Engineers Gate Manager LP acquired a new stake in shares of FirstEnergy Corp. (NYSE:FE) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 254,341 shares of the utilities provider’s stock, valued at approximately $9,454,000. FirstEnergy makes up 0.7% of Engineers Gate Manager LP’s investment portfolio, making the stock its 4th biggest holding.
Other large investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its stake in shares of FirstEnergy by 1.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,000,477 shares of the utilities provider’s stock worth $34,026,000 after acquiring an additional 11,756 shares during the period. Principal Financial Group Inc. grew its stake in shares of FirstEnergy by 79.4% in the first quarter. Principal Financial Group Inc. now owns 1,410,730 shares of the utilities provider’s stock worth $47,979,000 after acquiring an additional 624,164 shares during the period. Gulf International Bank UK Ltd grew its stake in shares of FirstEnergy by 12.2% in the second quarter. Gulf International Bank UK Ltd now owns 155,330 shares of the utilities provider’s stock worth $5,577,000 after acquiring an additional 16,870 shares during the period. First American Trust FSB grew its stake in shares of FirstEnergy by 2.1% in the second quarter. First American Trust FSB now owns 117,808 shares of the utilities provider’s stock worth $4,230,000 after acquiring an additional 2,428 shares during the period. Finally, IFM Investors Pty Ltd grew its stake in shares of FirstEnergy by 43.6% in the second quarter. IFM Investors Pty Ltd now owns 21,231 shares of the utilities provider’s stock worth $762,000 after acquiring an additional 6,447 shares during the period. Institutional investors and hedge funds own 94.43% of the company’s stock.
Shares of NYSE FE opened at $37.12 on Friday. The company has a debt-to-equity ratio of 2.44, a current ratio of 0.45 and a quick ratio of 0.41. The company has a market cap of $19.07 billion, a P/E ratio of 13.31, a price-to-earnings-growth ratio of 2.45 and a beta of 0.24. FirstEnergy Corp. has a 12-month low of $29.33 and a 12-month high of $39.01.
FirstEnergy (NYSE:FE) last announced its earnings results on Thursday, October 25th. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.09. The company had revenue of $3.06 billion during the quarter, compared to analyst estimates of $2.82 billion. FirstEnergy had a negative net margin of 11.86% and a positive return on equity of 24.42%. Equities research analysts anticipate that FirstEnergy Corp. will post 2.54 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Wednesday, November 7th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 3.88%. The ex-dividend date is Tuesday, November 6th. FirstEnergy’s dividend payout ratio is currently 46.91%.
FE has been the subject of several recent research reports. Morgan Stanley cut their target price on shares of FirstEnergy from $41.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, September 21st. Wells Fargo & Co restated a “buy” rating and set a $42.00 target price (up from $41.00) on shares of FirstEnergy in a research report on Monday, September 17th. Zacks Investment Research lowered shares of FirstEnergy from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. ValuEngine upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating in a research report on Tuesday, October 9th. Finally, Barclays initiated coverage on shares of FirstEnergy in a research report on Tuesday, July 10th. They set an “equal weight” rating and a $39.00 target price for the company. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company. FirstEnergy has a consensus rating of “Buy” and a consensus target price of $39.90.
FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution, Regulated Transmission, and Competitive Energy Services segments. It owns and operates coal-fired, nuclear, hydroelectric, oil and natural gas, wind, and solar power generating facilities.
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