FirstEnergy Corporation $FE Shares Bought by Engineers Gate Manager LP

Engineers Gate Manager LP grew its holdings in shares of FirstEnergy Corporation (NYSE:FE) by 612.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 93,410 shares of the utilities provider’s stock after buying an additional 80,308 shares during the period. Engineers Gate Manager LP’s holdings in FirstEnergy were worth $4,441,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. Axiom Investment Management LLC acquired a new stake in shares of FirstEnergy during the 1st quarter worth about $26,000. State of Wyoming acquired a new position in FirstEnergy in the second quarter valued at approximately $25,000. Western Wealth Management LLC acquired a new position in FirstEnergy in the first quarter valued at approximately $37,000. DV Equities LLC acquired a new position in FirstEnergy in the fourth quarter valued at approximately $33,000. Finally, Highland Investment Advisors LLC purchased a new position in FirstEnergy in the second quarter valued at approximately $35,000. 89.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on FE shares. Morgan Stanley reduced their price objective on shares of FirstEnergy from $53.00 to $52.00 and set an “overweight” rating for the company in a research report on Friday, August 21st. Wall Street Zen downgraded shares of FirstEnergy from a “hold” rating to a “sell” rating in a research report on Saturday, September 5th. Barclays dropped their target price on shares of FirstEnergy from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. UBS Group boosted their price target on shares of FirstEnergy from $50.00 to $51.00 and gave the company a “neutral” rating in a research report on Thursday, June 11th. Finally, Weiss Ratings downgraded shares of FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, June 17th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.83.

FirstEnergy Price Performance

Shares of NYSE FE opened at $46.13 on Friday. The company has a current ratio of 0.54, a quick ratio of 0.45 and a debt-to-equity ratio of 1.88. FirstEnergy Corporation has a twelve month low of $43.00 and a twelve month high of $52.34. The stock has a 50 day moving average of $47.60 and a two-hundred day moving average of $48.11. The stock has a market cap of $26.69 billion, a P/E ratio of 24.54, a P/E/G ratio of 2.67 and a beta of 0.45.

FirstEnergy (NYSE:FE) last announced its earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.50. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.51 billion. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. During the same period last year, the firm posted $0.52 earnings per share. On average, research analysts forecast that FirstEnergy Corporation will post 2.74 earnings per share for the current year.

FirstEnergy Announces Dividend

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

About FirstEnergy

FirstEnergy Corp. (NYSE: FE) is an electric utility holding company focused on the transmission and distribution of electricity. Through its regulated operating companies, the company delivers power to residential, commercial and industrial customers and maintains the local infrastructure needed to support reliable electric service.

FirstEnergy’s utility operations include Ohio Edison, The Illuminating Company, Toledo Edison, Met-Ed, Penelec, Penn Power, West Penn Power, Jersey Central Power & Light and Mon Power, among others.