FirstEnergy Corporation $FE Shares Sold by Legal & General Group Plc

Legal & General Group Plc cut its holdings in shares of FirstEnergy Corporation (NYSE:FE) by 2.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,444,267 shares of the utilities provider’s stock after selling 111,237 shares during the quarter. Legal & General Group Plc’s holdings in FirstEnergy were worth $211,280,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Parallel Advisors LLC raised its stake in shares of FirstEnergy by 4.1% during the 4th quarter. Parallel Advisors LLC now owns 5,381 shares of the utilities provider’s stock valued at $241,000 after buying an additional 213 shares during the last quarter. Simplicity Wealth LLC boosted its stake in shares of FirstEnergy by 3.4% in the first quarter. Simplicity Wealth LLC now owns 6,839 shares of the utilities provider’s stock worth $346,000 after buying an additional 223 shares during the last quarter. Dorsey & Whitney Trust CO LLC grew its holdings in FirstEnergy by 5.0% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 4,677 shares of the utilities provider’s stock worth $209,000 after acquiring an additional 223 shares during the period. Pinnacle Bancorp Inc. grew its holdings in FirstEnergy by 44.4% during the first quarter. Pinnacle Bancorp Inc. now owns 754 shares of the utilities provider’s stock worth $38,000 after acquiring an additional 232 shares during the period. Finally, Allworth Financial LP raised its position in FirstEnergy by 3.7% during the fourth quarter. Allworth Financial LP now owns 6,778 shares of the utilities provider’s stock valued at $303,000 after acquiring an additional 241 shares in the last quarter. 89.41% of the stock is currently owned by institutional investors and hedge funds.

FirstEnergy Price Performance

FE stock opened at $46.73 on Thursday. The business has a fifty day moving average of $47.89 and a two-hundred day moving average of $48.31. The company has a quick ratio of 0.45, a current ratio of 0.54 and a debt-to-equity ratio of 1.88. The stock has a market cap of $27.04 billion, a price-to-earnings ratio of 24.86, a price-to-earnings-growth ratio of 2.23 and a beta of 0.46. FirstEnergy Corporation has a 52-week low of $42.87 and a 52-week high of $52.34.

FirstEnergy (NYSE:FE) last posted its quarterly earnings data on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.50. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%.The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.51 billion. During the same quarter in the previous year, the business earned $0.52 EPS. As a group, research analysts anticipate that FirstEnergy Corporation will post 2.74 earnings per share for the current year.

FirstEnergy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be given a dividend of $0.465 per share. This represents a $1.86 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, August 7th. FirstEnergy’s dividend payout ratio is currently 98.94%.

Analyst Ratings Changes

Several analysts recently commented on FE shares. Wolfe Research lowered shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Morgan Stanley lowered their target price on shares of FirstEnergy from $53.00 to $52.00 and set an “overweight” rating on the stock in a research note on Friday, August 21st. TD Cowen upgraded FirstEnergy from a “hold” rating to a “buy” rating and dropped their target price for the company from $56.00 to $53.00 in a research report on Friday, May 15th. UBS Group lifted their price target on FirstEnergy from $50.00 to $51.00 and gave the company a “neutral” rating in a research note on Thursday, June 11th. Finally, Weiss Ratings cut FirstEnergy from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 17th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus 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.