Bryn Mawr Capital Management LLC Cuts Stock Holdings in FirstEnergy Corp. (NYSE:FE)

Bryn Mawr Capital Management LLC reduced its stake in FirstEnergy Corp. (NYSE:FE) by 11.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 183,352 shares of the utilities provider’s stock after selling 22,587 shares during the quarter. Bryn Mawr Capital Management LLC’s holdings in FirstEnergy were worth $6,722,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of FE. Sugarloaf Wealth Management LLC bought a new position in shares of FirstEnergy during the 4th quarter valued at approximately $29,000. Blue Trust Inc. raised its stake in FirstEnergy by 327.3% during the fourth quarter. Blue Trust Inc. now owns 1,034 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 792 shares in the last quarter. Wetzel Investment Advisors Inc. purchased a new stake in FirstEnergy during the fourth quarter valued at $40,000. Authentikos Wealth Advisory LLC bought a new position in FirstEnergy during the third quarter valued at $45,000. Finally, NBC Securities Inc. purchased a new position in shares of FirstEnergy in the 3rd quarter worth $45,000. Hedge funds and other institutional investors own 89.41% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FE. Bank of America upped their target price on shares of FirstEnergy from $30.00 to $35.00 and gave the company an “underperform” rating in a research report on Tuesday. The Goldman Sachs Group started coverage on FirstEnergy in a research report on Wednesday, April 10th. They set a “buy” rating and a $45.00 price objective on the stock. Scotiabank dropped their target price on FirstEnergy from $41.00 to $40.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. StockNews.com downgraded FirstEnergy from a “hold” rating to a “sell” rating in a research report on Monday, February 12th. Finally, KeyCorp lifted their price objective on shares of FirstEnergy from $41.00 to $43.00 and gave the stock an “overweight” rating in a research note on Thursday, January 4th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, FirstEnergy presently has a consensus rating of “Hold” and an average target price of $39.80.

FirstEnergy Stock Performance

FE stock opened at $38.13 on Friday. FirstEnergy Corp. has a twelve month low of $32.18 and a twelve month high of $41.15. The firm has a market cap of $21.94 billion, a price-to-earnings ratio of 21.91 and a beta of 0.48. The business’s fifty day simple moving average is $37.83 and its two-hundred day simple moving average is $37.12. The company has a quick ratio of 0.38, a current ratio of 0.48 and a debt-to-equity ratio of 2.10.

FirstEnergy (NYSE:FE) last posted its quarterly earnings results on Thursday, April 25th. The utilities provider reported $0.55 EPS for the quarter, topping the consensus estimate of $0.53 by $0.02. The company had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.36 billion. FirstEnergy had a net margin of 8.22% and a return on equity of 13.21%. Analysts predict that FirstEnergy Corp. will post 2.68 earnings per share for the current year.

FirstEnergy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Tuesday, May 7th will be issued a $0.425 dividend. This is a positive change from FirstEnergy’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Monday, May 6th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 4.46%. FirstEnergy’s payout ratio is presently 94.25%.

FirstEnergy Company Profile

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. It operates through Regulated Distribution and Regulated Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, wind, and solar power generating facilities.