Pacad Investment Ltd. Acquires 40,170 Shares of FirstEnergy Corporation (FE)
Pacad Investment Ltd. raised its position in shares of FirstEnergy Corporation (NYSE:FE) by 169.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,943 shares of the utilities provider’s stock after buying an additional 40,170 shares during the period. Pacad Investment Ltd.’s holdings in FirstEnergy Corporation were worth $1,865,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. BP PLC purchased a new position in FirstEnergy Corporation during the first quarter worth about $1,591,000. Achmea Investment Management B.V. purchased a new position in FirstEnergy Corporation during the first quarter worth about $2,387,000. Sumitomo Mitsui Trust Holdings Inc. increased its position 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 worth $38,558,000 after buying an additional 8,487 shares in the last quarter. Alethea Capital Management LLC purchased a new position in FirstEnergy Corporation during the first quarter worth about $2,046,000. Finally, Nisa Investment Advisors LLC increased its position in FirstEnergy Corporation by 28.4% in the first quarter. Nisa Investment Advisors LLC now owns 52,156 shares of the utilities provider’s stock worth $1,660,000 after buying an additional 11,540 shares in the last quarter. Institutional investors and hedge funds own 79.85% of the company’s stock.
FirstEnergy Corporation (FE) opened at 32.58 on Friday. The stock’s market capitalization is $14.48 billion. FirstEnergy Corporation has a one year low of $27.93 and a one year high of $34.96. The company has a 50 day moving average of $31.91 and a 200-day moving average of $30.64.
FirstEnergy Corporation (NYSE:FE) last released its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.61 EPS for the quarter, meeting the consensus estimate of $0.61. FirstEnergy Corporation had a positive return on equity of 15.41% and a negative net margin of 35.59%. The company had revenue of $3.30 billion for the quarter, compared to analysts’ expectations of $3.38 billion. During the same period last year, the firm posted $0.56 earnings per share. FirstEnergy Corporation’s revenue was down 3.0% compared to the same quarter last year. Equities research analysts predict that FirstEnergy Corporation will post $2.82 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 7th will be given a dividend of $0.36 per share. The ex-dividend date is Thursday, August 3rd. This represents a $1.44 annualized dividend and a dividend yield of 4.42%. FirstEnergy Corporation’s dividend payout ratio (DPR) is presently -12.31%.
FE has been the topic of a number of analyst reports. BidaskClub downgraded shares of FirstEnergy Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, June 10th. Morgan Stanley cut their price objective on shares of FirstEnergy Corporation from $40.00 to $39.00 and set an “overweight” rating on the stock in a report on Monday, May 8th. Goldman Sachs Group, Inc. (The) downgraded shares of FirstEnergy Corporation from a “positive” rating to a “neutral” rating in a report on Monday, June 26th. ValuEngine downgraded shares of FirstEnergy Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Zacks Investment Research downgraded shares of FirstEnergy Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average 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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