Assetmark Inc. Has $708,000 Stock Holdings in FirstEnergy Corporation (NYSE:FE)

Key Points

• Assetmark Inc. significantly increased its stake in FirstEnergy Corporation by over 1,025%, now holding 17,527 shares valued at $708,000.
• Several large investors, including Geode Capital Management and Soroban Capital Partners, also raised their positions in FirstEnergy during the last quarter, reflecting strong institutional interest.
• FirstEnergy announced a quarterly dividend of $0.445, with a yield of 4.1%, and is expected to post earnings of 2.66 per share for the current fiscal year.

Assetmark Inc. boosted its holdings in shares of FirstEnergy Corporation (NYSE:FE - Free Report) by 1,025.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,527 shares of the utilities provider's stock after acquiring an additional 15,970 shares during the quarter. Assetmark Inc.'s holdings in FirstEnergy were worth $708,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Schroder Investment Management Group raised its stake in shares of FirstEnergy by 56.0% in the 4th quarter. Schroder Investment Management Group now owns 48,759 shares of the utilities provider's stock valued at $1,933,000 after acquiring an additional 17,506 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of FirstEnergy by 14.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 71,333 shares of the utilities provider's stock valued at $2,883,000 after acquiring an additional 8,879 shares in the last quarter. Johnson Investment Counsel Inc. raised its stake in shares of FirstEnergy by 3.8% in the 1st quarter. Johnson Investment Counsel Inc. now owns 9,983 shares of the utilities provider's stock valued at $403,000 after acquiring an additional 366 shares in the last quarter. Mariner LLC raised its stake in shares of FirstEnergy by 16.1% in the 4th quarter. Mariner LLC now owns 95,039 shares of the utilities provider's stock valued at $3,781,000 after acquiring an additional 13,196 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its position in FirstEnergy by 9.0% in the 1st quarter. Oppenheimer & Co. Inc. now owns 17,759 shares of the utilities provider's stock worth $718,000 after buying an additional 1,464 shares during the period. 89.41% of the stock is owned by hedge funds and other institutional investors.

FirstEnergy Price Performance

NYSE:FE traded down $0.33 during trading hours on Tuesday, reaching $43.51. The company had a trading volume of 4,382,296 shares, compared to its average volume of 5,019,182. The stock has a 50-day moving average of $40.75 and a two-hundred day moving average of $40.70. FirstEnergy Corporation has a one year low of $37.58 and a one year high of $44.97. The firm has a market capitalization of $25.12 billion, a PE ratio of 19.25, a PEG ratio of 2.65 and a beta of 0.48. The company has a quick ratio of 0.51, a current ratio of 0.61 and a debt-to-equity ratio of 1.68.

FirstEnergy (NYSE:FE - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $0.52 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.02. FirstEnergy had a return on equity of 11.31% and a net margin of 9.31%. The firm had revenue of $3.40 billion for the quarter, compared to analysts' expectations of $3.45 billion. During the same period in the prior year, the business posted $0.56 earnings per share. Analysts forecast that FirstEnergy Corporation will post 2.66 earnings per share for the current year.

FirstEnergy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Thursday, August 7th will be given a $0.445 dividend. This represents a $1.78 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Thursday, August 7th. FirstEnergy's dividend payout ratio is 78.76%.

Analyst Ratings Changes

FE has been the topic of several recent analyst reports. Evercore ISI lifted their price target on FirstEnergy from $41.00 to $47.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Bank of America raised FirstEnergy from an "underperform" rating to a "neutral" rating and lifted their price target for the stock from $42.00 to $45.00 in a research report on Wednesday, April 23rd. KeyCorp reaffirmed an "overweight" rating and issued a $46.00 price target (down from $47.00) on shares of FirstEnergy in a research report on Wednesday, July 16th. Wells Fargo & Company lifted their price target on FirstEnergy from $41.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Friday, April 25th. Finally, Mizuho lifted their price target on FirstEnergy from $43.00 to $45.00 and gave the stock a "neutral" rating in a research report on Friday. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, FirstEnergy currently has a consensus rating of "Hold" and an average price target of $46.08.

Insiders Place Their Bets

In other FirstEnergy news, CAO Jason Lisowski sold 12,000 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $41.97, for a total value of $503,640.00. Following the sale, the chief accounting officer directly owned 183 shares in the company, valued at $7,680.51. This represents a 98.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Jon Taylor K. sold 12,000 shares of the business's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $43.03, for a total value of $516,360.00. Following the completion of the transaction, the chief financial officer directly owned 99,919 shares in the company, valued at approximately $4,299,514.57. This represents a 10.72% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.17% of the company's stock.

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.