Geode Capital Management LLC Boosts Stock Position in FirstEnergy Corp. (NYSE:FE)

Geode Capital Management LLC boosted its holdings in shares of FirstEnergy Corp. (NYSE:FE) by 2.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,527,440 shares of the utilities provider’s stock after purchasing an additional 329,049 shares during the period. Geode Capital Management LLC owned about 2.17% of FirstEnergy worth $497,009,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. HighPoint Advisor Group LLC increased its stake in shares of FirstEnergy by 3.7% during the fourth quarter. HighPoint Advisor Group LLC now owns 12,170 shares of the utilities provider’s stock valued at $492,000 after buying an additional 433 shares during the period. Meeder Asset Management Inc. increased its position in FirstEnergy by 12.2% during the 4th quarter. Meeder Asset Management Inc. now owns 3,116 shares of the utilities provider’s stock valued at $124,000 after purchasing an additional 340 shares during the period. Hazlett Burt & Watson Inc. raised its holdings in FirstEnergy by 178.9% in the 4th quarter. Hazlett Burt & Watson Inc. now owns 1,952 shares of the utilities provider’s stock worth $78,000 after purchasing an additional 1,252 shares in the last quarter. Everstar Asset Management LLC lifted its position in shares of FirstEnergy by 7.6% in the 4th quarter. Everstar Asset Management LLC now owns 11,013 shares of the utilities provider’s stock worth $438,000 after purchasing an additional 780 shares during the period. Finally, O Shaughnessy Asset Management LLC boosted its stake in shares of FirstEnergy by 4.2% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 35,199 shares of the utilities provider’s stock valued at $1,400,000 after purchasing an additional 1,419 shares in the last quarter. Institutional investors own 89.41% of the company’s stock.

FirstEnergy Trading Up 1.0 %

FirstEnergy stock opened at $40.99 on Friday. FirstEnergy Corp. has a one year low of $36.81 and a one year high of $44.97. The business’s fifty day moving average is $39.97 and its 200 day moving average is $41.05. The stock has a market capitalization of $23.64 billion, a PE ratio of 26.45, a price-to-earnings-growth ratio of 2.07 and a beta of 0.48. 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 results on Wednesday, February 26th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.03). The company had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.53 billion. FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. On average, sell-side analysts predict that FirstEnergy Corp. will post 2.66 EPS for the current year.

FirstEnergy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Wednesday, May 7th will be issued a dividend of $0.445 per share. This represents a $1.78 annualized dividend and a dividend yield of 4.34%. This is a boost from FirstEnergy’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Wednesday, May 7th. FirstEnergy’s dividend payout ratio is presently 104.71%.

Analyst Ratings Changes

FE has been the subject of a number of research reports. UBS Group increased their price target on shares of FirstEnergy from $41.00 to $43.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Morgan Stanley dropped their target price on shares of FirstEnergy from $52.00 to $48.00 and set an “overweight” rating on the stock in a report on Thursday, March 20th. Guggenheim reduced their target price on shares of FirstEnergy from $52.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Wolfe Research cut shares of FirstEnergy from an “outperform” rating to a “peer perform” rating in a research report on Thursday, January 23rd. Finally, Scotiabank cut their price objective on shares of FirstEnergy from $50.00 to $44.00 and set a “sector outperform” rating on the stock in a report on Friday, February 28th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $45.00.

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.