Magellan Asset Management Ltd Has $29.97 Million Holdings in FirstEnergy Corporation $FE

Magellan Asset Management Ltd grew its position in shares of FirstEnergy Corporation (NYSE:FE) by 2.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 630,371 shares of the utilities provider’s stock after buying an additional 14,886 shares during the period. Magellan Asset Management Ltd owned approximately 0.11% of FirstEnergy worth $29,968,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in FirstEnergy by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 68,109,341 shares of the utilities provider’s stock worth $3,049,255,000 after acquiring an additional 761,157 shares during the period. Boston Partners increased its holdings in shares of FirstEnergy by 13.5% during the third quarter. Boston Partners now owns 18,344,403 shares of the utilities provider’s stock worth $841,161,000 after purchasing an additional 2,185,400 shares during the period. Geode Capital Management LLC increased its holdings in shares of FirstEnergy by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 13,463,298 shares of the utilities provider’s stock worth $600,351,000 after purchasing an additional 126,834 shares during the period. Invesco Ltd. raised its position 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 valued at $524,815,000 after buying an additional 34,014 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted 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 valued at $508,158,000 after buying an additional 694,449 shares during the period. Institutional investors own 89.41% of the company’s stock.

FirstEnergy Trading Up 0.1%

Shares of FirstEnergy stock opened at $45.99 on Monday. 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 $42.87 and a 52 week high of $52.34. The stock has a 50 day moving average price of $47.92 and a two-hundred day moving average price of $48.31. The stock has a market capitalization of $26.61 billion, a PE ratio of 24.46, a price-to-earnings-growth ratio of 2.20 and a beta of 0.46.

FirstEnergy (NYSE:FE) last issued its quarterly earnings data on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share 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 business had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.51 billion. During the same period last year, the business earned $0.52 EPS. As a group, equities analysts anticipate that FirstEnergy Corporation will post 2.74 earnings per share for the current fiscal year.

FirstEnergy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be given a $0.465 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $1.86 annualized dividend and a yield of 4.0%. FirstEnergy’s payout ratio is currently 98.94%.

Analysts Set New Price Targets

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

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.