CIBC Asset Management Inc Has $3.39 Million Stock Holdings in FirstEnergy Corp. (NYSE:FE)

CIBC Asset Management Inc boosted its stake in FirstEnergy Corp. (NYSE:FE) by 7.5% in the 3rd quarter, Holdings Channel.com reports. The firm owned 76,488 shares of the utilities provider’s stock after acquiring an additional 5,306 shares during the quarter. CIBC Asset Management Inc’s holdings in FirstEnergy were worth $3,392,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Metis Global Partners LLC lifted its stake in shares of FirstEnergy by 1.7% in the 3rd quarter. Metis Global Partners LLC now owns 16,916 shares of the utilities provider’s stock valued at $750,000 after acquiring an additional 288 shares during the last quarter. KBC Group NV increased its holdings in FirstEnergy by 33.3% in the 3rd quarter. KBC Group NV now owns 40,331 shares of the utilities provider’s stock worth $1,789,000 after purchasing an additional 10,073 shares in the last quarter. MQS Management LLC raised its position in FirstEnergy by 116.7% in the third quarter. MQS Management LLC now owns 19,909 shares of the utilities provider’s stock valued at $883,000 after purchasing an additional 10,723 shares during the last quarter. Aptus Capital Advisors LLC acquired a new stake in shares of FirstEnergy during the third quarter valued at about $202,000. Finally, Aigen Investment Management LP grew its holdings in shares of FirstEnergy by 72.3% during the third quarter. Aigen Investment Management LP now owns 22,471 shares of the utilities provider’s stock worth $997,000 after purchasing an additional 9,429 shares during the last quarter. Institutional investors and hedge funds own 89.41% of the company’s stock.

Analyst Upgrades and Downgrades

FE has been the subject of a number of research reports. Seaport Res Ptn lowered shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 31st. KeyCorp boosted their price objective on shares of FirstEnergy from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Barclays raised their target price on FirstEnergy from $40.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Bank of America upped their price target on FirstEnergy from $42.00 to $43.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. Finally, Morgan Stanley lifted their price objective on FirstEnergy from $48.00 to $51.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, FirstEnergy has a consensus rating of “Hold” and a consensus target price of $46.00.

FirstEnergy Stock Performance

NYSE FE opened at $41.69 on Tuesday. The company 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. The company has a fifty day simple moving average of $43.07 and a 200 day simple moving average of $41.38. The company has a current ratio of 0.56, a quick ratio of 0.46 and a debt-to-equity ratio of 1.58. FirstEnergy Corp. has a 12-month low of $35.41 and a 12-month high of $44.97.

FirstEnergy (NYSE:FE) last posted its earnings results on Tuesday, October 29th. The utilities provider reported $0.85 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.05). The business had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.96 billion. FirstEnergy had a return on equity of 11.38% and a net margin of 6.64%. The company’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.88 earnings per share. Sell-side analysts predict that FirstEnergy Corp. will post 2.69 earnings per share for the current fiscal year.

FirstEnergy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Thursday, November 7th will be given a dividend of $0.425 per share. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $1.70 annualized dividend and a dividend yield of 4.08%. FirstEnergy’s payout ratio is 109.68%.

FirstEnergy Profile

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.