FirstEnergy Corp. (FE) Stake Decreased by Sumitomo Mitsui Trust Holdings Inc.
Sumitomo Mitsui Trust Holdings Inc. lowered its stake in FirstEnergy Corp. (NYSE:FE) by 12.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,194,509 shares of the company’s stock after selling 175,104 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.28% of FirstEnergy Corp. worth $41,700,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of FE. Old Mutual Global Investors UK Ltd. raised its stake in shares of FirstEnergy Corp. by 216.2% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 3,365,286 shares of the company’s stock valued at $117,482,000 after buying an additional 2,300,984 shares in the last quarter. State Street Corp raised its stake in shares of FirstEnergy Corp. by 5.9% in the first quarter. State Street Corp now owns 32,867,132 shares of the company’s stock valued at $1,182,229,000 after buying an additional 1,831,146 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of FirstEnergy Corp. during the second quarter valued at about $39,882,000. Reinhart Partners Inc. purchased a new stake in shares of FirstEnergy Corp. during the second quarter valued at about $25,722,000. Finally, JPMorgan Chase & Co. raised its stake in shares of FirstEnergy Corp. by 132.2% in the first quarter. JPMorgan Chase & Co. now owns 1,211,812 shares of the company’s stock valued at $43,589,000 after buying an additional 689,925 shares in the last quarter. 75.86% of the stock is owned by institutional investors.
FirstEnergy Corp. (NYSE:FE) traded up 2.89% during trading on Tuesday, reaching $33.16. The company’s stock had a trading volume of 7,351,089 shares. The firm’s 50-day moving average price is $32.77 and its 200 day moving average price is $33.74. The company’s market capitalization is $14.10 billion. FirstEnergy Corp. has a 12-month low of $28.89 and a 12-month high of $36.60.
FirstEnergy Corp. (NYSE:FE) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.02. FirstEnergy Corp. had a positive return on equity of 10.05% and a negative net margin of 3.96%. During the same quarter in the previous year, the firm posted $0.53 earnings per share. On average, analysts predict that FirstEnergy Corp. will post $2.54 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 7th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 4.34%. The ex-dividend date is Thursday, November 3rd. FirstEnergy Corp.’s dividend payout ratio is presently -103.60%.
Several analysts have issued reports on the company. Jefferies Group reaffirmed a “hold” rating and issued a $34.00 target price on shares of FirstEnergy Corp. in a research note on Tuesday. Evercore ISI raised FirstEnergy Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday. Citigroup Inc. raised FirstEnergy Corp. from a “sell” rating to a “neutral” rating and upped their target price for the stock from $29.00 to $31.00 in a research note on Tuesday. Royal Bank Of Canada cut their target price on FirstEnergy Corp. from $38.00 to $36.00 and set a “sector perform” rating for the company in a research note on Thursday, October 13th. Finally, RBC Capital Markets reaffirmed a “hold” rating and issued a $36.00 target price (down previously from $38.00) on shares of FirstEnergy Corp. in a research note on Thursday, October 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $35.97.
About FirstEnergy Corp.
FirstEnergy Corp. is a holding company. The Company operates through three segments: Regulated Distribution, Regulated Transmission and Competitive Energy Services (CES). The Regulated Distribution segment distributes electricity through its approximately 10 utility operating companies. The Regulated Transmission segment transmits electricity through transmission facilities.
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