Rakuten Investment Management Inc. Makes New $4.17 Million Investment in FirstEnergy Corporation $FE

Rakuten Investment Management Inc. purchased a new position in FirstEnergy Corporation (NYSE:FE) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 86,810 shares of the utilities provider’s stock, valued at approximately $4,172,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FE. Parallel Advisors LLC lifted its stake in FirstEnergy by 4.1% in the 4th quarter. Parallel Advisors LLC now owns 5,381 shares of the utilities provider’s stock worth $241,000 after purchasing an additional 213 shares in the last quarter. Simplicity Wealth LLC grew its position 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 valued at $346,000 after purchasing an additional 223 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its holdings in shares of FirstEnergy by 5.0% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 4,677 shares of the utilities provider’s stock valued at $209,000 after purchasing an additional 223 shares during the last quarter. Pinnacle Bancorp Inc. lifted its position 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 buying an additional 232 shares in the last quarter. Finally, Allworth Financial LP lifted 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 worth $303,000 after buying an additional 241 shares in the last quarter. 89.41% of the stock is currently owned by institutional investors and hedge funds.

FirstEnergy Trading Down 0.1%

NYSE FE opened at $45.84 on Monday. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.54 and a quick ratio of 0.45. The stock has a market capitalization of $26.52 billion, a P/E ratio of 24.38, a PEG ratio of 2.19 and a beta of 0.46. The firm’s 50-day moving average is $47.88 and its two-hundred day moving average is $48.30. FirstEnergy Corporation has a 12 month low of $42.87 and a 12 month high of $52.34.

FirstEnergy (NYSE:FE) last announced its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.50. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. The business had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.51 billion. During the same period last year, the business earned $0.52 earnings per share. On average, sell-side analysts anticipate that FirstEnergy Corporation will post 2.74 earnings per share for the current year.

FirstEnergy Announces Dividend

The company also recently declared 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 4.1%. The ex-dividend date is Friday, August 7th. FirstEnergy’s dividend payout ratio (DPR) is currently 98.94%.

Analyst Upgrades and Downgrades

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