Korea Investment CORP Has $31.34 Million Stock Holdings in FirstEnergy Corp. (NYSE:FE)

Korea Investment CORP increased its stake in shares of FirstEnergy Corp. (NYSE:FE) by 9.1% in the second quarter, Holdings Channel.com reports. The firm owned 842,133 shares of the utilities provider’s stock after buying an additional 70,047 shares during the quarter. Korea Investment CORP’s holdings in FirstEnergy were worth $31,336,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Harbour Investments Inc. acquired a new position in FirstEnergy during the 1st quarter worth approximately $27,000. E Fund Management Co. Ltd. acquired a new position in FirstEnergy in the 1st quarter valued at approximately $33,000. Parallel Advisors LLC increased its position in FirstEnergy by 36.2% in the 2nd 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. acquired a new position in FirstEnergy in the 1st quarter valued at approximately $45,000. Finally, Quadrant Capital Group LLC increased its position in FirstEnergy by 34.2% in the 1st quarter. Quadrant Capital Group LLC now owns 1,570 shares of the utilities provider’s stock valued at $54,000 after acquiring an additional 400 shares during the period. Institutional investors and hedge funds own 82.24% of the company’s stock.

FE has been the subject of several recent research reports. Mizuho upped their price target on shares of FirstEnergy from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, July 26th. Morgan Stanley decreased their price target on shares of FirstEnergy from $48.00 to $47.00 and set an “overweight” rating for the company in a research report on Friday, September 17th. Finally, Wells Fargo & Company upped their price target on shares of FirstEnergy from $38.00 to $40.00 and gave the company an “underweight” rating in a research report on Monday, July 26th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $40.60.

NYSE:FE opened at $36.83 on Friday. The firm’s fifty day moving average is $38.22 and its 200-day moving average is $37.26. The company has a debt-to-equity ratio of 3.10, a quick ratio of 0.75 and a current ratio of 0.83. FirstEnergy Corp. has a 52 week low of $26.17 and a 52 week high of $39.94. The firm has a market cap of $20.04 billion, a P/E ratio of 18.23, a P/E/G ratio of 3.54 and a beta of 0.24.

FirstEnergy (NYSE:FE) last posted its quarterly earnings data on Thursday, July 22nd. The utilities provider reported $0.59 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.02. FirstEnergy had a net margin of 9.98% and a return on equity of 18.17%. The company had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.65 billion. During the same period in the prior year, the firm posted $0.57 EPS. The company’s quarterly revenue was up 4.0% on a year-over-year basis. As a group, sell-side analysts anticipate that FirstEnergy Corp. will post 2.55 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 1st. Investors of record on Friday, November 5th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 4.24%. The ex-dividend date is Thursday, November 4th. FirstEnergy’s dividend payout ratio is presently 65.27%.

About FirstEnergy

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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