Wedge Capital Management L L P NC Lowers Stock Holdings in FirstEnergy Corporation $FE

Wedge Capital Management L L P NC cut its position in FirstEnergy Corporation (NYSE:FE) by 14.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 304,869 shares of the utilities provider’s stock after selling 51,402 shares during the quarter. Wedge Capital Management L L P NC owned 0.05% of FirstEnergy worth $14,493,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Eurizon Capital SGR S.p.A. acquired a new position in FirstEnergy in the 4th quarter valued at about $123,018,000. BROOKFIELD Corp ON acquired a new stake in shares of FirstEnergy during the fourth quarter worth about $110,332,000. Boston Partners lifted its position in shares of FirstEnergy by 13.5% during the third quarter. Boston Partners now owns 18,344,403 shares of the utilities provider’s stock worth $841,161,000 after purchasing an additional 2,185,400 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of FirstEnergy by 56.0% in the fourth quarter. Victory Capital Management Inc. now owns 5,506,251 shares of the utilities provider’s stock valued at $246,515,000 after purchasing an additional 1,977,504 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of FirstEnergy by 11,305.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,974,989 shares of the utilities provider’s stock valued at $81,699,000 after purchasing an additional 1,957,673 shares during the period. Hedge funds and other institutional investors own 89.41% of the company’s stock.

FirstEnergy Stock Performance

NYSE FE opened at $46.89 on Thursday. The company has a fifty day moving average of $47.81 and a two-hundred day moving average of $48.32. The company has a market capitalization of $27.13 billion, a PE ratio of 24.94, a P/E/G ratio of 2.24 and a beta of 0.46. FirstEnergy Corporation has a 1 year low of $42.72 and a 1 year high of $52.34. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.54 and a quick ratio of 0.45.

FirstEnergy (NYSE:FE) last posted its earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share for the quarter, meeting the consensus estimate of $0.50. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.51 billion. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%.During the same period in the previous year, the business earned $0.52 EPS. As a group, analysts expect that FirstEnergy Corporation will post 2.74 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. Shareholders of record on Friday, August 7th will be paid a $0.465 dividend. The ex-dividend date is Friday, August 7th. This represents a $1.86 dividend on an annualized basis and a yield of 4.0%. FirstEnergy’s payout ratio is currently 98.94%.

Wall Street Analyst Weigh In

Several equities analysts have commented on FE shares. New Street Research set a $52.00 price target on shares of FirstEnergy in a research note on Tuesday, April 21st. Barclays decreased their target price on FirstEnergy from $55.00 to $54.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Wells Fargo & Company restated an “overweight” rating and set a $55.00 price target on shares of FirstEnergy in a report on Tuesday, April 21st. Jefferies Financial Group boosted their price objective on FirstEnergy from $50.00 to $52.00 and gave the stock a “hold” rating in a research report on Tuesday, April 21st. Finally, Morgan Stanley reiterated an “overweight” rating on shares of FirstEnergy in a research note on Wednesday, July 22nd. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock 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.