Cornerstone Wealth Group LLC Acquires 1,415 Shares of FirstEnergy Corp. (NYSE:FE)

Cornerstone Wealth Group LLC lifted its holdings in shares of FirstEnergy Corp. (NYSE:FE) by 1.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 89,089 shares of the utilities provider’s stock after acquiring an additional 1,415 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in FirstEnergy were worth $3,951,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. First Trust Direct Indexing L.P. raised its holdings in shares of FirstEnergy by 14.4% during the third quarter. First Trust Direct Indexing L.P. now owns 10,511 shares of the utilities provider’s stock valued at $466,000 after acquiring an additional 1,324 shares in the last quarter. Eagle Strategies LLC bought a new position in shares of FirstEnergy during the third quarter valued at approximately $211,000. abrdn plc raised its holdings in shares of FirstEnergy by 8.0% during the third quarter. abrdn plc now owns 852,059 shares of the utilities provider’s stock valued at $37,691,000 after acquiring an additional 63,120 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of FirstEnergy by 3.7% during the third quarter. Nisa Investment Advisors LLC now owns 31,263 shares of the utilities provider’s stock valued at $1,387,000 after acquiring an additional 1,107 shares in the last quarter. Finally, PFG Investments LLC grew its stake in FirstEnergy by 7.7% in the third quarter. PFG Investments LLC now owns 20,368 shares of the utilities provider’s stock worth $903,000 after purchasing an additional 1,450 shares during the period. Institutional investors own 89.41% of the company’s stock.

FirstEnergy Trading Down 1.5 %

FirstEnergy stock opened at $42.20 on Thursday. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.51 and a quick ratio of 0.43. FirstEnergy Corp. has a one year low of $34.92 and a one year high of $44.97. The stock has a market capitalization of $24.30 billion, a PE ratio of 29.93, a price-to-earnings-growth ratio of 2.28 and a beta of 0.50. The business’s fifty day moving average is $43.67 and its 200 day moving average is $41.05.

FirstEnergy (NYSE:FE) last released its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $0.85 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.06). FirstEnergy had a net margin of 6.61% and a return on equity of 12.12%. The business had revenue of $3.73 billion for the quarter, compared to analysts’ expectations of $3.96 billion. During the same period last year, the business earned $0.88 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. On average, sell-side analysts predict that FirstEnergy Corp. will post 2.7 EPS for the current year.

FirstEnergy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Thursday, November 7th will be issued a $0.425 dividend. This represents a $1.70 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date of this dividend is Thursday, November 7th. FirstEnergy’s dividend payout ratio is 120.57%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on FE shares. Scotiabank upped their price target on FirstEnergy from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 20th. Morgan Stanley upped their price target on FirstEnergy from $48.00 to $51.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 25th. KeyCorp upped their price target on FirstEnergy from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Jefferies Financial Group began coverage on FirstEnergy in a research note on Monday, October 14th. They issued a “hold” rating and a $46.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their target price on FirstEnergy from $45.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $46.00.

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.