Sigma Planning Corp Reduces Stock Position in FirstEnergy Corp. (NYSE:FE)

Sigma Planning Corp cut its stake in FirstEnergy Corp. (NYSE:FE) by 57.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,413 shares of the utilities provider’s stock after selling 26,453 shares during the period. Sigma Planning Corp’s holdings in FirstEnergy were worth $712,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. DnB Asset Management AS increased its stake in shares of FirstEnergy by 43.0% during the 3rd quarter. DnB Asset Management AS now owns 32,489 shares of the utilities provider’s stock worth $1,110,000 after purchasing an additional 9,768 shares in the last quarter. Czech National Bank increased its stake in shares of FirstEnergy by 40.0% during the 3rd quarter. Czech National Bank now owns 90,190 shares of the utilities provider’s stock worth $3,083,000 after purchasing an additional 25,769 shares in the last quarter. Spirit of America Management Corp NY increased its stake in shares of FirstEnergy by 35.2% during the 3rd quarter. Spirit of America Management Corp NY now owns 12,300 shares of the utilities provider’s stock worth $420,000 after purchasing an additional 3,200 shares in the last quarter. My Legacy Advisors LLC increased its stake in shares of FirstEnergy by 10.0% during the 3rd quarter. My Legacy Advisors LLC now owns 17,674 shares of the utilities provider’s stock worth $630,000 after purchasing an additional 1,603 shares in the last quarter. Finally, Toews Corp ADV purchased a new position in shares of FirstEnergy during the 3rd quarter worth approximately $766,000. 89.41% of the stock is owned by hedge funds and other institutional investors.

FirstEnergy Stock Up 0.5 %

Shares of NYSE FE opened at $38.30 on Thursday. FirstEnergy Corp. has a 52-week low of $32.18 and a 52-week high of $41.17. The firm has a fifty day moving average of $37.79 and a 200-day moving average of $37.08. The stock has a market capitalization of $22.04 billion, a PE ratio of 21.16 and a beta of 0.48. The company has a quick ratio of 0.38, a current ratio of 0.48 and a debt-to-equity ratio of 2.10.

FirstEnergy (NYSE:FE) last announced its quarterly earnings data on Friday, February 9th. The utilities provider reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.02. FirstEnergy had a net margin of 8.56% and a return on equity of 13.52%. The company had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.10 billion. During the same period in the previous year, the company earned $0.50 EPS. The business’s quarterly revenue was up .0% compared to the same quarter last year. On average, analysts anticipate that FirstEnergy Corp. will post 2.66 EPS for the current year.

FirstEnergy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Tuesday, May 7th will be given a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a yield of 4.44%. This is a boost from FirstEnergy’s previous quarterly dividend of $0.41. The ex-dividend date is Monday, May 6th. FirstEnergy’s dividend payout ratio is 90.61%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. KeyCorp raised their price objective on shares of FirstEnergy from $41.00 to $43.00 and gave the stock an “overweight” rating in a research note on Thursday, January 4th. StockNews.com cut shares of FirstEnergy from a “hold” rating to a “sell” rating in a research note on Monday, February 12th. Scotiabank lowered their target price on shares of FirstEnergy from $41.00 to $40.00 and set a “sector perform” rating for the company in a research note on Monday. The Goldman Sachs Group assumed coverage on shares of FirstEnergy in a research note on Wednesday, April 10th. They issued a “buy” rating and a $45.00 target price for the company. Finally, Bank of America lifted their target price on shares of FirstEnergy from $30.00 to $35.00 and gave the stock an “underperform” rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, FirstEnergy currently has an average rating of “Hold” and a consensus target price of $39.80.

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.