Beese Fulmer Investment Management Inc. increased its position in FirstEnergy Corp. (NYSE:FE) by 2.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,007 shares of the utilities provider’s stock after acquiring an additional 325 shares during the period. Beese Fulmer Investment Management Inc.’s holdings in FirstEnergy were worth $642,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of FE. Lake Point Wealth Management bought a new stake in FirstEnergy during the fourth quarter valued at about $25,000. Zions Bancorporation N.A. bought a new stake in FirstEnergy during the first quarter valued at about $30,000. Legacy Advisors LLC bought a new stake in FirstEnergy during the first quarter valued at about $33,000. Destination Wealth Management bought a new stake in FirstEnergy during the first quarter valued at about $35,000. Finally, Tompkins Financial Corp grew its holdings in FirstEnergy by 50.1% during the first quarter. Tompkins Financial Corp now owns 1,001 shares of the utilities provider’s stock valued at $42,000 after purchasing an additional 334 shares during the period. 93.73% of the stock is owned by institutional investors.
Shares of NYSE FE traded down $0.28 during mid-day trading on Tuesday, reaching $43.32. The company’s stock had a trading volume of 2,509,701 shares, compared to its average volume of 4,163,537. The company has a market cap of $23.17 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 2.87 and a beta of 0.30. The company has a quick ratio of 0.47, a current ratio of 0.54 and a debt-to-equity ratio of 2.72. The firm’s fifty day simple moving average is $43.38. FirstEnergy Corp. has a 52 week low of $34.30 and a 52 week high of $44.20.
FirstEnergy (NYSE:FE) last posted its earnings results on Tuesday, April 23rd. The utilities provider reported $0.67 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.01). The firm had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.88 billion. FirstEnergy had a return on equity of 21.90% and a net margin of 2.63%. FirstEnergy’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.67 earnings per share. As a group, equities research analysts anticipate that FirstEnergy Corp. will post 2.53 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Wednesday, August 7th will be given a $0.38 dividend. The ex-dividend date is Tuesday, August 6th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.51%. FirstEnergy’s dividend payout ratio is currently 58.69%.
Several analysts have issued reports on FE shares. Morgan Stanley reissued an “underweight” rating and set a C$18.00 price target on shares of WestJet Airlines in a report on Friday, April 5th. TheStreet lowered Hostess Brands from a “b” rating to a “f” rating in a research note on Thursday, July 18th. Bank of America set a $57.00 price objective on Lennar and gave the stock a “buy” rating in a research note on Thursday, March 28th. Zacks Investment Research lowered EXACT Sciences from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Finally, KeyCorp reaffirmed an “overweight” rating and issued a $46.00 price objective on shares of FirstEnergy in a research note on Wednesday, June 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. FirstEnergy currently has a consensus rating of “Buy” and a consensus target price of $43.13.
In other news, Director Christopher D. Pappas bought 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were bought at an average cost of $41.14 per share, for a total transaction of $123,420.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.32% of the stock is currently owned by insiders.
FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution and Regulated Transmission segments. It owns and operates coal-fired, nuclear, hydroelectric, natural gas, wind, and solar power generating facilities.
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