Prudential Financial Inc. Decreases Stake in FirstEnergy Corp. (FE)
Prudential Financial Inc. reduced its position in shares of FirstEnergy Corp. (NYSE:FE) by 54.6% during the third quarter, Holdings Channel reports. The institutional investor owned 2,063,003 shares of the company’s stock after selling 2,482,003 shares during the period. Prudential Financial Inc.’s holdings in FirstEnergy Corp. were worth $68,244,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FE. Security National Trust Co. boosted its position in FirstEnergy Corp. by 914.0% in the third quarter. Security National Trust Co. now owns 3,042 shares of the company’s stock worth $101,000 after buying an additional 2,742 shares in the last quarter. Signature Estate & Investment Advisors LLC acquired a new position in FirstEnergy Corp. during the second quarter worth approximately $126,000. FUKOKU MUTUAL LIFE INSURANCE Co boosted its position in FirstEnergy Corp. by 19.4% in the second quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 3,700 shares of the company’s stock worth $129,000 after buying an additional 600 shares in the last quarter. Assetmark Inc. boosted its position in FirstEnergy Corp. by 1,112.0% in the second quarter. Assetmark Inc. now owns 4,048 shares of the company’s stock worth $141,000 after buying an additional 3,714 shares in the last quarter. Finally, Checchi Capital Advisers LLC boosted its position in FirstEnergy Corp. by 6.6% in the second quarter. Checchi Capital Advisers LLC now owns 4,569 shares of the company’s stock worth $160,000 after buying an additional 281 shares in the last quarter. Hedge funds and other institutional investors own 74.42% of the company’s stock.
FirstEnergy Corp. (NYSE:FE) opened at 32.55 on Wednesday. FirstEnergy Corp. has a 1-year low of $30.29 and a 1-year high of $36.60. The firm has a 50-day moving average of $32.68 and a 200 day moving average of $33.39. The firm’s market cap is $13.86 billion.
FirstEnergy Corp. (NYSE:FE) last posted its earnings results on Friday, November 4th. The company reported $0.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.14. FirstEnergy Corp. had a negative net margin of 4.12% and a positive return on equity of 10.06%. During the same quarter last year, the business posted $0.98 EPS. On average, analysts predict that FirstEnergy Corp. will post $2.64 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 7th will be issued a dividend of $0.36 per share. The ex-dividend date is Thursday, November 3rd. This represents a $1.44 annualized dividend and a dividend yield of 4.42%. FirstEnergy Corp.’s payout ratio is -100.70%.
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A number of research firms recently commented on FE. Barclays PLC set a $36.00 price objective on FirstEnergy Corp. and gave the company a “hold” rating in a report on Saturday, September 17th. Royal Bank Of Canada cut their target price on FirstEnergy Corp. from $38.00 to $36.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 13th. Jefferies Group set a $36.00 target price on FirstEnergy Corp. and gave the company a “hold” rating in a research report on Wednesday, October 12th. Deutsche Bank AG raised FirstEnergy Corp. from a “hold” rating to a “buy” rating and cut their target price for the company from $38.00 to $37.00 in a research report on Tuesday, October 25th. Finally, Tudor Pickering lowered FirstEnergy Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, October 19th. Three analysts have rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $36.19.
About FirstEnergy Corp.
FirstEnergy Corp. is a holding company. The Company operates through three segments: Regulated Distribution, Regulated Transmission and Competitive Energy Services (CES). The Regulated Distribution segment distributes electricity through its approximately 10 utility operating companies. The Regulated Transmission segment transmits electricity through transmission facilities.
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