State Board of Administration of Florida Retirement System Cuts Holdings in FirstEnergy Corp. (NYSE:FE)

State Board of Administration of Florida Retirement System cut its position in shares of FirstEnergy Corp. (NYSE:FEGet Rating) by 2.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 624,077 shares of the utilities provider’s stock after selling 15,296 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.11% of FirstEnergy worth $28,620,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Dixon Hughes Goodman Wealth Advisors LLC boosted its holdings in FirstEnergy by 419.8% during the first quarter. Dixon Hughes Goodman Wealth Advisors LLC now owns 551 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 445 shares during the last quarter. Prospera Financial Services Inc purchased a new position in FirstEnergy during the first quarter worth about $25,000. Pinnacle Bancorp Inc. boosted its stake in FirstEnergy by 126.3% in the first quarter. Pinnacle Bancorp Inc. now owns 611 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 341 shares during the last quarter. Comprehensive Financial Consultants Institutional Inc. purchased a new position in FirstEnergy in the fourth quarter valued at about $27,000. Finally, Riverview Trust Co purchased a new position in FirstEnergy in the first quarter valued at about $32,000. 87.78% of the stock is currently owned by hedge funds and other institutional investors.

FirstEnergy Trading Down 1.0 %

Shares of FE opened at $38.37 on Friday. The stock has a market capitalization of $21.92 billion, a P/E ratio of 15.60, a PEG ratio of 2.54 and a beta of 0.44. The company has a quick ratio of 0.66, a current ratio of 0.75 and a debt-to-equity ratio of 1.84. The firm has a fifty day simple moving average of $38.81 and a two-hundred day simple moving average of $41.84. FirstEnergy Corp. has a twelve month low of $35.32 and a twelve month high of $48.85.

FirstEnergy (NYSE:FEGet Rating) last announced its quarterly earnings results on Tuesday, July 26th. The utilities provider reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. FirstEnergy had a net margin of 11.78% and a return on equity of 15.13%. During the same quarter in the previous year, the company posted $0.59 earnings per share. On average, research analysts anticipate that FirstEnergy Corp. will post 2.4 EPS for the current year.

FirstEnergy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Friday, August 5th will be given a dividend of $0.39 per share. The ex-dividend date is Thursday, August 4th. This represents a $1.56 annualized dividend and a yield of 4.07%. FirstEnergy’s payout ratio is currently 63.41%.

Analysts Set New Price Targets

FE has been the topic of a number of research analyst reports. Morgan Stanley boosted their target price on shares of FirstEnergy from $45.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, July 21st. StockNews.com cut shares of FirstEnergy from a “buy” rating to a “hold” rating in a research note on Thursday. KeyCorp dropped their target price on shares of FirstEnergy from $51.00 to $47.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 19th. Bank of America cut shares of FirstEnergy from a “buy” rating to a “neutral” rating and dropped their target price for the company from $52.00 to $44.00 in a research note on Monday, May 16th. Finally, Barclays dropped their target price on shares of FirstEnergy from $49.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Monday, July 18th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $45.25.

FirstEnergy Profile

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FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. It operates through Regulated Distribution and Regulated Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, natural gas, wind, and solar power generating facilities.

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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