Leo Wealth LLC Buys New Stake in FirstEnergy Corporation $FE

Leo Wealth LLC purchased a new position in shares of FirstEnergy Corporation (NYSE:FE) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 15,132 shares of the utilities provider’s stock, valued at approximately $656,000.

Several other hedge funds also recently modified their holdings of FE. Apollon Wealth Management LLC raised its holdings in shares of FirstEnergy by 30.1% during the 3rd quarter. Apollon Wealth Management LLC now owns 9,144 shares of the utilities provider’s stock valued at $396,000 after purchasing an additional 2,117 shares in the last quarter. Code Waechter LLC lifted its stake in shares of FirstEnergy by 12.4% in the 3rd quarter. Code Waechter LLC now owns 13,327 shares of the utilities provider’s stock valued at $577,000 after purchasing an additional 1,467 shares during the last quarter. Norris Perne & French LLP MI bought a new stake in FirstEnergy in the third quarter worth $219,000. Simplicity Wealth LLC boosted its holdings in FirstEnergy by 5.0% in the third quarter. Simplicity Wealth LLC now owns 6,362 shares of the utilities provider’s stock worth $276,000 after purchasing an additional 303 shares in the last quarter. Finally, Sowell Financial Services LLC increased its position in FirstEnergy by 2.6% during the third quarter. Sowell Financial Services LLC now owns 71,624 shares of the utilities provider’s stock worth $3,103,000 after buying an additional 1,791 shares during the last quarter. Institutional investors and hedge funds own 89.41% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on FE shares. HSBC initiated coverage on FirstEnergy in a research report on Thursday, October 22nd. They issued a “buy” rating and a $50.00 price target for the company. Morgan Stanley increased their price objective on FirstEnergy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, October 21st. BMO Capital Markets began coverage on FirstEnergy in a research note on Monday. They issued an “outperform” rating and a $50.00 price objective on the stock. New Street Research set a $47.00 price objective on FirstEnergy in a research note on Tuesday, October 13th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of FirstEnergy in a report on Monday, September 14th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.77.

FirstEnergy Stock Down 0.0%

Shares of FE stock opened at $46.13 on Tuesday. FirstEnergy Corporation has a 12 month low of $42.67 and a 12 month high of $52.34. The firm has a market cap of $26.69 billion, a PE ratio of 17.89, a price-to-earnings-growth ratio of 2.71 and a beta of 0.43. The stock has a 50 day moving average of $45.50 and a 200-day moving average of $47.45. The company has a quick ratio of 0.45, a current ratio of 0.54 and a debt-to-equity ratio of 1.88.

FirstEnergy (NYSE:FE) last posted its quarterly earnings data on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share for the quarter, meeting the consensus estimate of $0.50. The company had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.51 billion. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%. During the same period in the prior year, the business earned $0.52 earnings per share. On average, equities analysts predict that FirstEnergy Corporation will post 2.74 EPS for the current year.

FirstEnergy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 6th will be given a dividend of $0.4650 per share. The ex-dividend date of this dividend is Friday, November 6th. This represents a $1.86 dividend on an annualized basis and a yield of 4.0%. FirstEnergy’s payout ratio is 98.94%.

FirstEnergy Profile

FirstEnergy Corp. (NYSE: FE) is an electric utility company focused on the transmission and distribution of electricity. Through its regulated utility subsidiaries, the company delivers power to residential, commercial and industrial customers and maintains the poles, lines, substations and other infrastructure that support electric service.

FirstEnergy’s distribution operations serve customers across parts of Ohio, Pennsylvania, New Jersey, West Virginia and Maryland. Its utility companies include Ohio Edison, The Illuminating Company, Toledo Edison, Jersey Central Power & Light, Met-Ed, Penelec, Penn Power, West Penn Power, Mon Power and The Potomac Edison Company.