Hartford Investment Management Co. reduced its stake in shares of FirstEnergy Corp. (NYSE:FE – Get Rating ) by 2.5% during the first quarter, HoldingsChannel.com reports. The firm owned 53,964 shares of the utilities provider’s stock after selling 1,358 shares during the period. Hartford Investment Management Co.’s holdings. in FirstEnergy were worth $2,475,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of FE. Allspring Global Investments Holdings LLC purchased a new position in FirstEnergy in the 4th quarter worth about $253,315,000. Jennison Associates LLC boosted its stake in FirstEnergy by 9,524.2% in the 4th quarter. Jennison Associates LLC now owns 2,709,695 shares of the utilities provider’s stock valued at $112,696,000 after acquiring an additional 2,681,540 shares in the last quarter. BlackRock Inc. raised its stake in FirstEnergy by 5.4% during the 4th quarter. BlackRock Inc. now owns 43,236,791 shares of the utilities provider’s stock valued at $1,798,218,000 after acquiring an additional 2,215,694 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in FirstEnergy by 105.3% in the 4th quarter. Nuveen Asset Management LLC now owns 4,084,464 shares of the utilities provider’s stock valued at $169,874,000 after acquiring an additional 2,095,290 shares in the last quarter. Finally, Toronto Dominion Bank boosted its stake in FirstEnergy by 655.6% during the 4th quarter. Toronto Dominion Bank now owns 2,062,016 shares of the utilities provider’s stock valued at $85,758,000 after acquiring an additional 1,789,128 shares in the last quarter. 87.78% of the shares are currently owned by institutional investors and hedge funds.
FE opened at $39.33 on Friday. The stock’s 50-day simple moving average is $41.14, and the 200-day simple moving average is $42.30. The company has a debt-to-equity ratio of 2.48, a current ratio of 0.52, and a quick ratio of 0.45. FirstEnergy Corp. has a 1-year low of $35.32 and a 1-year high of $48.85. The firm has a market cap of $22.45 billion, a price-to-earnings ratio of 17.56, a PEG ratio of 2.57 and a beta of 0.43.
FirstEnergy (NYSE:FE – Get Rating ) last posted its quarterly earnings results on Thursday, April 21st. The utilities provider reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.02). FirstEnergy had a return on equity of 17.17% and a net margin of 10.85%. The company had revenue of $3 billion for the quarter, compared to the consensus estimate of $2.85 billion. In the same quarter last year, the business earned $0.69 earnings per share. FirstEnergy’s revenue was up 10.1% compared to the same quarter last year. As a group, sell-side analysts expect FirstEnergy Corp. to post 2.41 EPS for the current year.
Several brokerages recently commented on FE. Credit Suisse Group began coverage on FirstEnergy in a research report on Monday, April 25th. They set an “outperform” rating and a $51.00 target price on the stock. StockNews.com upgraded FirstEnergy from a “hold” rating to a “buy” rating in a research report on Tuesday, June 28th. Bank of America lowered FirstEnergy from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $52.00 to $44.00 in a research report on Monday, May 16th. Wells Fargo & Company boosted their price objective on FirstEnergy from $43.00 to $49.00 and gave the company an “equal weight” rating in a research report on Monday, April 25th. Finally, Morgan Stanley reduced their price objective on FirstEnergy from $53.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, May 23rd. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, FirstEnergy has an average rating of “Moderate Buy” and an average target price of $46.50.
About FirstEnergy (Get Rating)
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, nuclear, hydroelectric, natural gas, wind and solar power generation facilities.
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