1832 Asset Management L.P. Acquires 193,540 Shares of FirstEnergy Corp. (NYSE:FE)

1832 Asset Management L.P. increased its holdings in shares of FirstEnergy Corp. (NYSE:FE) by 7.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,725,050 shares of the utilities provider’s stock after acquiring an additional 193,540 shares during the quarter. 1832 Asset Management L.P. owned about 0.47% of FirstEnergy worth $104,288,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in FE. FinTrust Capital Advisors LLC raised its position in shares of FirstEnergy by 1,150.9% in the first quarter. FinTrust Capital Advisors LLC now owns 663 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 610 shares during the period. ST Germain D J Co. Inc. grew its stake in FirstEnergy by 1,138.9% in the 2nd quarter. ST Germain D J Co. Inc. now owns 669 shares of the utilities provider’s stock valued at $26,000 after buying an additional 615 shares during the last quarter. Scarborough Advisors LLC bought a new position in FirstEnergy in the 4th quarter valued at about $31,000. Sachetta LLC lifted its position in FirstEnergy by 36.0% during the second quarter. Sachetta LLC now owns 929 shares of the utilities provider’s stock worth $39,000 after acquiring an additional 246 shares during the last quarter. Finally, Western Pacific Wealth Management LP bought a new stake in shares of FirstEnergy during the first quarter worth approximately $36,000. Institutional investors own 89.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FE. JPMorgan Chase & Co. increased their target price on FirstEnergy from $43.00 to $45.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Morgan Stanley lifted their target price on FirstEnergy from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. KeyCorp boosted their target price on shares of FirstEnergy from $45.00 to $46.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Scotiabank raised their price target on shares of FirstEnergy from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. Finally, Barclays boosted their price objective on shares of FirstEnergy from $39.00 to $40.00 and gave the company an “equal weight” rating in a report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $44.18.

FirstEnergy Stock Performance

Shares of FirstEnergy stock opened at $44.00 on Monday. The company has a 50 day moving average of $42.50 and a 200-day moving average of $40.02. The company 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. The company has a current ratio of 0.51, a quick ratio of 0.43 and a debt-to-equity ratio of 1.52. FirstEnergy Corp. has a 1-year low of $32.18 and a 1-year high of $44.97.

FirstEnergy (NYSE:FE) last issued its earnings results on Tuesday, July 30th. The utilities provider reported $0.56 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.56. FirstEnergy had a return on equity of 12.12% and a net margin of 6.61%. The firm had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.47 billion. During the same quarter last year, the business posted $0.47 EPS. As a group, equities research analysts forecast that FirstEnergy Corp. will post 2.7 earnings per share for the current fiscal year.

FirstEnergy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders 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 dividend payout ratio is presently 97.70%.

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.