Valmark Advisers Inc. acquired a new stake in FirstEnergy Corp. (NYSE:FE - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,784 shares of the utilities provider's stock, valued at approximately $270,000.
A number of other hedge funds have also modified their holdings of FE. Balanced Wealth Group LLC grew its holdings in FirstEnergy by 0.9% in the third quarter. Balanced Wealth Group LLC now owns 26,741 shares of the utilities provider's stock valued at $1,186,000 after purchasing an additional 241 shares during the period. Metis Global Partners LLC grew its holdings in FirstEnergy by 1.7% in the third quarter. Metis Global Partners LLC now owns 16,916 shares of the utilities provider's stock valued at $750,000 after purchasing an additional 288 shares during the period. Quarry LP grew its holdings in FirstEnergy by 59.1% in the third quarter. Quarry LP now owns 861 shares of the utilities provider's stock valued at $38,000 after purchasing an additional 320 shares during the period. Brooklyn Investment Group grew its holdings in FirstEnergy by 6.7% in the fourth quarter. Brooklyn Investment Group now owns 5,146 shares of the utilities provider's stock valued at $205,000 after purchasing an additional 324 shares during the period. Finally, Essex Financial Services Inc. grew its holdings in FirstEnergy by 6.2% in the fourth quarter. Essex Financial Services Inc. now owns 5,819 shares of the utilities provider's stock valued at $231,000 after purchasing an additional 340 shares during the period. 89.41% of the stock is owned by institutional investors and hedge funds.
FirstEnergy Trading Up 2.3 %
FirstEnergy stock traded up $0.96 during trading on Friday, reaching $42.34. 7,878,474 shares of the company were exchanged, compared to its average volume of 3,703,679. FirstEnergy Corp. has a 52-week low of $36.01 and a 52-week high of $44.97. The company has a market capitalization of $24.40 billion, a P/E ratio of 27.32, a PEG ratio of 2.03 and a beta of 0.52. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.56 and a quick ratio of 0.46. The stock's 50 day simple moving average is $39.85 and its two-hundred day simple moving average is $41.77.
FirstEnergy Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Friday, February 7th will be given a $0.425 dividend. The ex-dividend date is Friday, February 7th. This represents a $1.70 dividend on an annualized basis and a yield of 4.01%. FirstEnergy's dividend payout ratio is currently 109.68%.
Analysts Set New Price Targets
Several research firms have recently weighed in on FE. Scotiabank upgraded FirstEnergy from a "sector perform" rating to a "sector outperform" rating and raised their target price for the company from $45.00 to $50.00 in a research report on Thursday, December 12th. KeyCorp decreased their target price on FirstEnergy from $48.00 to $47.00 and set an "overweight" rating on the stock in a research report on Wednesday, December 4th. Seaport Res Ptn downgraded FirstEnergy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, October 31st. Morgan Stanley decreased their target price on FirstEnergy from $52.00 to $50.00 and set an "overweight" rating on the stock in a research report on Friday, November 22nd. Finally, Wolfe Research downgraded FirstEnergy from an "outperform" rating to a "peer perform" rating in a research report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $46.27.
Check Out Our Latest Stock Report on FirstEnergy
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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