Swiss National Bank Grows Position in FirstEnergy Corp. (FE)

Swiss National Bank increased its stake in shares of FirstEnergy Corp. (NYSE:FE) by 10.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,571,581 shares of the utilities provider’s stock after buying an additional 144,400 shares during the quarter. Swiss National Bank’s holdings in FirstEnergy were worth $56,435,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Koch Industries Inc. purchased a new position in shares of FirstEnergy during the first quarter worth about $682,000. Achmea Investment Management B.V. grew its holdings in shares of FirstEnergy by 21.3% during the second quarter. Achmea Investment Management B.V. now owns 126,776 shares of the utilities provider’s stock worth $4,552,000 after buying an additional 22,287 shares during the last quarter. Fisher Asset Management LLC purchased a new position in shares of FirstEnergy during the first quarter worth about $774,000. Cullen Frost Bankers Inc. grew its holdings in shares of FirstEnergy by 13.0% during the first quarter. Cullen Frost Bankers Inc. now owns 394,602 shares of the utilities provider’s stock worth $13,420,000 after buying an additional 45,320 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of FirstEnergy by 1.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,000,477 shares of the utilities provider’s stock worth $34,026,000 after buying an additional 11,756 shares during the last quarter. 94.33% of the stock is currently owned by hedge funds and other institutional investors.

FE stock opened at $37.05 on Monday. FirstEnergy Corp. has a 12-month low of $29.33 and a 12-month high of $37.52. The company has a debt-to-equity ratio of 2.18, a current ratio of 0.47 and a quick ratio of 0.41. The company has a market cap of $18.01 billion, a PE ratio of 12.07, a P/E/G ratio of 2.52 and a beta of 0.24.

FirstEnergy (NYSE:FE) last posted its quarterly earnings results on Tuesday, July 31st. The utilities provider reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.09. FirstEnergy had a negative net margin of 4.60% and a positive return on equity of 24.39%. The company had revenue of $2.70 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same period last year, the firm earned $0.61 EPS. analysts forecast that FirstEnergy Corp. will post 2.46 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Saturday, September 1st. Stockholders of record on Tuesday, August 7th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Monday, August 6th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.89%. FirstEnergy’s payout ratio is 46.91%.

A number of equities research analysts have weighed in on the company. TheStreet raised FirstEnergy from a “c+” rating to a “b” rating in a report on Tuesday, July 31st. Howard Weil assumed coverage on FirstEnergy in a report on Tuesday, July 24th. They issued a “sector outperform” rating and a $39.00 price objective on the stock. Barclays assumed coverage on FirstEnergy in a report on Tuesday, July 10th. They issued an “equal weight” rating and a $39.00 price objective on the stock. ValuEngine lowered FirstEnergy from a “buy” rating to a “hold” rating in a report on Thursday, May 17th. Finally, Zacks Investment Research raised FirstEnergy from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a report on Tuesday, June 5th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $37.57.

About FirstEnergy

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

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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