Redwood Investment Management LLC bought a new position in FirstEnergy Corp. (NYSE:FE) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 7,573 shares of the utilities provider’s stock, valued at approximately $281,000.
A number of other large investors have also recently added to or reduced their stakes in the business. Investment Partners LTD. bought a new position in shares of FirstEnergy in the third quarter worth $216,000. Winslow Evans & Crocker Inc. bought a new position in shares of FirstEnergy in the third quarter worth $114,000. Valeo Financial Advisors LLC boosted its holdings in shares of FirstEnergy by 104.4% in the third quarter. Valeo Financial Advisors LLC now owns 3,759 shares of the utilities provider’s stock worth $140,000 after acquiring an additional 1,920 shares during the period. IMA Wealth Inc. bought a new position in shares of FirstEnergy in the second quarter worth $180,000. Finally, Piedmont Investment Advisors LLC bought a new position in shares of FirstEnergy in the second quarter worth $189,000. 90.57% of the stock is owned by institutional investors and hedge funds.
NYSE:FE opened at $37.50 on Friday. The firm has a market cap of $19.18 billion, a P/E ratio of 12.21, a price-to-earnings-growth ratio of 2.46 and a beta of 0.24. FirstEnergy Corp. has a 52-week low of $29.33 and a 52-week high of $39.38. 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Thursday, February 7th will be paid a dividend of $0.38 per share. This is a positive change from FirstEnergy’s previous quarterly dividend of $0.36. The ex-dividend date is Wednesday, February 6th. This represents a $1.52 annualized dividend and a yield of 4.05%. FirstEnergy’s dividend payout ratio (DPR) is currently 46.91%.
A number of research firms have recently commented on FE. Barclays raised their price target on FirstEnergy from $39.00 to $40.00 and gave the stock a “hold” rating in a report on Monday, November 19th. Bank of America raised their price target on FirstEnergy from $39.00 to $41.00 and gave the stock a “buy” rating in a report on Monday, October 29th. Zacks Investment Research raised FirstEnergy from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a report on Wednesday, October 10th. ValuEngine raised FirstEnergy from a “hold” rating to a “buy” rating in a report on Tuesday, October 9th. Finally, Citigroup raised their price target on FirstEnergy from $34.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, October 3rd. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. FirstEnergy currently has an average rating of “Buy” and an average price target of $40.00.
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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