an additional 400 shares during the period. Sandy Spring Bank increased its position in FirstEnergy Corporation by 1.9% in the first quarter. Sandy Spring Bank now owns 5,075 shares of the utilities provider’s stock worth $161,000 after buying an additional 97 shares during the period. Ledyard National Bank bought a new position in FirstEnergy Corporation during the first quarter worth approximately $174,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in FirstEnergy Corporation during the first quarter worth approximately $215,000. Hedge funds and other institutional investors own 78.75% of the company’s stock.
Shares of FirstEnergy Corporation (FE) opened at 32.70 on Wednesday. The company has a 50 day moving average of $30.80 and a 200-day moving average of $30.41. FirstEnergy Corporation has a 12-month low of $27.93 and a 12-month high of $34.96. The firm’s market cap is $14.53 billion.
FirstEnergy Corporation (NYSE:FE) last posted its quarterly earnings results on Thursday, July 27th. The utilities provider reported $0.61 earnings per share for the quarter, hitting 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 firm had revenue of $3.30 billion for the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the previous year, the company earned $0.56 earnings per share. The business’s revenue was down 3.0% compared to the same quarter last year. Equities research analysts forecast that FirstEnergy Corporation will post $2.82 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Monday, August 7th will be paid a dividend of $0.36 per share. The ex-dividend date is Thursday, August 3rd. This represents a $1.44 dividend on an annualized basis and a yield of 4.40%. FirstEnergy Corporation’s dividend payout ratio is currently -12.31%.
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A number of research analysts have commented on the stock. Goldman Sachs Group, Inc. (The) downgraded shares of FirstEnergy Corporation from a “positive” rating to a “neutral” rating in a research note on Monday, June 26th. Evercore ISI upgraded shares of FirstEnergy Corporation from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $30.00 to $35.00 in a research note on Monday. Citigroup Inc. reiterated a “neutral” rating and set a $34.00 price objective (up from $32.00) on shares of FirstEnergy Corporation in a research note on Saturday, April 22nd. Barclays PLC upgraded shares of FirstEnergy Corporation from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $38.00 to $36.00 in a research note on Monday, May 1st. Finally, Tudor Pickering upgraded shares of FirstEnergy Corporation from a “trim” rating to a “hold” rating in a research note on Friday, July 14th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $33.80.
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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