FirstEnergy Corp. (NYSE:FE) Shares Sold by Sasco Capital Inc. CT

Sasco Capital Inc. CT reduced its holdings in FirstEnergy Corp. (NYSE:FE) by 15.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 509,915 shares of the utilities provider’s stock after selling 90,770 shares during the quarter. FirstEnergy accounts for about 3.4% of Sasco Capital Inc. CT’s investment portfolio, making the stock its 9th largest holding. Sasco Capital Inc. CT’s holdings in FirstEnergy were worth $22,615,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Capital World Investors boosted its stake in FirstEnergy by 14.3% in the 1st quarter. Capital World Investors now owns 77,928,914 shares of the utilities provider’s stock valued at $3,009,615,000 after purchasing an additional 9,773,785 shares during the period. Boston Partners raised its holdings in FirstEnergy by 2.3% during the 1st quarter. Boston Partners now owns 9,517,314 shares of the utilities provider’s stock worth $367,423,000 after purchasing an additional 218,165 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in FirstEnergy by 5.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 9,098,472 shares of the utilities provider’s stock worth $403,517,000 after acquiring an additional 457,231 shares during the period. First Pacific Advisors LP lifted its stake in FirstEnergy by 2.0% in the second quarter. First Pacific Advisors LP now owns 3,557,667 shares of the utilities provider’s stock valued at $136,152,000 after buying an additional 69,512 shares during the period. Finally, 1832 Asset Management L.P. grew its holdings in FirstEnergy by 7.6% in the second quarter. 1832 Asset Management L.P. now owns 2,725,050 shares of the utilities provider’s stock worth $104,288,000 after purchasing an additional 193,540 shares during the period. Institutional investors own 89.41% of the company’s stock.

FirstEnergy Price Performance

Shares of FirstEnergy stock opened at $41.69 on Tuesday. The stock has a 50 day moving average of $43.07 and a 200 day 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. The firm has a market cap of $24.03 billion, a PE ratio of 26.90, a PEG ratio of 2.23 and a beta of 0.51.

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

FirstEnergy Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have weighed in on FE shares. Argus upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Friday, September 20th. JPMorgan Chase & Co. boosted their target price on shares of FirstEnergy from $45.00 to $46.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Wells Fargo & Company lifted their price objective on FirstEnergy from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, August 1st. Seaport Res Ptn cut shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 31st. Finally, Jefferies Financial Group started coverage on shares of FirstEnergy in a report on Monday, October 14th. They issued a “hold” rating and a $46.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, FirstEnergy presently has an average rating of “Hold” and a consensus price target of $46.00.

About FirstEnergy

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.