Global X Management Co. LLC Has $7.98 Million Stake in FirstEnergy Corporation (FE)
Global X Management Co. LLC increased its position in FirstEnergy Corporation (NYSE:FE) by 5.8% during the second quarter, Holdings Channel reports. The fund owned 273,521 shares of the utilities provider’s stock after buying an additional 15,017 shares during the period. Global X Management Co. LLC’s holdings in FirstEnergy Corporation were worth $7,976,000 as of its most recent SEC filing.
Several 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. raised 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 last quarter. Sandy Spring Bank raised 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 last quarter. 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. 78.11% of the stock is owned by hedge funds and other institutional investors.
Shares of FirstEnergy Corporation (NYSE FE) opened at 32.04 on Friday. The firm’s 50-day moving average price is $30.53 and its 200-day moving average price is $30.34. FirstEnergy Corporation has a 52-week low of $27.93 and a 52-week high of $34.96. The stock’s market cap is $14.24 billion.
FirstEnergy Corporation (NYSE:FE) last announced its quarterly earnings results on Thursday, July 27th. The utilities provider reported $0.61 EPS for the quarter, hitting the consensus estimate of $0.61. The business had revenue of $3.30 billion for the quarter, compared to analysts’ expectations of $3.38 billion. FirstEnergy Corporation had a negative net margin of 35.59% and a positive return on equity of 15.41%. The business’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.56 EPS. Equities analysts predict that FirstEnergy Corporation will post $2.81 EPS for the current year.
The business 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 $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 4.49%. The ex-dividend date is Thursday, August 3rd. FirstEnergy Corporation’s payout ratio is currently -12.31%.
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A number of equities analysts have recently commented on FE shares. Zacks Investment Research raised FirstEnergy Corporation from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a report on Thursday, June 22nd. Morgan Stanley set a $38.00 price objective on FirstEnergy Corporation and gave the stock a “buy” rating in a research report on Tuesday, July 4th. ValuEngine upgraded FirstEnergy Corporation from a “hold” rating to a “buy” rating in a research report on Monday. Barclays PLC reiterated an “equal weight” rating and issued a $38.00 price objective (up previously from $35.00) on shares of FirstEnergy Corporation in a research report on Sunday, April 23rd. Finally, Jefferies Group LLC lowered their price objective on FirstEnergy Corporation from $32.00 to $31.00 and set a “hold” rating on the stock in a research report on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the company’s 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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