Ares Management LLC Has $744,000 Stock Position in FirstEnergy Corp. (NYSE:FE)

Ares Management LLC lowered its holdings in shares of FirstEnergy Corp. (NYSE:FE) by 23.1% during the second quarter, Holdings Channel reports. The institutional investor owned 20,000 shares of the utilities provider’s stock after selling 6,000 shares during the quarter. Ares Management LLC’s holdings in FirstEnergy were worth $744,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of FE. Harbour Investments Inc. acquired a new stake in FirstEnergy during the first quarter worth $27,000. Parallel Advisors LLC lifted its holdings in shares of FirstEnergy by 36.2% during the second quarter. Parallel Advisors LLC now owns 1,060 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 282 shares during the period. Logan Capital Management Inc. bought a new position in shares of FirstEnergy in the first quarter valued at about $45,000. Samalin Investment Counsel LLC bought a new position in shares of FirstEnergy in the second quarter valued at about $49,000. Finally, Quadrant Capital Group LLC raised its holdings in shares of FirstEnergy by 34.2% in the first quarter. Quadrant Capital Group LLC now owns 1,570 shares of the utilities provider’s stock valued at $54,000 after buying an additional 400 shares during the last quarter. Hedge funds and other institutional investors own 82.24% of the company’s stock.

Shares of FirstEnergy stock traded up $0.54 during trading on Thursday, hitting $36.18. 35,168 shares of the company were exchanged, compared to its average volume of 3,639,358. The firm has a market capitalization of $19.69 billion, a P/E ratio of 17.64, a price-to-earnings-growth ratio of 3.54 and a beta of 0.24. FirstEnergy Corp. has a 1-year low of $26.17 and a 1-year high of $39.94. The firm’s fifty day moving average price is $37.67 and its 200 day moving average price is $37.41. The company has a debt-to-equity ratio of 3.10, a current ratio of 0.83 and a quick ratio of 0.75.

FirstEnergy (NYSE:FE) last posted its earnings results on Thursday, July 22nd. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.02. The company had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.65 billion. FirstEnergy had a return on equity of 18.17% and a net margin of 9.98%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.57 EPS. As a group, equities research analysts anticipate that FirstEnergy Corp. will post 2.55 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 1st. Investors of record on Friday, November 5th will be given a $0.39 dividend. The ex-dividend date is Thursday, November 4th. This represents a $1.56 annualized dividend and a dividend yield of 4.31%. FirstEnergy’s dividend payout ratio is presently 65.27%.

A number of research analysts recently issued reports on FE shares. Wells Fargo & Company lifted their price target on FirstEnergy from $38.00 to $40.00 and gave the company an “underweight” rating in a report on Monday, July 26th. Mizuho lifted their price target on FirstEnergy from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, July 26th. Finally, Morgan Stanley dropped their price objective on FirstEnergy from $48.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, September 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, FirstEnergy has a consensus rating of “Hold” and an average price target of $40.60.

FirstEnergy Company Profile

FirstEnergy Corp. engages in the generation, transmission and distribution of electricity as well as energy management and other energy-related services through its subsidiaries. It operates through the following business segments: Regulated Distribution, Regulated Transmission and Corporate. The Regulated Distribution segment distributes electricity through FirstEnergy’s utility operating companies, serving various customers.

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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