Neo Ivy Capital Management Takes Position in FirstEnergy Corp. (NYSE:FE)

Neo Ivy Capital Management acquired a new stake in shares of FirstEnergy Corp. (NYSE:FE - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 46,224 shares of the utilities provider's stock, valued at approximately $2,050,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Livelsberger Financial Advisory purchased a new position in shares of FirstEnergy in the third quarter worth about $26,000. True Wealth Design LLC lifted its holdings in shares of FirstEnergy by 4,571.4% during the third quarter. True Wealth Design LLC now owns 654 shares of the utilities provider's stock valued at $29,000 after purchasing an additional 640 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in FirstEnergy in the 2nd quarter worth approximately $32,000. West Oak Capital LLC purchased a new position in FirstEnergy in the 2nd quarter worth approximately $38,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in FirstEnergy in the 2nd quarter worth approximately $38,000. Hedge funds and other institutional investors own 89.41% of the company's stock.

FirstEnergy Stock Performance

FE traded down $0.18 on Wednesday, reaching $40.31. The stock had a trading volume of 779,373 shares, compared to its average volume of 2,898,663. FirstEnergy Corp. has a 12-month low of $35.41 and a 12-month high of $44.97. The company has a current ratio of 0.56, a quick ratio of 0.46 and a debt-to-equity ratio of 1.58. The business's 50-day moving average price is $42.42 and its two-hundred day moving average price is $41.59. The company has a market cap of $23.23 billion, a P/E ratio of 26.13, a price-to-earnings-growth ratio of 2.21 and a beta of 0.51.

FirstEnergy (NYSE:FE - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $0.85 earnings per share for the quarter, missing analysts' consensus estimates of $0.90 by ($0.05). FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. The firm had revenue of $3.73 billion during the quarter, compared to analysts' expectations of $3.96 billion. During the same period in the previous year, the firm posted $0.88 EPS. The firm's quarterly revenue was up 6.9% on a year-over-year basis. Sell-side analysts forecast that FirstEnergy Corp. will post 2.68 earnings per share for the current year.

FirstEnergy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Thursday, November 7th were paid a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a yield of 4.22%. The ex-dividend date was Thursday, November 7th. FirstEnergy's dividend payout ratio (DPR) is presently 109.68%.

Wall Street Analysts Forecast Growth

FE has been the subject of a number of research reports. Morgan Stanley decreased their target price on shares of FirstEnergy from $52.00 to $50.00 and set an "overweight" rating for the company in a research note on Friday, November 22nd. Jefferies Financial Group started coverage on shares of FirstEnergy in a research report on Monday, October 14th. They set a "hold" rating and a $46.00 target price on the stock. Argus raised shares of FirstEnergy from a "hold" rating to a "buy" rating and set a $50.00 price objective on the stock in a research report on Friday, September 20th. Seaport Res Ptn downgraded shares of FirstEnergy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, October 31st. Finally, Bank of America increased their price objective on shares of FirstEnergy from $42.00 to $43.00 and gave the company an "underperform" rating in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $45.82.

About FirstEnergy

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.