Portside Wealth Group LLC Decreases Stock Holdings in FirstEnergy Corp. (NYSE:FE)

Portside Wealth Group LLC reduced its holdings in shares of FirstEnergy Corp. (NYSE:FE) by 15.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,913 shares of the utilities provider’s stock after selling 5,159 shares during the quarter. Portside Wealth Group LLC’s holdings in FirstEnergy were worth $1,238,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. ST Germain D J Co. Inc. raised its stake in shares of FirstEnergy by 1,138.9% during the 2nd quarter. ST Germain D J Co. Inc. now owns 669 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 615 shares during the period. Livelsberger Financial Advisory purchased a new stake in FirstEnergy during the third quarter worth about $26,000. Strategic Investment Solutions Inc. IL bought a new stake in FirstEnergy in the second quarter worth about $32,000. Western Pacific Wealth Management LP purchased a new position in FirstEnergy in the first quarter valued at about $36,000. Finally, West Oak Capital LLC bought a new position in shares of FirstEnergy during the 2nd quarter valued at approximately $38,000. Hedge funds and other institutional investors own 89.41% of the company’s stock.

FirstEnergy Price Performance

Shares of NYSE:FE opened at $41.23 on Friday. FirstEnergy Corp. has a one year low of $34.92 and a one year high of $44.97. The company’s fifty day moving average price is $43.51 and its 200-day moving average price is $41.19. The firm has a market capitalization of $23.76 billion, a price-to-earnings ratio of 26.60, a PEG ratio of 2.23 and a beta of 0.51. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.56 and a quick ratio of 0.46.

FirstEnergy (NYSE:FE) last announced its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $0.85 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.05). The firm had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.96 billion. FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. FirstEnergy’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.88 earnings per share. On average, equities research analysts anticipate that FirstEnergy Corp. will post 2.69 earnings per share for the current fiscal year.

FirstEnergy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Thursday, November 7th will be issued a $0.425 dividend. The ex-dividend date is Thursday, November 7th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 4.12%. FirstEnergy’s payout ratio is 109.68%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FE. Wells Fargo & Company lifted their price target on shares of FirstEnergy from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. upped their price target on FirstEnergy from $45.00 to $46.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Bank of America lifted their price objective on FirstEnergy from $42.00 to $43.00 and gave the stock an “underperform” rating in a report on Thursday, August 29th. Scotiabank upped their price objective on shares of FirstEnergy from $40.00 to $45.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. Finally, Morgan Stanley lifted their target price on shares of FirstEnergy from $48.00 to $51.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $46.00.

About FirstEnergy

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. It operates through Regulated Distribution and Regulated Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, wind, and solar power generating facilities.