Rhumbline Advisers Increases Position in FirstEnergy Corporation (FE)
Rhumbline Advisers increased its stake in shares of FirstEnergy Corporation (NYSE:FE) by 3.5% during the second quarter, Holdings Channel reports. The institutional investor owned 789,525 shares of the utilities provider’s stock after buying an additional 26,535 shares during the period. Rhumbline Advisers’ holdings in FirstEnergy Corporation were worth $23,023,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. bought a new position in FirstEnergy Corporation during the first quarter valued at $139,000. City Holding Co. raised its position in shares of FirstEnergy Corporation by 8.2% in the second quarter. City Holding Co. now owns 5,261 shares of the utilities provider’s stock valued at $153,000 after buying an additional 400 shares during the period. Sandy Spring Bank raised its position in shares of FirstEnergy Corporation by 1.9% in the first quarter. Sandy Spring Bank now owns 5,075 shares of the utilities provider’s stock valued at $161,000 after buying an additional 97 shares during the period. Ledyard National Bank acquired a new position in shares of FirstEnergy Corporation during the first quarter valued at approximately $174,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of FirstEnergy Corporation during the first quarter valued at 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’s 50-day moving average is $30.80 and its 200 day moving average is $30.41. The company’s market cap is $14.53 billion. FirstEnergy Corporation has a 52-week low of $27.93 and a 52-week high of $34.96.
FirstEnergy Corporation (NYSE:FE) last issued its 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 during the quarter, compared to the consensus estimate of $3.38 billion. FirstEnergy Corporation had a positive return on equity of 15.41% and a negative net margin of 35.59%. The firm’s revenue was down 3.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.56 EPS. On average, analysts anticipate that FirstEnergy Corporation will post $2.82 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 7th will be given a $0.36 dividend. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $1.44 dividend on an annualized basis and a yield of 4.40%. FirstEnergy Corporation’s payout ratio is -12.31%.
FE has been the topic of several analyst reports. Zacks Investment Research upgraded 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 upgraded 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 objective (up from $35.00) on shares of FirstEnergy Corporation in a report on Sunday, April 23rd. Finally, Jefferies Group LLC decreased their price objective on shares of FirstEnergy Corporation from $32.00 to $31.00 and set a “hold” rating for the company in a report on Monday, May 1st. 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 currently has a consensus rating of “Hold” and a consensus target price 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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