Alyeska Investment Group L.P. Buys 107,313 Shares of FirstEnergy Corporation $FE

Key Points

• Alyeska Investment Group increased its FirstEnergy stake by 35.2% in the second quarter, purchasing 107,313 shares and bringing its holdings to 411,968 shares valued at approximately $19.6 million.
• Institutional investors own 89.41% of FirstEnergy, with several major firms—including Boston Partners, Geode Capital Management and Victory Capital—also increasing their positions.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $52.83. FirstEnergy reported quarterly EPS in line with estimates at $0.50, revenue above expectations at $3.68 billion, and a quarterly dividend of $0.465 per share, yielding about 4.1%.

Alyeska Investment Group L.P. boosted its stake in FirstEnergy Corporation (NYSE:FE - Free Report) by 35.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 411,968 shares of the utilities provider's stock after purchasing an additional 107,313 shares during the quarter. Alyeska Investment Group L.P. owned about 0.07% of FirstEnergy worth $19,585,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Boston Partners grew its stake in FirstEnergy by 13.5% in the third quarter. Boston Partners now owns 18,344,403 shares of the utilities provider's stock valued at $841,161,000 after acquiring an additional 2,185,400 shares during the period. Geode Capital Management LLC grew its position in FirstEnergy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 13,463,298 shares of the utilities provider's stock valued at $600,351,000 after purchasing an additional 126,834 shares during the period. Invesco Ltd. grew its position in FirstEnergy by 0.3% in the 4th quarter. Invesco Ltd. now owns 11,722,471 shares of the utilities provider's stock valued at $524,815,000 after purchasing an additional 34,014 shares during the period. Allspring Global Investments Holdings LLC increased its stake in FirstEnergy by 7.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,971,706 shares of the utilities provider's stock valued at $508,158,000 after purchasing an additional 694,449 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in FirstEnergy by 56.0% during the fourth quarter. Victory Capital Management Inc. now owns 5,506,251 shares of the utilities provider's stock worth $246,515,000 after buying an additional 1,977,504 shares during the last quarter. 89.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FE. Morgan Stanley dropped their price objective on shares of FirstEnergy from $53.00 to $52.00 and set an "overweight" rating on the stock in a research note on Friday, August 21st. Barclays decreased their target price on shares of FirstEnergy from $55.00 to $54.00 and set an "overweight" rating for the company in a research report on Friday, July 31st. UBS Group upped their target price on shares of FirstEnergy from $50.00 to $51.00 and gave the stock a "neutral" rating in a report on Thursday, June 11th. Wolfe Research downgraded FirstEnergy from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. Finally, Weiss Ratings lowered FirstEnergy from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, June 17th. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $52.83.

FirstEnergy Stock Performance

FE stock opened at $45.88 on Tuesday. The firm has a market cap of $26.55 billion, a PE ratio of 24.40, a P/E/G ratio of 2.19 and a beta of 0.46. The company has a quick ratio of 0.45, a current ratio of 0.54 and a debt-to-equity ratio of 1.88. The business has a 50 day moving average of $47.86 and a 200-day moving average of $48.29. FirstEnergy Corporation has a 12-month low of $42.87 and a 12-month high of $52.34.

FirstEnergy (NYSE:FE - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 EPS for the quarter, hitting analysts' consensus estimates of $0.50. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.51 billion. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%.During the same period last year, the company posted $0.52 earnings per share. As a group, sell-side analysts expect that FirstEnergy Corporation will post 2.74 earnings per share for the current year.

FirstEnergy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be issued a dividend of $0.465 per share. This represents a $1.86 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Friday, August 7th. FirstEnergy's dividend payout ratio is 98.94%.

FirstEnergy Profile

FirstEnergy Corp. NYSE: FE is a U.S.-based electric utility holding company headquartered in Akron, Ohio. The company's primary business is the delivery of electricity through its regulated transmission and distribution utilities, serving residential, commercial and industrial customers across parts of the Midwest and Mid‑Atlantic. FirstEnergy's service territory includes states such as Ohio, Pennsylvania, New Jersey, Maryland and West Virginia, and it operates primarily within the PJM regional transmission organization.

FirstEnergy's core activities center on owning and operating electric distribution networks and transmission systems, maintaining and upgrading grid infrastructure, managing storm response and restoration, and offering customer programs that include energy efficiency and reliability services.

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