Prudential Financial Inc. lessened its stake in FirstEnergy Corporation (NYSE:FE) by 72.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,391,320 shares of the utilities provider’s stock after selling 3,608,110 shares during the quarter. Prudential Financial Inc. owned about 0.31% of FirstEnergy Corporation worth $42,894,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FE. Thrivent Financial For Lutherans boosted its holdings in FirstEnergy Corporation by 9.0% in the 1st quarter. Thrivent Financial For Lutherans now owns 16,718 shares of the utilities provider’s stock worth $531,000 after acquiring an additional 1,380 shares during the period. Dimensional Fund Advisors LP boosted its holdings in FirstEnergy Corporation by 3.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 920,225 shares of the utilities provider’s stock worth $29,278,000 after acquiring an additional 28,974 shares during the period. Oppenheimer Asset Management Inc. purchased a new position in FirstEnergy Corporation in the 1st quarter worth approximately $139,000. Janus Capital Management LLC boosted its holdings in FirstEnergy Corporation by 115.1% in the 1st quarter. Janus Capital Management LLC now owns 97,535 shares of the utilities provider’s stock worth $3,104,000 after acquiring an additional 52,189 shares during the period. Finally, Nuveen Asset Management LLC boosted its holdings in FirstEnergy Corporation by 28.4% in the 1st quarter. Nuveen Asset Management LLC now owns 50,629 shares of the utilities provider’s stock worth $1,611,000 after acquiring an additional 11,183 shares during the period. Hedge funds and other institutional investors own 80.21% of the company’s stock.
Several equities analysts have recently commented on FE shares. Mizuho reiterated a “hold” rating and set a $30.50 target price on shares of FirstEnergy Corporation in a research note on Tuesday, October 24th. KeyCorp reiterated a “hold” rating on shares of FirstEnergy Corporation in a research note on Friday, October 20th. J P Morgan Chase & Co set a $34.00 target price on FirstEnergy Corporation and gave the company a “hold” rating in a research note on Thursday, October 12th. Zacks Investment Research cut FirstEnergy Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Finally, Morgan Stanley increased their target price on FirstEnergy Corporation from $39.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, September 8th. Thirteen analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $34.39.
Shares of FirstEnergy Corporation (FE) opened at $33.88 on Friday. The company has a debt-to-equity ratio of 3.29, a quick ratio of 0.56 and a current ratio of 0.69. The stock has a market capitalization of $15,071.79, a P/E ratio of 12.41 and a beta of 0.24. FirstEnergy Corporation has a 52-week low of $27.93 and a 52-week high of $33.99.
FirstEnergy Corporation (NYSE:FE) last issued its earnings results on Thursday, October 26th. The utilities provider reported $0.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.11. FirstEnergy Corporation had a positive return on equity of 19.29% and a negative net margin of 35.99%. The firm had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company earned $0.90 earnings per share. research analysts predict that FirstEnergy Corporation will post 3.02 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, November 7th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 4.25%. The ex-dividend date is Monday, November 6th. FirstEnergy Corporation’s dividend payout ratio is presently -12.31%.
About FirstEnergy Corporation
FirstEnergy Corp. is a holding company. The Company is engaged in holding, directly or indirectly, all of the outstanding equity of its principal subsidiaries. Its segments include Regulated Distribution, Regulated Transmission, Competitive Energy Services (CES) and Corporate/Other. As of December 31, 2016, the Regulated Distribution segment distributed electricity through the Company’s 10 utility operating companies, serving approximately six million customers, and purchased power for its provider of last resort (POLR), standard offer service (SOS), standard offer service (SSO) and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland.
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