FirstEnergy Corp. (FE) Position Raised by Chevy Chase Trust Holdings Inc.
Chevy Chase Trust Holdings Inc. increased its holdings in shares of FirstEnergy Corp. (NYSE:FE) by 1.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 509,600 shares of the utilities provider’s stock after purchasing an additional 5,922 shares during the period. Chevy Chase Trust Holdings Inc. owned approximately 0.11% of FirstEnergy worth $15,711,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FE. Boothbay Fund Management LLC grew its stake in FirstEnergy by 32.7% in the third quarter. Boothbay Fund Management LLC now owns 33,311 shares of the utilities provider’s stock valued at $1,027,000 after acquiring an additional 8,211 shares during the period. Asset Management One Co. Ltd. grew its stake in FirstEnergy by 6.3% in the third quarter. Asset Management One Co. Ltd. now owns 705,397 shares of the utilities provider’s stock valued at $21,720,000 after acquiring an additional 41,724 shares during the period. Castleton Investment Management LLC acquired a new stake in FirstEnergy in the third quarter valued at approximately $3,359,000. NWQ Investment Management Company LLC acquired a new stake in FirstEnergy in the third quarter valued at approximately $70,441,000. Finally, Nomura Asset Management Co. Ltd. grew its stake in FirstEnergy by 6.3% in the third quarter. Nomura Asset Management Co. Ltd. now owns 78,731 shares of the utilities provider’s stock valued at $2,427,000 after acquiring an additional 4,660 shares during the period. 82.70% of the stock is owned by institutional investors and hedge funds.
FirstEnergy Corp. (FE) traded up $0.31 during mid-day trading on Tuesday, hitting $33.14. The stock had a trading volume of 4,390,600 shares, compared to its average volume of 4,262,143. FirstEnergy Corp. has a 52 week low of $27.93 and a 52 week high of $35.22. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 3.29. The company has a market capitalization of $14,604.69, a price-to-earnings ratio of 12.03 and a beta of 0.25.
The business also recently announced a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Tuesday, November 7th were issued a $0.36 dividend. The ex-dividend date was Monday, November 6th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.35%. FirstEnergy’s dividend payout ratio is presently -12.31%.
FE has been the subject of a number of research reports. Mizuho reissued a “hold” rating and issued a $30.50 price objective on shares of FirstEnergy in a research note on Tuesday, October 24th. KeyCorp reissued a “hold” rating on shares of FirstEnergy in a research note on Friday, October 20th. J P Morgan Chase & Co set a $34.00 price objective on FirstEnergy and gave the company a “hold” rating in a research note on Thursday, October 12th. Zacks Investment Research cut FirstEnergy from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Finally, Morgan Stanley raised their price objective on FirstEnergy from $39.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, September 8th. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. FirstEnergy currently has a consensus rating of “Hold” and an average target price of $34.39.
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FirstEnergy Corp. is a holding company. The Company is engaged in holding, directly or indirectly, all of the outstanding equity of its principal subsidiaries. Its segments include Regulated Distribution, Regulated Transmission, Competitive Energy Services (CES) and Corporate/Other. As of December 31, 2016, the Regulated Distribution segment distributed electricity through the Company’s 10 utility operating companies, serving approximately six million customers, and purchased power for its provider of last resort (POLR), standard offer service (SOS), standard offer service (SSO) and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland.
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