FirstEnergy Corp. (NYSE:FE) Holdings Lowered by Meridian Wealth Management LLC

Meridian Wealth Management LLC lessened its stake in shares of FirstEnergy Corp. (NYSE:FEFree Report) by 47.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 88,859 shares of the utilities provider’s stock after selling 79,173 shares during the period. Meridian Wealth Management LLC’s holdings in FirstEnergy were worth $3,258,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Fifth Third Bancorp raised its position in FirstEnergy by 1.0% during the third quarter. Fifth Third Bancorp now owns 38,376 shares of the utilities provider’s stock valued at $1,312,000 after buying an additional 368 shares during the period. Panagora Asset Management Inc. boosted its stake in shares of FirstEnergy by 29.5% during the 3rd quarter. Panagora Asset Management Inc. now owns 112,073 shares of the utilities provider’s stock valued at $3,831,000 after buying an additional 25,557 shares during the period. Teacher Retirement System of Texas grew its holdings in shares of FirstEnergy by 2.5% during the 3rd quarter. Teacher Retirement System of Texas now owns 42,163 shares of the utilities provider’s stock valued at $1,441,000 after acquiring an additional 1,017 shares in the last quarter. New Mexico Educational Retirement Board raised its holdings in shares of FirstEnergy by 7.6% during the third quarter. New Mexico Educational Retirement Board now owns 28,340 shares of the utilities provider’s stock worth $969,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in shares of FirstEnergy by 4.9% during the 3rd quarter. Daiwa Securities Group Inc. now owns 44,407 shares of the utilities provider’s stock worth $1,518,000 after purchasing an additional 2,089 shares in the last quarter. 89.41% of the stock is owned by hedge funds and other institutional investors.

FirstEnergy Price Performance

Shares of FirstEnergy stock opened at $40.04 on Friday. FirstEnergy Corp. has a twelve month low of $32.18 and a twelve month high of $40.65. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.56 and a current ratio of 0.65. The firm has a market cap of $23.04 billion, a P/E ratio of 23.01 and a beta of 0.48. The firm’s 50-day simple moving average is $38.50 and its 200-day simple moving average is $37.52.

FirstEnergy (NYSE:FEGet Free Report) last announced its quarterly earnings results on Thursday, April 25th. The utilities provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.53 by $0.02. FirstEnergy had a return on equity of 12.45% and a net margin of 8.22%. The business had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.36 billion. As a group, research analysts expect that FirstEnergy Corp. will post 2.68 EPS for the current fiscal year.

FirstEnergy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Tuesday, May 7th will be paid a dividend of $0.425 per share. This represents a $1.70 annualized dividend and a yield of 4.25%. This is a boost from FirstEnergy’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Monday, May 6th. FirstEnergy’s dividend payout ratio is currently 97.70%.

Wall Street Analyst Weigh In

Several research firms have weighed in on FE. Bank of America raised their target price on FirstEnergy from $30.00 to $35.00 and gave the company an “underperform” rating in a report on Tuesday, April 23rd. Scotiabank lowered their target price on shares of FirstEnergy from $41.00 to $40.00 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. StockNews.com upgraded shares of FirstEnergy from a “sell” rating to a “hold” rating in a report on Monday, April 29th. Finally, 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 for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $39.80.

Read Our Latest Stock Report on FE

About FirstEnergy

(Free Report)

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.

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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