Northwestern Mutual Investment Management Company LLC reduced its position in shares of FirstEnergy Corporation (NYSE:FE) by 81.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,203 shares of the utilities provider’s stock after selling 73,241 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in FirstEnergy Corporation were worth $566,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in FE. Patriot Financial Group Insurance Agency LLC boosted its stake in shares of FirstEnergy Corporation by 22.1% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 3,633 shares of the utilities provider’s stock worth $106,000 after purchasing an additional 658 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in shares of FirstEnergy Corporation in the first quarter worth approximately $139,000. City Holding Co. boosted 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 worth $153,000 after acquiring an additional 400 shares during the last quarter. Sandy Spring Bank boosted 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 worth $161,000 after acquiring an additional 97 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in shares of FirstEnergy Corporation in the first quarter worth approximately $215,000. 79.86% of the stock is currently owned by institutional investors.
FirstEnergy Corporation (NYSE FE) opened at 32.51 on Tuesday. The firm’s market cap is $14.44 billion. FirstEnergy Corporation has a 12-month low of $27.93 and a 12-month high of $34.96. The firm has a 50-day moving average of $32.24 and a 200-day moving average of $30.69.
FirstEnergy Corporation (NYSE:FE) last issued its quarterly earnings results on Thursday, July 27th. The utilities provider reported $0.61 EPS for the quarter, hitting analysts’ consensus estimates of $0.61. FirstEnergy Corporation had a positive return on equity of 15.41% and a negative net margin of 35.59%. The company had revenue of $3.30 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same period in the previous year, the company earned $0.56 earnings per share. The company’s quarterly revenue was down 3.0% compared to the same quarter last year. On average, analysts expect that FirstEnergy Corporation will post $2.82 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Monday, August 7th were paid a $0.36 dividend. The ex-dividend date was Thursday, August 3rd. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.43%. FirstEnergy Corporation’s payout ratio is -12.31%.
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Several equities research analysts recently issued reports on the stock. Zacks Investment Research raised shares of FirstEnergy Corporation from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a research report on Monday. BidaskClub upgraded shares of FirstEnergy Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Citigroup Inc. cut their price target on shares of FirstEnergy Corporation from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, July 19th. Deutsche Bank AG restated a “hold” rating and issued a $34.00 price target (up previously from $31.00) on shares of FirstEnergy Corporation in a report on Monday, July 31st. Finally, ValuEngine upgraded shares of FirstEnergy Corporation from a “hold” rating to a “buy” rating in a report on Monday, August 7th. Twelve research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $34.09.
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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