DnB Asset Management AS Invests $580,000 in FirstEnergy Corp. (NYSE:FE)

DnB Asset Management AS bought a new position in shares of FirstEnergy Corp. (NYSE:FEGet Rating) during the second quarter, Holdings Channel.com reports. The firm bought 15,100 shares of the utilities provider’s stock, valued at approximately $580,000.

A number of other large investors also recently modified their holdings of FE. Dixon Hughes Goodman Wealth Advisors LLC lifted its position in shares of FirstEnergy by 419.8% during the first quarter. Dixon Hughes Goodman Wealth Advisors LLC now owns 551 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 445 shares in the last quarter. Prospera Financial Services Inc acquired a new position in FirstEnergy in the first quarter valued at approximately $25,000. Comprehensive Financial Consultants Institutional Inc. acquired a new position in FirstEnergy in the fourth quarter valued at approximately $27,000. Pinnacle Bancorp Inc. lifted its holdings in FirstEnergy by 126.3% in the first quarter. Pinnacle Bancorp Inc. now owns 611 shares of the utilities provider’s stock valued at $28,000 after buying an additional 341 shares during the period. Finally, Riverview Trust Co acquired a new position in FirstEnergy in the first quarter valued at approximately $32,000. 87.20% of the stock is currently owned by institutional investors and hedge funds.

FirstEnergy Stock Down 1.2 %

Shares of FE stock opened at $40.49 on Friday. The firm has a fifty day moving average of $40.02 and a 200-day moving average of $41.62. The company has a quick ratio of 0.66, a current ratio of 0.75 and a debt-to-equity ratio of 1.84. FirstEnergy Corp. has a 12-month low of $35.32 and a 12-month high of $48.85. The company has a market capitalization of $23.14 billion, a price-to-earnings ratio of 16.46, a P/E/G ratio of 2.56 and a beta of 0.44.

FirstEnergy (NYSE:FEGet Rating) last issued its quarterly earnings data on Tuesday, July 26th. The utilities provider reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. FirstEnergy had a net margin of 11.78% and a return on equity of 15.13%. During the same quarter in the prior year, the business earned $0.59 earnings per share. As a group, equities research analysts predict that FirstEnergy Corp. will post 2.41 earnings per share for the current fiscal year.

FirstEnergy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Monday, November 7th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend is Friday, November 4th. FirstEnergy’s dividend payout ratio is 63.41%.

Analysts Set New Price Targets

Several brokerages recently weighed in on FE. Mizuho cut their price objective on shares of FirstEnergy from $41.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, June 7th. KeyCorp cut their price objective on shares of FirstEnergy from $51.00 to $47.00 and set an “overweight” rating on the stock in a report on Tuesday, July 19th. StockNews.com lowered shares of FirstEnergy from a “buy” rating to a “hold” rating in a report on Thursday, August 4th. Barclays lowered their target price on shares of FirstEnergy from $49.00 to $41.00 and set an “equal weight” rating for the company in a research note on Monday, July 18th. Finally, Morgan Stanley upped their target price on shares of FirstEnergy from $49.00 to $53.00 and gave the company an “overweight” rating in a research note on Tuesday, August 23rd. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, FirstEnergy currently has a consensus rating of “Hold” and an average target price of $45.75.

About FirstEnergy

(Get Rating)

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, natural gas, wind, and solar power generating facilities.

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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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