Cornerstone Wealth Group LLC Boosts Holdings in FirstEnergy Corp. (NYSE:FE)

Cornerstone Wealth Group LLC raised its holdings in shares of FirstEnergy Corp. (NYSE:FE) by 2.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 91,101 shares of the utilities provider’s stock after buying an additional 2,012 shares during the period. Cornerstone Wealth Group LLC’s holdings in FirstEnergy were worth $3,624,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in FE. Assenagon Asset Management S.A. raised its stake in FirstEnergy by 1,417.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 743,303 shares of the utilities provider’s stock worth $32,965,000 after acquiring an additional 694,313 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of 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 worth $403,517,000 after purchasing an additional 457,231 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of FirstEnergy during the 2nd quarter valued at $14,933,000. Wedge Capital Management L L P NC purchased a new position in shares of FirstEnergy during the 4th quarter valued at $12,198,000. Finally, International Assets Investment Management LLC boosted its holdings in FirstEnergy by 4,445.0% in the 3rd quarter. International Assets Investment Management LLC now owns 219,434 shares of the utilities provider’s stock worth $9,732,000 after buying an additional 214,606 shares during the period. 89.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FE has been the topic of several recent analyst reports. Morgan Stanley reduced their price objective on shares of FirstEnergy from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. Jefferies Financial Group began coverage on shares of FirstEnergy in a research note on Monday, October 14th. They issued a “hold” rating and a $46.00 price objective for the company. Scotiabank upgraded FirstEnergy from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the stock from $45.00 to $50.00 in a research report on Thursday, December 12th. Barclays raised 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, KeyCorp lowered their price target on FirstEnergy from $48.00 to $47.00 and set an “overweight” rating for the company in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, FirstEnergy currently has an average rating of “Hold” and an average target price of $46.27.

FirstEnergy Trading Up 0.4 %

FE stock opened at $39.18 on Monday. FirstEnergy Corp. has a 12 month low of $35.41 and a 12 month high of $44.97. The firm’s 50-day moving average is $40.35 and its 200 day moving average is $41.80. The company has a market capitalization of $22.58 billion, a PE ratio of 25.27, a P/E/G ratio of 1.97 and a beta of 0.52. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.56 and a quick ratio of 0.46.

FirstEnergy (NYSE:FE) last issued its earnings results on Tuesday, October 29th. The utilities provider reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.05). The company 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 was up 6.9% compared to the same quarter last year. During the same period last year, the business posted $0.88 earnings per share. On average, research analysts anticipate that FirstEnergy Corp. will post 2.67 EPS for the current year.

FirstEnergy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Friday, February 7th will be issued a dividend of $0.425 per share. This represents a $1.70 annualized dividend and a yield of 4.34%. The ex-dividend date is Friday, February 7th. FirstEnergy’s payout ratio is 109.68%.

FirstEnergy Company 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.