Apollon Wealth Management LLC Buys New Holdings in FirstEnergy Corp. (NYSE:FE)

Apollon Wealth Management LLC bought a new stake in FirstEnergy Corp. (NYSE:FE) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 4,617 shares of the utilities provider’s stock, valued at approximately $205,000.

A number of other large investors have also recently bought and sold shares of FE. Capital World Investors boosted its position in FirstEnergy by 14.3% in the first quarter. Capital World Investors now owns 77,928,914 shares of the utilities provider’s stock valued at $3,009,615,000 after buying an additional 9,773,785 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in FirstEnergy by 1,417.3% in the third quarter. Assenagon Asset Management S.A. now owns 743,303 shares of the utilities provider’s stock valued at $32,965,000 after acquiring an additional 694,313 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in FirstEnergy by 5.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 9,098,472 shares of the utilities provider’s stock valued at $403,517,000 after acquiring an additional 457,231 shares during the period. Point72 Asset Management L.P. acquired a new position in FirstEnergy in the second quarter valued at approximately $14,933,000. Finally, Los Angeles Capital Management LLC lifted its holdings in FirstEnergy by 1,178.5% in the second quarter. Los Angeles Capital Management LLC now owns 286,824 shares of the utilities provider’s stock valued at $10,977,000 after acquiring an additional 264,389 shares during the period. Hedge funds and other institutional investors own 89.41% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on FE shares. Morgan Stanley boosted their price target on FirstEnergy from $48.00 to $51.00 and gave the company an “overweight” rating in a report on Wednesday, September 25th. Bank of America upped their target price on FirstEnergy from $42.00 to $43.00 and gave the stock an “underperform” rating in a research note on Thursday, August 29th. Scotiabank upped their target price on FirstEnergy from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 20th. Barclays increased their price objective on FirstEnergy from $40.00 to $46.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Finally, Argus raised FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Friday, September 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, FirstEnergy presently has an average rating of “Hold” and a consensus price target of $46.00.

FirstEnergy Stock Up 0.4 %

Shares of NYSE:FE opened at $41.69 on Tuesday. The company has a quick ratio of 0.46, a current ratio of 0.56 and a debt-to-equity ratio of 1.58. The business has a fifty day moving average of $43.07 and a two-hundred day moving average of $41.38. The stock has a market cap of $24.03 billion, a P/E ratio of 26.90, a PEG ratio of 2.23 and a beta of 0.51. FirstEnergy Corp. has a 52-week low of $35.41 and a 52-week high of $44.97.

FirstEnergy (NYSE:FE) last released its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.05). The business had revenue of $3.73 billion for the quarter, compared to analysts’ expectations of $3.96 billion. FirstEnergy had a return on equity of 11.38% and a net margin of 6.64%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.88 earnings per share. On average, research analysts expect that FirstEnergy Corp. will post 2.69 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 issued a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date is Thursday, November 7th. FirstEnergy’s dividend payout ratio is presently 109.68%.

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.