Brooklyn Investment Group Makes New Investment in FirstEnergy Corp. (NYSE:FE)

Brooklyn Investment Group acquired a new stake in FirstEnergy Corp. (NYSE:FE) during the third quarter, Holdings Channel reports. The institutional investor acquired 4,822 shares of the utilities provider’s stock, valued at approximately $214,000.

Other institutional investors have also recently modified their holdings of the company. Qsemble Capital Management LP increased its stake in shares of FirstEnergy by 241.6% in the third quarter. Qsemble Capital Management LP now owns 58,015 shares of the utilities provider’s stock worth $2,573,000 after acquiring an additional 41,033 shares during the period. DRW Securities LLC purchased a new stake in FirstEnergy in the third quarter valued at $1,154,000. Harvest Fund Management Co. Ltd purchased a new position in shares of FirstEnergy during the 3rd quarter valued at about $121,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of FirstEnergy in the 3rd quarter valued at about $3,251,000. Finally, Bank of Hawaii boosted its stake in shares of FirstEnergy by 2.6% in the third quarter. Bank of Hawaii now owns 19,491 shares of the utilities provider’s stock worth $864,000 after buying an additional 488 shares during the last quarter. 89.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FE. Wells Fargo & Company lifted their price target on FirstEnergy from $42.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, August 1st. Seaport Res Ptn cut shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. Morgan Stanley dropped their price target 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. Argus upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Friday, September 20th. Finally, Barclays raised their target price on FirstEnergy from $40.00 to $46.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, FirstEnergy currently has an average rating of “Hold” and a consensus price target of $45.91.

FirstEnergy Trading Up 0.5 %

FE stock opened at $42.28 on Wednesday. The business’s 50-day moving average is $42.80 and its 200 day moving average is $41.48. FirstEnergy Corp. has a 12-month low of $35.41 and a 12-month high of $44.97. The stock has a market cap of $24.37 billion, a price-to-earnings ratio of 27.28, a PEG ratio of 2.27 and a beta of 0.51. 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 (NYSE:FE) last issued its quarterly 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 firm 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 firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.88 earnings per share. On average, sell-side analysts anticipate that FirstEnergy Corp. will post 2.68 EPS for the current fiscal year.

FirstEnergy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Thursday, November 7th will be paid a $0.425 dividend. This represents a $1.70 annualized dividend and a dividend yield of 4.02%. The ex-dividend date is Thursday, November 7th. FirstEnergy’s dividend payout ratio is currently 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.