Redwood Investment Management LLC Invests $765,000 in FirstEnergy Corporation $FE

Redwood Investment Management LLC acquired a new stake in FirstEnergy Corporation (NYSE:FE) during the first quarter, HoldingsChannel.com reports. The fund acquired 15,097 shares of the utilities provider’s stock, valued at approximately $765,000.

Several other large investors also recently modified their holdings of the company. Brighton Jones LLC bought a new stake in FirstEnergy during the fourth quarter valued at $256,000. Integrated Wealth Concepts LLC bought a new position in shares of FirstEnergy in the 1st quarter worth about $289,000. Empowered Funds LLC raised its position in shares of FirstEnergy by 7.0% in the 1st quarter. Empowered Funds LLC now owns 11,213 shares of the utilities provider’s stock worth $453,000 after acquiring an additional 732 shares in the last quarter. Woodline Partners LP lifted its stake in shares of FirstEnergy by 40.7% in the 1st quarter. Woodline Partners LP now owns 43,334 shares of the utilities provider’s stock valued at $1,752,000 after purchasing an additional 12,531 shares during the period. Finally, Focus Partners Wealth lifted its stake in shares of FirstEnergy by 6.8% in the 1st quarter. Focus Partners Wealth now owns 21,178 shares of the utilities provider’s stock valued at $856,000 after purchasing an additional 1,340 shares during the period. 89.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on FE. Wells Fargo & Company reaffirmed an “overweight” rating and set a $55.00 target price on shares of FirstEnergy in a research note on Tuesday, April 21st. Barclays dropped their price target on FirstEnergy from $55.00 to $54.00 and set an “overweight” rating on the stock in a research note on Friday. Weiss Ratings cut FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 17th. Morgan Stanley reaffirmed an “overweight” rating on shares of FirstEnergy in a research report on Wednesday, July 22nd. Finally, Wolfe Research downgraded shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, FirstEnergy presently has a consensus rating of “Moderate Buy” and an average target price of $52.83.

FirstEnergy Stock Up 0.1%

Shares of NYSE:FE opened at $48.38 on Tuesday. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.45 and a current ratio of 0.54. FirstEnergy Corporation has a 52-week low of $42.72 and a 52-week high of $52.34. The business’s 50 day simple moving average is $47.62 and its two-hundred day simple moving average is $48.30. The firm has a market cap of $27.99 billion, a P/E ratio of 25.73, a PEG ratio of 2.31 and a beta of 0.47.

FirstEnergy (NYSE:FE) last released its quarterly earnings data on Tuesday, July 28th. The utilities provider reported $0.50 EPS for the quarter, meeting the consensus estimate of $0.50. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%.The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.51 billion. During the same quarter in the previous year, the company posted $0.52 earnings per share. As a group, research analysts forecast that FirstEnergy Corporation will post 2.73 EPS for the current fiscal year.

FirstEnergy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a dividend of $0.465 per share. This represents a $1.86 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Friday, August 7th. FirstEnergy’s payout ratio is 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.