Twin Capital Management Inc. cut its position in shares of FirstEnergy Corp. (NYSE:FE) by 28.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 288,960 shares of the utilities provider’s stock after selling 114,280 shares during the quarter. FirstEnergy accounts for 0.9% of Twin Capital Management Inc.’s investment portfolio, making the stock its 29th biggest holding. Twin Capital Management Inc.’s holdings in FirstEnergy were worth $12,370,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. AGF Investments LLC raised its holdings in shares of FirstEnergy by 26.3% in the second quarter. AGF Investments LLC now owns 1,144 shares of the utilities provider’s stock worth $49,000 after acquiring an additional 238 shares during the last quarter. Metropolitan Life Insurance Co NY raised its holdings in shares of FirstEnergy by 0.3% in the first quarter. Metropolitan Life Insurance Co NY now owns 70,842 shares of the utilities provider’s stock worth $2,947,000 after acquiring an additional 244 shares during the last quarter. Texas Permanent School Fund raised its holdings in shares of FirstEnergy by 0.3% in the first quarter. Texas Permanent School Fund now owns 97,981 shares of the utilities provider’s stock worth $4,077,000 after acquiring an additional 254 shares during the last quarter. Global Retirement Partners LLC raised its holdings in shares of FirstEnergy by 4.6% in the first quarter. Global Retirement Partners LLC now owns 6,277 shares of the utilities provider’s stock worth $261,000 after acquiring an additional 275 shares during the last quarter. Finally, Wedbush Securities Inc. raised its holdings in shares of FirstEnergy by 5.2% in the first quarter. Wedbush Securities Inc. now owns 6,269 shares of the utilities provider’s stock worth $261,000 after acquiring an additional 312 shares during the last quarter. 93.57% of the stock is owned by hedge funds and other institutional investors.
In other FirstEnergy news, Director Christopher D. Pappas bought 3,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was purchased at an average cost of $41.14 per share, for a total transaction of $123,420.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.32% of the company’s stock.
FirstEnergy stock traded up $0.57 during trading on Thursday, hitting $44.10. The company’s stock had a trading volume of 125,631 shares, compared to its average volume of 4,894,752. The stock has a market capitalization of $23.70 billion, a PE ratio of 17.04, a price-to-earnings-growth ratio of 2.97 and a beta of 0.27. The stock has a fifty day moving average price of $43.68. FirstEnergy Corp. has a 1-year low of $35.33 and a 1-year high of $44.75. The company has a debt-to-equity ratio of 2.63, a current ratio of 0.60 and a quick ratio of 0.53.
FirstEnergy (NYSE:FE) last released its earnings results on Tuesday, July 23rd. The utilities provider reported $0.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The firm had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.66 billion. FirstEnergy had a return on equity of 20.29% and a net margin of 2.79%. The business’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.62 earnings per share. Equities research analysts forecast that FirstEnergy Corp. will post 2.5 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Wednesday, August 7th will be paid a $0.38 dividend. The ex-dividend date is Tuesday, August 6th. This represents a $1.52 annualized dividend and a yield of 3.45%. FirstEnergy’s payout ratio is currently 58.69%.
A number of equities analysts have recently weighed in on FE shares. Zacks Investment Research cut FirstEnergy from a “hold” rating to a “sell” rating and set a $45.00 price target for the company. in a report on Tuesday, July 2nd. Mizuho dropped their target price on FirstEnergy from $48.00 to $46.00 and set a “buy” rating for the company in a research note on Tuesday. TheStreet lowered FirstEnergy from a “b” rating to a “f” rating in a research note on Thursday, July 18th. Finally, KeyCorp reiterated an “overweight” rating and issued a $46.00 target price on shares of FirstEnergy in a research note on Wednesday, June 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $44.00.
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.
Read More: Elliott Wave Theory
Want to see what other hedge funds are holding FE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FirstEnergy Corp. (NYSE:FE).
Receive News & Ratings for FirstEnergy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FirstEnergy and related companies with MarketBeat.com's FREE daily email newsletter.