Point72 DIFC Ltd Takes $502,000 Position in FirstEnergy Corp. (NYSE:FE)

Point72 DIFC Ltd bought a new stake in FirstEnergy Corp. (NYSE:FE - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 13,126 shares of the utilities provider's stock, valued at approximately $502,000.

A number of other hedge funds have also recently modified their holdings of the stock. Capital World Investors grew its holdings in shares of FirstEnergy by 38.2% during the fourth quarter. Capital World Investors now owns 68,155,129 shares of the utilities provider's stock worth $2,498,567,000 after purchasing an additional 18,853,983 shares during the last quarter. 1832 Asset Management L.P. grew its position in shares of FirstEnergy by 20.6% during the fourth quarter. 1832 Asset Management L.P. now owns 3,454,376 shares of the utilities provider's stock worth $126,637,000 after acquiring an additional 590,815 shares during the last quarter. UniSuper Management Pty Ltd increased its holdings in shares of FirstEnergy by 63.4% in the 1st quarter. UniSuper Management Pty Ltd now owns 1,328,210 shares of the utilities provider's stock valued at $51,295,000 after acquiring an additional 515,458 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in FirstEnergy in the 1st quarter valued at $12,631,000. Finally, Norden Group LLC boosted its stake in FirstEnergy by 2,741.7% during the 1st quarter. Norden Group LLC now owns 295,936 shares of the utilities provider's stock worth $11,429,000 after purchasing an additional 285,522 shares during the period. 89.41% of the stock is owned by hedge funds and other institutional investors.

FirstEnergy Price Performance

Shares of FE traded down $0.19 during trading hours on Thursday, reaching $43.60. The company had a trading volume of 841,935 shares, compared to its average volume of 2,951,233. The company has a current ratio of 0.51, a quick ratio of 0.43 and a debt-to-equity ratio of 1.52. FirstEnergy Corp. has a 12-month low of $32.18 and a 12-month high of $44.97. The firm has a 50 day simple moving average of $42.79 and a 200-day simple moving average of $40.12. The company has a market capitalization of $25.09 billion, a price-to-earnings ratio of 25.06, a PEG ratio of 2.32 and a beta of 0.50.

FirstEnergy (NYSE:FE - Get Free Report) last issued its earnings results on Tuesday, July 30th. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.56. FirstEnergy had a net margin of 6.61% and a return on equity of 12.12%. The company had revenue of $3.28 billion during the quarter, compared to analysts' expectations of $3.47 billion. During the same period last year, the company posted $0.47 earnings per share. Research analysts expect that FirstEnergy Corp. will post 2.7 earnings per share for the current year.

FirstEnergy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Thursday, November 7th will be given a $0.425 dividend. The ex-dividend date is Thursday, November 7th. This represents a $1.70 annualized dividend and a dividend yield of 3.90%. FirstEnergy's dividend payout ratio is presently 97.70%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FE. Wells Fargo & Company lifted their price objective on shares of FirstEnergy from $42.00 to $45.00 and gave the company an "equal weight" rating in a research note on Thursday, August 1st. Bank of America boosted their price target on FirstEnergy from $42.00 to $43.00 and gave the company an "underperform" rating in a research report on Thursday, August 29th. Scotiabank lifted their target price on FirstEnergy from $40.00 to $45.00 and gave the company a "sector perform" rating in a research note on Tuesday, August 20th. Mizuho boosted their target price on FirstEnergy from $38.00 to $41.00 and gave the company a "neutral" rating in a report on Monday, June 3rd. Finally, KeyCorp increased their price target on FirstEnergy from $45.00 to $46.00 and gave the stock an "overweight" rating in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $44.45.

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.