FirstEnergy Corporation (NYSE:FE) Stake Boosted by United Asset Strategies Inc.
United Asset Strategies Inc. boosted its position in FirstEnergy Corporation (NYSE:FE) by 19.9% during the second quarter, Holdings Channel reports. The institutional investor owned 79,135 shares of the utilities provider’s stock after buying an additional 13,159 shares during the period. United Asset Strategies Inc.’s holdings in FirstEnergy Corporation were worth $2,308,000 as of its most recent filing with the SEC.
A number of other large investors also recently added to or reduced their stakes in FE. Ledyard National Bank bought a new stake in FirstEnergy Corporation during the first quarter valued at about $174,000. Hartford Investment Management Co. boosted its stake in FirstEnergy Corporation by 5.8% in the first quarter. Hartford Investment Management Co. now owns 162,531 shares of the utilities provider’s stock valued at $5,172,000 after buying an additional 8,956 shares during the period. Nisa Investment Advisors LLC boosted its stake in FirstEnergy Corporation by 28.4% in the first quarter. Nisa Investment Advisors LLC now owns 52,156 shares of the utilities provider’s stock valued at $1,660,000 after buying an additional 11,540 shares during the period. NewSquare Capital LLC boosted its stake in FirstEnergy Corporation by 20.2% in the first quarter. NewSquare Capital LLC now owns 24,155 shares of the utilities provider’s stock valued at $769,000 after buying an additional 4,059 shares during the period. Finally, Boston Advisors LLC boosted its stake in FirstEnergy Corporation by 235.9% in the first quarter. Boston Advisors LLC now owns 21,963 shares of the utilities provider’s stock valued at $699,000 after buying an additional 15,424 shares during the period. 78.11% of the stock is owned by institutional investors.
FirstEnergy Corporation (NYSE FE) opened at 32.17 on Friday. The company’s market cap is $14.29 billion. The company’s 50 day moving average is $30.62 and its 200 day moving average is $30.36. FirstEnergy Corporation has a 1-year low of $27.93 and a 1-year high of $34.96.
FirstEnergy Corporation (NYSE:FE) last posted its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.61 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.61. FirstEnergy Corporation had a negative net margin of 35.59% and a positive return on equity of 15.41%. The business had revenue of $3.30 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same quarter last year, the firm posted $0.56 earnings per share. The business’s revenue for the quarter was down 3.0% compared to the same quarter last year. Equities research analysts forecast that FirstEnergy Corporation will post $2.81 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, August 7th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 4.48%. The ex-dividend date of this dividend is Thursday, August 3rd. FirstEnergy Corporation’s payout ratio is -12.31%.
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Several equities research analysts have issued reports on the stock. Deutsche Bank AG reissued a “hold” rating and issued a $34.00 price objective (up from $31.00) on shares of FirstEnergy Corporation in a research report on Monday, July 31st. Jefferies Group LLC reissued a “hold” rating and issued a $33.00 price objective (up from $31.00) on shares of FirstEnergy Corporation in a research report on Monday, July 31st. ValuEngine raised shares of FirstEnergy Corporation from a “hold” rating to a “buy” rating in a research report on Monday, August 7th. Zacks Investment Research cut shares of FirstEnergy Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. Finally, Morgan Stanley set a $39.00 price objective on shares of FirstEnergy Corporation and gave the company a “buy” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $33.71.
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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