Korea Investment CORP Cuts Position in FirstEnergy Corporation (FE)
Korea Investment CORP cut its position in shares of FirstEnergy Corporation (NYSE:FE) by 79.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 31,051 shares of the utilities provider’s stock after selling 116,580 shares during the period. Korea Investment CORP’s holdings in FirstEnergy Corporation were worth $905,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the stock. BP PLC acquired a new position in shares of FirstEnergy Corporation during the first quarter worth approximately $1,591,000. Washington Trust Bank increased its stake in FirstEnergy Corporation by 522.0% in the first quarter. Washington Trust Bank now owns 13,534 shares of the utilities provider’s stock valued at $431,000 after buying an additional 11,358 shares during the period. Achmea Investment Management B.V. purchased a new stake in FirstEnergy Corporation during the first quarter valued at about $2,387,000. Northpointe Capital LLC increased its stake in FirstEnergy Corporation by 23.0% in the first quarter. Northpointe Capital LLC now owns 127,080 shares of the utilities provider’s stock valued at $4,044,000 after buying an additional 23,752 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in FirstEnergy Corporation by 0.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,211,746 shares of the utilities provider’s stock valued at $38,558,000 after buying an additional 8,487 shares during the period. 78.75% of the stock is currently owned by institutional investors and hedge funds.
FirstEnergy Corporation (NYSE:FE) opened at 32.70 on Wednesday. The firm’s market capitalization is $14.53 billion. The firm’s 50-day moving average is $30.80 and its 200 day moving average is $30.41. FirstEnergy Corporation has a one year low of $27.93 and a one year high of $34.96.
FirstEnergy Corporation (NYSE:FE) last released its earnings results on Thursday, July 27th. The utilities provider reported $0.61 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. The firm had revenue of $3.30 billion during 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 period in the prior year, the company earned $0.56 EPS. Analysts forecast that FirstEnergy Corporation will post $2.82 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 7th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 4.40%. The ex-dividend date of this dividend is Thursday, August 3rd. FirstEnergy Corporation’s payout ratio is currently -12.31%.
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FE has been the topic of several analyst reports. Zacks Investment Research raised shares of FirstEnergy Corporation from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research note on Thursday, June 22nd. Morgan Stanley set a $38.00 price target on shares of FirstEnergy Corporation and gave the stock a “buy” rating in a research note on Tuesday, July 4th. ValuEngine raised shares of FirstEnergy Corporation from a “hold” rating to a “buy” rating in a research note on Monday, August 7th. Barclays PLC reaffirmed an “equal weight” rating and set a $38.00 price target (up previously from $35.00) on shares of FirstEnergy Corporation in a research note on Sunday, April 23rd. Finally, Jefferies Group LLC dropped their price target on shares of FirstEnergy Corporation from $32.00 to $31.00 and set a “hold” rating on the stock in a research note on Monday, May 1st. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $33.80.
FirstEnergy Corporation Company Profile
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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