Allspring Global Investments Holdings LLC Decreases Stock Holdings in FirstEnergy Corporation (NYSE:FE)

Allspring Global Investments Holdings LLC decreased its stake in FirstEnergy Corporation (NYSE:FE - Free Report) by 1.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,188,498 shares of the utilities provider's stock after selling 130,407 shares during the period. FirstEnergy accounts for about 0.6% of Allspring Global Investments Holdings LLC's holdings, making the stock its 20th biggest holding. Allspring Global Investments Holdings LLC owned 1.59% of FirstEnergy worth $371,215,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Covestor Ltd boosted its position in shares of FirstEnergy by 69.3% during the 4th quarter. Covestor Ltd now owns 623 shares of the utilities provider's stock valued at $25,000 after purchasing an additional 255 shares in the last quarter. Lee Danner & Bass Inc. bought a new stake in shares of FirstEnergy during the 4th quarter valued at about $26,000. Bernard Wealth Management Corp. bought a new stake in shares of FirstEnergy during the 4th quarter valued at about $31,000. SBI Securities Co. Ltd. bought a new stake in shares of FirstEnergy during the 4th quarter valued at about $33,000. Finally, Versant Capital Management Inc boosted its position in shares of FirstEnergy by 179.8% during the 1st quarter. Versant Capital Management Inc now owns 1,192 shares of the utilities provider's stock valued at $48,000 after purchasing an additional 766 shares in the last quarter. Institutional investors and hedge funds own 89.41% of the company's stock.

FirstEnergy Stock Down 0.1%

Shares of FE stock traded down $0.06 during trading hours on Friday, reaching $39.88. The company had a trading volume of 6,653,257 shares, compared to its average volume of 3,946,099. FirstEnergy Corporation has a 12 month low of $37.58 and a 12 month high of $44.97. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.42 and a quick ratio of 0.34. The business has a fifty day simple moving average of $41.52 and a 200-day simple moving average of $40.45. The company has a market cap of $23.01 billion, a price-to-earnings ratio of 21.21, a price-to-earnings-growth ratio of 2.45 and a beta of 0.40.

FirstEnergy (NYSE:FE - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The utilities provider reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.07. The company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.68 billion. FirstEnergy had a return on equity of 11.49% and a net margin of 7.78%. The company's revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter last year, the company earned $0.55 earnings per share. On average, research analysts expect that FirstEnergy Corporation will post 2.66 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FE has been the topic of several recent research reports. Scotiabank reiterated an "outperform" rating on shares of FirstEnergy in a report on Friday, April 25th. Morgan Stanley cut their price target on FirstEnergy from $48.00 to $47.00 and set an "overweight" rating on the stock in a report on Wednesday, June 18th. Wells Fargo & Company increased their price target on FirstEnergy from $41.00 to $44.00 and gave the stock an "equal weight" rating in a report on Friday, April 25th. Evercore ISI increased their price target on FirstEnergy from $41.00 to $47.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Finally, Guggenheim increased their price target on FirstEnergy from $45.00 to $47.00 and gave the stock a "buy" rating in a report on Monday, April 7th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $46.00.

Insider Activity at FirstEnergy

In related news, CAO Jason Lisowski sold 12,000 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $41.97, for a total transaction of $503,640.00. Following the completion of the sale, the chief accounting officer now directly owns 183 shares of the company's stock, valued at approximately $7,680.51. This trade represents a 98.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.17% of the stock is currently owned by company insiders.

About FirstEnergy

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.