Chartwell Investment Partners LLC Decreases Position in FirstEnergy Corp. (NYSE:FE)

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Chartwell Investment Partners LLC decreased its position in FirstEnergy Corp. (NYSE:FE) by 1.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 149,925 shares of the utilities provider’s stock after selling 2,035 shares during the period. Chartwell Investment Partners LLC’s holdings in FirstEnergy were worth $5,814,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Advisor Group Holdings Inc. purchased a new stake in FirstEnergy in the first quarter worth $3,291,000. FDx Advisors Inc. grew its stake in shares of FirstEnergy by 164.7% during the 1st quarter. FDx Advisors Inc. now owns 11,271 shares of the utilities provider’s stock worth $43,000 after acquiring an additional 7,013 shares during the period. GW Henssler & Associates Ltd. purchased a new stake in FirstEnergy in the 2nd quarter worth about $202,000. Private Advisor Group LLC increased its holdings in FirstEnergy by 10.5% in the 1st quarter. Private Advisor Group LLC now owns 26,114 shares of the utilities provider’s stock worth $1,047,000 after acquiring an additional 2,483 shares during the last quarter. Finally, NuWave Investment Management LLC raised its stake in FirstEnergy by 597.0% in the 2nd quarter. NuWave Investment Management LLC now owns 2,516 shares of the utilities provider’s stock valued at $105,000 after acquiring an additional 2,155 shares during the period. 84.28% of the stock is owned by institutional investors and hedge funds.

FirstEnergy stock opened at $29.00 on Friday. The stock has a market cap of $15.71 billion, a price-to-earnings ratio of 23.39 and a beta of 0.43. The company has a quick ratio of 0.46, a current ratio of 0.78 and a debt-to-equity ratio of 3.08. The business has a 50-day simple moving average of $37.78 and a 200 day simple moving average of $42.75. FirstEnergy Corp. has a 52 week low of $22.85 and a 52 week high of $52.51.

FirstEnergy (NYSE:FE) last issued its quarterly earnings results on Thursday, July 23rd. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.02. The firm had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.56 billion. FirstEnergy had a return on equity of 19.31% and a net margin of 6.10%. During the same quarter last year, the company posted $0.61 EPS. On average, research analysts anticipate that FirstEnergy Corp. will post 2.49 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a $0.39 dividend. The ex-dividend date is Thursday, August 6th. This represents a $1.56 dividend on an annualized basis and a yield of 5.38%. FirstEnergy’s dividend payout ratio is presently 60.47%.

Several equities analysts have recently weighed in on the stock. Guggenheim downgraded shares of FirstEnergy from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $51.00 to $36.00 in a research note on Wednesday, July 22nd. Scotiabank lowered shares of FirstEnergy from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the company from $53.00 to $39.00 in a research note on Wednesday, July 22nd. Morgan Stanley lowered their target price on shares of FirstEnergy from $47.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, July 28th. UBS Group raised their price target on FirstEnergy from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Finally, Evercore ISI lowered FirstEnergy from an “outperform” rating to an “in-line” rating and decreased their price objective for the company from $50.00 to $41.00 in a research note on Wednesday, July 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. FirstEnergy has an average rating of “Hold” and an average target price of $44.00.

FirstEnergy Profile

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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Institutional Ownership by Quarter for FirstEnergy (NYSE:FE)

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