Quantinno Capital Management LP Raises Stock Holdings in FirstEnergy Corporation $FE

Quantinno Capital Management LP increased its stake in shares of FirstEnergy Corporation (NYSE:FE) by 19.9% in the first quarter, HoldingsChannel reports. The firm owned 467,800 shares of the utilities provider’s stock after buying an additional 77,647 shares during the quarter. Quantinno Capital Management LP’s holdings in FirstEnergy were worth $23,699,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Brighton Jones LLC purchased a new stake in shares of FirstEnergy during the fourth quarter worth about $256,000. Integrated Wealth Concepts LLC acquired a new position in shares of FirstEnergy in the first quarter valued at approximately $289,000. Empowered Funds LLC lifted its stake in shares of FirstEnergy by 7.0% during the first quarter. Empowered Funds LLC now owns 11,213 shares of the utilities provider’s stock valued at $453,000 after buying an additional 732 shares during the period. Woodline Partners LP lifted its stake in shares of FirstEnergy by 40.7% during the first quarter. Woodline Partners LP now owns 43,334 shares of the utilities provider’s stock valued at $1,752,000 after buying an additional 12,531 shares during the period. Finally, Focus Partners Wealth boosted its position in FirstEnergy by 6.8% during the first quarter. Focus Partners Wealth now owns 21,178 shares of the utilities provider’s stock worth $856,000 after acquiring an additional 1,340 shares during the last quarter. Hedge funds and other institutional investors own 89.41% of the company’s stock.

FirstEnergy Price Performance

FirstEnergy stock opened at $48.38 on Friday. FirstEnergy Corporation has a 1 year low of $41.87 and a 1 year high of $52.34. The firm has a 50 day moving average price of $47.58 and a 200 day moving average price of $48.25. The company has a market cap of $27.99 billion, a price-to-earnings ratio of 25.73, a PEG ratio of 2.31 and a beta of 0.47. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.42 and a current ratio of 0.54.

FirstEnergy (NYSE:FE) last issued its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 EPS for the quarter, hitting the consensus estimate of $0.50. The firm had revenue of $3.68 billion during 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 quarter in the prior year, the business posted $0.52 earnings per share. Sell-side analysts predict that FirstEnergy Corporation will post 2.73 earnings per share for the current year.

FirstEnergy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be issued a dividend of $0.465 per share. This represents a $1.86 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Friday, August 7th. FirstEnergy’s dividend payout ratio is presently 98.94%.

Wall Street Analysts Forecast Growth

Several analysts have commented on FE shares. Wolfe Research cut shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Morgan Stanley reissued an “overweight” rating on shares of FirstEnergy in a research note on Wednesday, July 22nd. Jefferies Financial Group raised their price objective on FirstEnergy from $50.00 to $52.00 and gave the stock a “hold” rating in a report on Tuesday, April 21st. TD Cowen raised FirstEnergy from a “hold” rating to a “buy” rating and lowered their price objective for the company from $56.00 to $53.00 in a research report on Friday, May 15th. Finally, New Street Research set a $52.00 target price on FirstEnergy in a research note on Tuesday, April 21st. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $52.83.

FirstEnergy Company Profile

FirstEnergy Corp. (NYSE: FE) is a U.S.-based electric utility holding company headquartered in Akron, Ohio. The company’s primary business is the delivery of electricity through its regulated transmission and distribution utilities, serving residential, commercial and industrial customers across parts of the Midwest and Mid‑Atlantic. FirstEnergy’s service territory includes states such as Ohio, Pennsylvania, New Jersey, Maryland and West Virginia, and it operates primarily within the PJM regional transmission organization.

FirstEnergy’s core activities center on owning and operating electric distribution networks and transmission systems, maintaining and upgrading grid infrastructure, managing storm response and restoration, and offering customer programs that include energy efficiency and reliability services.