Magellan Asset Management Ltd Lowers Stock Holdings in FirstEnergy Corporation $FE

Magellan Asset Management Ltd lessened its holdings in shares of FirstEnergy Corporation (NYSE:FE) by 1.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 413,708 shares of the utilities provider’s stock after selling 4,294 shares during the quarter. Magellan Asset Management Ltd owned approximately 0.07% of FirstEnergy worth $16,656,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in FE. DekaBank Deutsche Girozentrale raised its stake in FirstEnergy by 1.6% during the second quarter. DekaBank Deutsche Girozentrale now owns 84,565 shares of the utilities provider’s stock worth $3,355,000 after purchasing an additional 1,349 shares during the period. Atria Investments Inc increased its holdings in shares of FirstEnergy by 84.7% during the 2nd quarter. Atria Investments Inc now owns 52,238 shares of the utilities provider’s stock worth $2,103,000 after buying an additional 23,959 shares during the last quarter. Brighton Jones LLC purchased a new position in shares of FirstEnergy in the 4th quarter worth about $256,000. Nisa Investment Advisors LLC raised its holdings in FirstEnergy by 49.4% in the second quarter. Nisa Investment Advisors LLC now owns 48,537 shares of the utilities provider’s stock valued at $1,954,000 after buying an additional 16,046 shares during the period. Finally, Nordea Investment Management AB lifted its holdings in shares of FirstEnergy by 3.7% during the 2nd quarter. Nordea Investment Management AB now owns 26,621 shares of the utilities provider’s stock valued at $1,060,000 after acquiring an additional 956 shares in the last quarter. Institutional investors and hedge funds own 89.41% of the company’s stock.

FirstEnergy Trading Down 0.0%

Shares of NYSE:FE opened at $45.86 on Friday. The company has a quick ratio of 0.51, a current ratio of 0.75 and a debt-to-equity ratio of 1.80. The company’s 50-day moving average price is $45.30 and its 200 day moving average price is $43.00. The company has a market cap of $26.49 billion, a PE ratio of 20.02, a P/E/G ratio of 2.80 and a beta of 0.53. FirstEnergy Corporation has a fifty-two week low of $37.58 and a fifty-two week high of $48.20.

FirstEnergy (NYSE:FE) last posted its earnings results on Wednesday, October 22nd. The utilities provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.76 by $0.07. The firm had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $3.94 billion. FirstEnergy had a net margin of 9.19% and a return on equity of 11.15%. FirstEnergy’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.85 EPS. FirstEnergy has set its FY 2025 guidance at 2.500-2.560 EPS. Sell-side analysts anticipate that FirstEnergy Corporation will post 2.66 earnings per share for the current year.

FirstEnergy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be paid a dividend of $0.445 per share. The ex-dividend date of this dividend is Friday, November 7th. This represents a $1.78 annualized dividend and a yield of 3.9%. FirstEnergy’s payout ratio is presently 77.73%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FE. Barclays upgraded FirstEnergy from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $43.00 to $49.00 in a research note on Monday, August 25th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of FirstEnergy in a report on Wednesday, October 8th. Wells Fargo & Company raised shares of FirstEnergy to a “strong-buy” rating in a report on Tuesday, October 28th. KeyCorp downgraded shares of FirstEnergy from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, October 14th. Finally, Morgan Stanley boosted their price objective on shares of FirstEnergy from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Tuesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.08.

FirstEnergy Profile

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