Sumitomo Mitsui Asset Management Company LTD raised its stake in shares of FirstEnergy Corp. (NYSE:FE) by 5.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 34,060 shares of the utilities provider’s stock after buying an additional 1,721 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in FirstEnergy were worth $1,417,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the business. Raymond James & Associates lifted its holdings in FirstEnergy by 27.8% in the first quarter. Raymond James & Associates now owns 775,469 shares of the utilities provider’s stock worth $32,267,000 after acquiring an additional 168,516 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of FirstEnergy by 3.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 66,580 shares of the utilities provider’s stock worth $2,770,000 after buying an additional 2,167 shares during the period. Alpine Woods Capital Investors LLC purchased a new position in shares of FirstEnergy in the 1st quarter worth $329,000. American International Group Inc. raised its position in shares of FirstEnergy by 61.5% in the 1st quarter. American International Group Inc. now owns 351,619 shares of the utilities provider’s stock worth $14,631,000 after buying an additional 133,959 shares during the period. Finally, Riggs Asset Managment Co. Inc. purchased a new position in shares of FirstEnergy in the 1st quarter worth $64,000. Hedge funds and other institutional investors own 90.52% of the company’s stock.
In other FirstEnergy news, EVP Leila L. Vespoli sold 24,400 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $41.33, for a total transaction of $1,008,452.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.32% of the stock is owned by company insiders.
FirstEnergy (NYSE:FE) last posted its quarterly earnings data on Tuesday, April 23rd. The utilities provider reported $0.67 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.68 by ($0.01). The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.88 billion. FirstEnergy had a return on equity of 21.90% and a net margin of 2.63%. The firm’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter last year, the company posted $0.67 earnings per share. As a group, sell-side analysts forecast that FirstEnergy Corp. will post 2.59 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Tuesday, May 7th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date is Monday, May 6th. FirstEnergy’s payout ratio is currently 58.69%.
Several research analysts recently commented on FE shares. Morgan Stanley increased their target price on shares of FirstEnergy from $41.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, February 12th. Barclays upgraded shares of FirstEnergy from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $40.00 to $46.00 in a research report on Wednesday, March 20th. Bank of America upped their price objective on shares of FirstEnergy from $41.00 to $46.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. Finally, Zacks Investment Research cut shares of FirstEnergy from a “buy” rating to a “hold” rating in a research report on Wednesday, January 30th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $42.86.
FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution and Regulated Transmission segments. It owns and operates coal-fired, nuclear, hydroelectric, natural gas, wind, and solar power generating facilities.
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