CoreCap Advisors LLC Raises Stock Holdings in FirstEnergy Corporation $FE

CoreCap Advisors LLC increased its holdings in FirstEnergy Corporation (NYSE:FE) by 26.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 152,895 shares of the utilities provider’s stock after purchasing an additional 32,404 shares during the period. CoreCap Advisors LLC’s holdings in FirstEnergy were worth $6,625,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FE. Allspring Global Investments Holdings LLC raised its position in shares of FirstEnergy by 7.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 9,971,706 shares of the utilities provider’s stock valued at $508,158,000 after buying an additional 694,449 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of FirstEnergy by 11.9% in the first quarter. Bank of America Corp DE now owns 5,396,317 shares of the utilities provider’s stock worth $273,377,000 after buying an additional 573,731 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of FirstEnergy by 2.3% during the fourth quarter. Franklin Resources Inc. now owns 3,496,817 shares of the utilities provider’s stock worth $156,552,000 after acquiring an additional 79,554 shares during the last quarter. Electron Capital Partners LLC boosted its position in shares of FirstEnergy by 103.2% during the first quarter. Electron Capital Partners LLC now owns 2,991,914 shares of the utilities provider’s stock worth $151,570,000 after acquiring an additional 1,519,737 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in FirstEnergy by 2.2% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,719,645 shares of the utilities provider’s stock valued at $129,292,000 after acquiring an additional 59,097 shares in the last quarter. 89.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FE. Barclays decreased their price target on shares of FirstEnergy from $55.00 to $54.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. Weiss Ratings restated a “buy (b-)” rating on shares of FirstEnergy in a research report on Monday, September 14th. Wall Street Zen raised FirstEnergy from a “sell” rating to a “hold” rating in a report on Saturday, September 19th. Morgan Stanley decreased their target price on FirstEnergy from $52.00 to $49.00 and set an “overweight” rating on the stock in a research report on Friday, September 18th. Finally, UBS Group increased their price target on FirstEnergy from $50.00 to $51.00 and gave the company a “neutral” rating in a research note on Thursday, June 11th. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $52.55.

FirstEnergy Price Performance

FE traded up $0.27 during trading hours on Thursday, hitting $44.85. The company’s stock had a trading volume of 5,643,834 shares, compared to its average volume of 4,675,310. The business’s 50-day moving average price is $45.98 and its 200-day moving average price is $47.27. FirstEnergy Corporation has a 12 month low of $42.67 and a 12 month high of $52.34. The stock has a market cap of $25.95 billion, a price-to-earnings ratio of 23.86, a P/E/G ratio of 2.56 and a beta of 0.43. The company has a current ratio of 0.54, a quick ratio of 0.45 and a debt-to-equity ratio of 1.88.

FirstEnergy (NYSE:FE) last released its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.50. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.51 billion. During the same quarter in the prior year, the firm earned $0.52 earnings per share. Sell-side analysts expect that FirstEnergy Corporation will post 2.74 earnings per share for the current fiscal year.

FirstEnergy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 6th will be given a dividend of $0.4650 per share. This represents a $1.86 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Friday, November 6th. FirstEnergy’s dividend payout ratio is currently 98.94%.

FirstEnergy Company Profile

FirstEnergy Corp. is an electric utility holding company focused primarily on regulated electricity transmission and distribution. Through its operating companies, the company delivers electricity to residential, commercial and industrial customers and maintains the infrastructure needed to support reliable service.

FirstEnergy’s utility subsidiaries include Ohio Edison, The Illuminating Company and Toledo Edison in Ohio; Met-Ed, Penelec, Penn Power and West Penn Power in Pennsylvania; Jersey Central Power & Light in New Jersey; and Mon Power and Potomac Edison in West Virginia and Maryland.