Korea Investment CORP Sells 58,115 Shares of FirstEnergy Corporation $FE

Korea Investment CORP lessened its stake in FirstEnergy Corporation (NYSE:FE) by 13.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 375,503 shares of the utilities provider’s stock after selling 58,115 shares during the period. Korea Investment CORP owned 0.06% of FirstEnergy worth $17,851,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. raised its position in FirstEnergy by 11,305.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,974,989 shares of the utilities provider’s stock valued at $81,699,000 after purchasing an additional 1,957,673 shares in the last quarter. Vanguard Group Inc. grew its position in shares of FirstEnergy by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,109,341 shares of the utilities provider’s stock worth $3,049,255,000 after buying an additional 761,157 shares in the last quarter. Intech Investment Management LLC grew its position in shares of FirstEnergy by 42.8% during the 4th quarter. Intech Investment Management LLC now owns 85,247 shares of the utilities provider’s stock worth $3,817,000 after buying an additional 25,571 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of FirstEnergy by 6,066.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 495,299 shares of the utilities provider’s stock worth $23,547,000 after buying an additional 487,267 shares in the last quarter. Finally, BW Gestao de Investimentos Ltda. purchased a new position in shares of FirstEnergy during the fourth quarter valued at $15,172,000. Institutional investors own 89.41% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on FE shares. Wolfe Research downgraded FirstEnergy from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Weiss Ratings cut shares of FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 17th. Barclays cut their target price on shares of FirstEnergy from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. UBS Group boosted their price target on shares of FirstEnergy from $50.00 to $51.00 and gave the company a “neutral” rating in a report on Thursday, June 11th. Finally, Morgan Stanley lowered their price target on shares of FirstEnergy from $53.00 to $52.00 and set an “overweight” rating for the company in a research report on Friday. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.83.

FirstEnergy Trading Up 0.1%

FirstEnergy stock opened at $45.99 on Monday. The stock has a market cap of $26.61 billion, a PE ratio of 24.46, a price-to-earnings-growth ratio of 2.20 and a beta of 0.46. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.45 and a current ratio of 0.54. The stock has a 50-day moving average of $47.92 and a two-hundred day moving average of $48.31. FirstEnergy Corporation has a one year low of $42.87 and a one year high of $52.34.

FirstEnergy (NYSE:FE) last released its earnings results on Tuesday, July 28th. The utilities provider reported $0.50 EPS for the quarter, hitting analysts’ consensus estimates of $0.50. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. The company had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.51 billion. During the same period last year, the business earned $0.52 EPS. On average, research analysts anticipate that FirstEnergy Corporation will post 2.74 EPS for the current fiscal year.

FirstEnergy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be issued a dividend of $0.465 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $1.86 dividend on an annualized basis and a dividend yield of 4.0%. FirstEnergy’s payout ratio is 98.94%.

FirstEnergy Profile

FirstEnergy Corp. (NYSE: FE) is a U.S.-based electric utility holding company headquartered in Akron, Ohio. The company’s primary business is the delivery of electricity through its regulated transmission and distribution utilities, serving residential, commercial and industrial customers across parts of the Midwest and Mid‑Atlantic. FirstEnergy’s service territory includes states such as Ohio, Pennsylvania, New Jersey, Maryland and West Virginia, and it operates primarily within the PJM regional transmission organization.

FirstEnergy’s core activities center on owning and operating electric distribution networks and transmission systems, maintaining and upgrading grid infrastructure, managing storm response and restoration, and offering customer programs that include energy efficiency and reliability services.