Redwood Investment Management LLC Acquires Shares of 15,097 FirstEnergy Corporation $FE

Redwood Investment Management LLC bought a new position in shares of FirstEnergy Corporation (NYSE:FE) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 15,097 shares of the utilities provider’s stock, valued at approximately $765,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of FirstEnergy by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,109,341 shares of the utilities provider’s stock worth $3,049,255,000 after purchasing an additional 761,157 shares in the last quarter. Boston Partners lifted its position in FirstEnergy by 13.5% during the third quarter. Boston Partners now owns 18,344,403 shares of the utilities provider’s stock worth $841,161,000 after purchasing an additional 2,185,400 shares during the period. Geode Capital Management LLC grew its stake in FirstEnergy by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 13,463,298 shares of the utilities provider’s stock worth $600,351,000 after buying an additional 126,834 shares in the last quarter. Invesco Ltd. grew its stake in FirstEnergy by 0.3% during the fourth quarter. Invesco Ltd. now owns 11,722,471 shares of the utilities provider’s stock worth $524,815,000 after buying an additional 34,014 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in FirstEnergy by 7.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,971,706 shares of the utilities provider’s stock valued at $508,158,000 after buying an additional 694,449 shares during the period. 89.41% of the stock is currently owned by institutional investors and hedge funds.

FirstEnergy Stock Performance

Shares of FirstEnergy stock opened at $48.38 on Tuesday. The company’s 50 day moving average price is $47.62 and its two-hundred day moving average price is $48.30. The firm has a market capitalization of $27.99 billion, a P/E ratio of 25.73, a P/E/G ratio of 2.31 and a beta of 0.47. FirstEnergy Corporation has a fifty-two week low of $42.72 and a fifty-two week high of $52.34. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.54 and a quick ratio of 0.45.

FirstEnergy (NYSE:FE) last announced its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.50. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.51 billion. During the same period in the prior year, the business earned $0.52 earnings per share. On average, equities analysts forecast that FirstEnergy Corporation will post 2.73 earnings per share for the current fiscal year.

FirstEnergy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be paid a dividend of $0.465 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $1.86 annualized dividend and a dividend yield of 3.8%. FirstEnergy’s dividend payout ratio (DPR) is presently 98.94%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Wells Fargo & Company reaffirmed an “overweight” rating and set a $55.00 price target on shares of FirstEnergy in a report on Tuesday, April 21st. Jefferies Financial Group lifted their price objective on shares of FirstEnergy from $50.00 to $52.00 and gave the company a “hold” rating in a research note on Tuesday, April 21st. Barclays lowered their price objective on shares of FirstEnergy from $55.00 to $54.00 and set an “overweight” rating for the company in a research report on Friday. New Street Research set a $52.00 target price on FirstEnergy in a report on Tuesday, April 21st. Finally, UBS Group boosted their price target on FirstEnergy from $50.00 to $51.00 and gave the stock a “neutral” rating in a report on Thursday, June 11th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $52.83.

About FirstEnergy

FirstEnergy Corp. (NYSE: FE) is a U.S.-based electric utility holding company headquartered in Akron, Ohio. The company’s primary business is the delivery of electricity through its regulated transmission and distribution utilities, serving residential, commercial and industrial customers across parts of the Midwest and Mid‑Atlantic. FirstEnergy’s service territory includes states such as Ohio, Pennsylvania, New Jersey, Maryland and West Virginia, and it operates primarily within the PJM regional transmission organization.

FirstEnergy’s core activities center on owning and operating electric distribution networks and transmission systems, maintaining and upgrading grid infrastructure, managing storm response and restoration, and offering customer programs that include energy efficiency and reliability services.