Cibc World Markets Corp Decreases Holdings in FirstEnergy Corporation (FE)
Cibc World Markets Corp reduced its position in shares of FirstEnergy Corporation (NYSE:FE) by 15.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 719,702 shares of the utilities provider’s stock after selling 128,503 shares during the quarter. Cibc World Markets Corp owned about 0.16% of FirstEnergy Corporation worth $20,987,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of FE. BlackRock Inc. boosted its stake in FirstEnergy Corporation by 4,036.6% during the 1st quarter. BlackRock Inc. now owns 38,676,251 shares of the utilities provider’s stock valued at $1,230,678,000 after purchasing an additional 37,741,283 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of FirstEnergy Corporation by 23.4% during the 2nd quarter. Vanguard Group Inc. now owns 44,375,170 shares of the utilities provider’s stock worth $1,293,979,000 after acquiring an additional 8,409,439 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of FirstEnergy Corporation by 73.2% during the 1st quarter. Prudential Financial Inc. now owns 5,096,548 shares of the utilities provider’s stock worth $162,172,000 after acquiring an additional 2,154,657 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of FirstEnergy Corporation by 54.8% during the 1st quarter. Bank of America Corp DE now owns 4,423,238 shares of the utilities provider’s stock worth $140,747,000 after acquiring an additional 1,566,627 shares in the last quarter. Finally, Thompson Siegel & Walmsley LLC boosted its stake in shares of FirstEnergy Corporation by 23.3% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 6,071,635 shares of the utilities provider’s stock worth $177,049,000 after acquiring an additional 1,148,955 shares in the last quarter. 79.97% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on FE. Goldman Sachs Group, Inc. (The) lowered FirstEnergy Corporation from a “positive” rating to a “neutral” rating in a research note on Monday, June 26th. Evercore ISI raised FirstEnergy Corporation from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $30.00 to $35.00 in a research note on Monday, August 14th. Tudor Pickering raised FirstEnergy Corporation from a “trim” rating to a “hold” rating in a research note on Friday, July 14th. Jefferies Group LLC reissued a “hold” rating and set a $33.00 price objective (up from $31.00) on shares of FirstEnergy Corporation in a research note on Monday, July 31st. Finally, Zacks Investment Research lowered FirstEnergy Corporation from a “buy” rating to a “hold” rating in a research note on Monday, September 18th. Thirteen investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. FirstEnergy Corporation has an average rating of “Hold” and an average target price of $34.02.
Shares of FirstEnergy Corporation (NYSE FE) traded down 0.83% during mid-day trading on Friday, hitting $30.89. The company had a trading volume of 2,699,292 shares. The firm’s 50-day moving average price is $32.26 and its 200 day moving average price is $30.69. FirstEnergy Corporation has a one year low of $27.93 and a one year high of $34.96. The company’s market capitalization is $13.72 billion.
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 consensus estimate of $0.61. The business had revenue of $3.30 billion for the quarter, compared to analysts’ expectations of $3.38 billion. FirstEnergy Corporation had a negative net margin of 35.59% and a positive return on equity of 15.41%. The firm’s revenue was down 3.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.56 EPS. Analysts predict that FirstEnergy Corporation will post $2.81 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, November 7th will be given a $0.36 dividend. The ex-dividend date is Monday, November 6th. This represents a $1.44 annualized dividend and a yield of 4.66%. FirstEnergy Corporation’s dividend payout ratio is currently -12.31%.
FirstEnergy Corporation Company Profile
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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