California Public Employees Retirement System Increases Holdings in FirstEnergy Corporation (FE)
California Public Employees Retirement System boosted its stake in FirstEnergy Corporation (NYSE:FE) by 1.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,354,937 shares of the utilities provider’s stock after acquiring an additional 14,300 shares during the period. California Public Employees Retirement System owned 0.30% of FirstEnergy Corporation worth $39,510,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC raised its position in shares of FirstEnergy Corporation by 22.1% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 3,633 shares of the utilities provider’s stock valued at $106,000 after purchasing an additional 658 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in shares of FirstEnergy Corporation in the first quarter valued at approximately $139,000. Sandy Spring Bank raised its position in shares of FirstEnergy Corporation by 1.9% in the first quarter. Sandy Spring Bank now owns 5,075 shares of the utilities provider’s stock valued at $161,000 after purchasing an additional 97 shares during the period. City Holding Co. raised its position in shares of FirstEnergy Corporation by 8.2% in the second quarter. City Holding Co. now owns 5,261 shares of the utilities provider’s stock valued at $153,000 after purchasing an additional 400 shares during the period. Finally, Tredje AP fonden raised its position in shares of FirstEnergy Corporation by 781,500.0% in the first quarter. Tredje AP fonden now owns 7,816 shares of the utilities provider’s stock valued at $249,000 after purchasing an additional 7,815 shares during the period. 79.97% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have recently issued reports on FE shares. Zacks Investment Research lowered shares of FirstEnergy Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. Deutsche Bank AG reissued a “hold” rating and issued a $34.00 price target (up previously from $31.00) on shares of FirstEnergy Corporation in a research report on Monday, July 31st. Barclays PLC reissued an “overweight” rating and issued a $37.00 price target (up previously from $36.00) on shares of FirstEnergy Corporation in a research report on Monday, June 19th. ValuEngine lowered shares of FirstEnergy Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. Finally, Morgan Stanley set a $38.00 price target on shares of FirstEnergy Corporation and gave the company a “buy” rating in a research report on Tuesday, July 4th. Thirteen investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $34.02.
FirstEnergy Corporation (NYSE:FE) opened at 30.89 on Monday. FirstEnergy Corporation has a 1-year low of $27.93 and a 1-year high of $34.87. The stock’s market cap is $13.72 billion. The firm has a 50-day moving average of $32.26 and a 200-day moving average of $30.69.
FirstEnergy Corporation (NYSE:FE) last announced its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 period last year, the firm posted $0.56 EPS. The company’s revenue was down 3.0% on a year-over-year basis. Analysts expect that FirstEnergy Corporation will post $2.81 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, November 7th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 4.66%. The ex-dividend date of this dividend is Monday, November 6th. FirstEnergy Corporation’s dividend payout ratio (DPR) is currently -12.31%.
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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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