Legacy Financial Advisors Inc. Sells 5,259 Shares of FirstEnergy Corp. (NYSE:FE)

Legacy Financial Advisors Inc. lowered its position in shares of FirstEnergy Corp. (NYSE:FE) by 31.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,690 shares of the utilities provider’s stock after selling 5,259 shares during the period. Legacy Financial Advisors Inc.’s holdings in FirstEnergy were worth $447,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital World Investors boosted its stake in shares of FirstEnergy by 14.3% during the first quarter. Capital World Investors now owns 77,928,914 shares of the utilities provider’s stock valued at $3,009,615,000 after purchasing an additional 9,773,785 shares in the last quarter. Boston Partners grew its holdings in FirstEnergy by 2.3% during the 1st quarter. Boston Partners now owns 9,517,314 shares of the utilities provider’s stock worth $367,423,000 after acquiring an additional 218,165 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in FirstEnergy by 0.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,930,826 shares of the utilities provider’s stock worth $344,908,000 after acquiring an additional 82,482 shares during the last quarter. First Pacific Advisors LP increased its position in FirstEnergy by 2.0% in the 2nd quarter. First Pacific Advisors LP now owns 3,557,667 shares of the utilities provider’s stock valued at $136,152,000 after acquiring an additional 69,512 shares during the period. Finally, 1832 Asset Management L.P. raised its stake in shares of FirstEnergy by 20.6% during the fourth quarter. 1832 Asset Management L.P. now owns 3,454,376 shares of the utilities provider’s stock valued at $126,637,000 after acquiring an additional 590,815 shares during the last quarter. Institutional investors own 89.41% of the company’s stock.

FirstEnergy Price Performance

Shares of FE opened at $44.00 on Friday. The firm has a market cap of $25.32 billion, a PE ratio of 25.29, a price-to-earnings-growth ratio of 2.32 and a beta of 0.50. FirstEnergy Corp. has a 52-week low of $32.18 and a 52-week high of $44.97. The business’s 50 day moving average price is $42.50 and its two-hundred day moving average price is $40.00. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.43 and a current ratio of 0.51.

FirstEnergy (NYSE:FE) last issued its earnings results on Tuesday, July 30th. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.56. FirstEnergy had a net margin of 6.61% and a return on equity of 12.12%. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same period in the prior year, the firm earned $0.47 earnings per share. On average, equities analysts anticipate that FirstEnergy Corp. will post 2.7 EPS for the current year.

FirstEnergy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Wednesday, August 7th were given a $0.425 dividend. This represents a $1.70 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date was Wednesday, August 7th. FirstEnergy’s payout ratio is 97.70%.

Wall Street Analyst Weigh In

FE has been the topic of several analyst reports. Morgan Stanley boosted their price objective on shares of FirstEnergy from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Argus upgraded FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Friday. JPMorgan Chase & Co. raised their price objective on FirstEnergy from $43.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Wells Fargo & Company lifted their price objective on FirstEnergy from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 1st. Finally, Barclays increased their target price on shares of FirstEnergy from $39.00 to $40.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, FirstEnergy presently has a consensus rating of “Hold” and an average target price of $44.18.

FirstEnergy Company Profile

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.