17,569 Shares in FirstEnergy Corporation $FE Purchased by Redwood Investment Management LLC

Redwood Investment Management LLC bought a new stake in FirstEnergy Corporation (NYSE:FE) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 17,569 shares of the utilities provider’s stock, valued at approximately $835,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Boston Partners raised its position in FirstEnergy by 13.5% during the 3rd quarter. Boston Partners now owns 18,344,403 shares of the utilities provider’s stock worth $841,161,000 after buying an additional 2,185,400 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of FirstEnergy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 13,463,298 shares of the utilities provider’s stock valued at $600,351,000 after acquiring an additional 126,834 shares during the last quarter. Invesco Ltd. increased its stake in shares of FirstEnergy by 0.3% in the fourth quarter. Invesco Ltd. now owns 11,722,471 shares of the utilities provider’s stock worth $524,815,000 after acquiring an additional 34,014 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of FirstEnergy by 7.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 9,971,706 shares of the utilities provider’s stock worth $508,158,000 after acquiring an additional 694,449 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in shares of FirstEnergy by 56.0% during the fourth quarter. Victory Capital Management Inc. now owns 5,506,251 shares of the utilities provider’s stock worth $246,515,000 after purchasing an additional 1,977,504 shares during the last quarter. Institutional investors and hedge funds own 89.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. TD Cowen upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating and decreased their target price for the company from $56.00 to $53.00 in a research report on Friday, May 15th. Barclays reduced their price objective on FirstEnergy from $55.00 to $54.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Morgan Stanley decreased their price objective on FirstEnergy from $53.00 to $52.00 and set an “overweight” rating for the company in a report on Friday, August 21st. Weiss Ratings downgraded FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, June 17th. Finally, Wolfe Research cut FirstEnergy from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.83.

FirstEnergy Stock Down 1.0%

FE stock opened at $46.25 on Friday. The firm has a market cap of $26.76 billion, a PE ratio of 24.60, a P/E/G ratio of 2.23 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 firm’s fifty day moving average is $47.89 and its 200 day moving average is $48.31. FirstEnergy Corporation has a one year low of $42.87 and a one year high of $52.34.

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

FirstEnergy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be paid a $0.465 dividend. 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 currently 98.94%.

FirstEnergy Company 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.