Cullinan Associates Inc. Sells 5,393 Shares of FirstEnergy Corp. (NYSE:FE)

Cullinan Associates Inc. lowered its holdings in FirstEnergy Corp. (NYSE:FE) by 16.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,438 shares of the utilities provider’s stock after selling 5,393 shares during the quarter. Cullinan Associates Inc.’s holdings in FirstEnergy were worth $1,060,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Sachetta LLC bought a new stake in shares of FirstEnergy in the 4th quarter valued at approximately $25,000. Sugarloaf Wealth Management LLC acquired a new stake in FirstEnergy in the 4th quarter valued at $29,000. Scarborough Advisors LLC acquired a new position in FirstEnergy during the fourth quarter worth $31,000. Blue Trust Inc. lifted its holdings in shares of FirstEnergy by 327.3% during the fourth quarter. Blue Trust Inc. now owns 1,034 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 792 shares during the period. Finally, Wetzel Investment Advisors Inc. acquired a new stake in shares of FirstEnergy in the 4th quarter valued at $40,000. Institutional investors and hedge funds own 89.41% of the company’s stock.

FirstEnergy Stock Performance

FirstEnergy stock opened at $38.25 on Wednesday. The company has a market cap of $22.01 billion, a PE ratio of 21.98, a PEG ratio of 2.42 and a beta of 0.49. The company has a current ratio of 0.65, a quick ratio of 0.56 and a debt-to-equity ratio of 1.59. FirstEnergy Corp. has a 1 year low of $32.18 and a 1 year high of $40.65. The company’s 50-day moving average is $39.04 and its two-hundred day moving average is $37.98.

FirstEnergy (NYSE:FE) last announced its quarterly earnings data on Thursday, April 25th. The utilities provider reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.02. FirstEnergy had a net margin of 8.22% and a return on equity of 12.45%. The business had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.36 billion. Equities analysts anticipate that FirstEnergy Corp. will post 2.69 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on FE shares. Mizuho increased their target price on shares of FirstEnergy from $38.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday, June 3rd. Morgan Stanley decreased their price target on FirstEnergy from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Monday, June 24th. StockNews.com upgraded FirstEnergy from a “sell” rating to a “hold” rating in a research report on Monday, April 29th. The Goldman Sachs Group began coverage on FirstEnergy in a research note on Wednesday, April 10th. They issued a “buy” rating and a $45.00 price objective on the stock. Finally, Bank of America raised their target price on FirstEnergy from $30.00 to $35.00 and gave the company an “underperform” rating in a research note on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, FirstEnergy currently has an average rating of “Hold” and an average target price of $40.09.

About FirstEnergy

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, wind, and solar power generating facilities.