California State Teachers Retirement System Has $1.44 Billion Position in FirstEnergy Corporation $FE

Key Points

• California State Teachers Retirement System sharply increased its FirstEnergy stake by 4,641.7% in the second quarter, ending with 30.36 million shares worth approximately $1.44 billion, or 5.25% of the company.
• Institutional investors collectively own 89.41% of FirstEnergy, with several other funds also significantly expanding their positions.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $52.83, while FirstEnergy recently reported earnings in line with estimates and offers a quarterly dividend equivalent to a 4.0% annual yield.

California State Teachers Retirement System raised its holdings in shares of FirstEnergy Corporation (NYSE:FE - Free Report) by 4,641.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,356,239 shares of the utilities provider's stock after purchasing an additional 29,716,038 shares during the quarter. California State Teachers Retirement System owned 5.25% of FirstEnergy worth $1,443,136,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. boosted its position in shares of FirstEnergy by 11,305.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,974,989 shares of the utilities provider's stock valued at $81,699,000 after buying an additional 1,957,673 shares during the last quarter. Intech Investment Management LLC grew its holdings in FirstEnergy by 42.8% during the fourth quarter. Intech Investment Management LLC now owns 85,247 shares of the utilities provider's stock worth $3,817,000 after buying an additional 25,571 shares in the last quarter. Assenagon Asset Management S.A. raised its position in FirstEnergy by 6,066.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 495,299 shares of the utilities provider's stock valued at $23,547,000 after buying an additional 487,267 shares during the last quarter. BW Gestao de Investimentos Ltda. purchased a new stake in FirstEnergy in the 4th quarter valued at $15,172,000. Finally, Bryn Mawr Trust Advisors LLC bought a new position in FirstEnergy during the 2nd quarter valued at $9,878,000. Institutional investors and hedge funds own 89.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Morgan Stanley cut their price objective on shares of FirstEnergy from $53.00 to $52.00 and set an "overweight" rating on the stock in a report on Friday, August 21st. Weiss Ratings downgraded shares of FirstEnergy from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, June 17th. Barclays dropped their price target on shares of FirstEnergy from $55.00 to $54.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. UBS Group upped their price objective on shares of FirstEnergy from $50.00 to $51.00 and gave the stock a "neutral" rating in a research report on Thursday, June 11th. Finally, Wall Street Zen lowered shares of FirstEnergy from a "hold" rating to a "sell" rating in a research note on Saturday, September 5th. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $52.83.

FirstEnergy Stock Down 0.3%

Shares of NYSE:FE opened at $46.13 on Friday. The company has a market capitalization of $26.69 billion, a PE ratio of 24.54, a price-to-earnings-growth ratio of 2.67 and a beta of 0.45. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.54 and a quick ratio of 0.45. The business has a fifty day moving average price of $47.60 and a two-hundred day moving average price of $48.11. FirstEnergy Corporation has a 1 year low of $43.00 and a 1 year high of $52.34.

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

FirstEnergy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 7th were issued a $0.465 dividend. This represents a $1.86 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, August 7th. FirstEnergy's payout ratio is 98.94%.

FirstEnergy Company Profile

FirstEnergy Corp. NYSE: FE is an electric utility holding company focused on the transmission and distribution of electricity. Through its regulated operating companies, the company delivers power to residential, commercial and industrial customers and maintains the local infrastructure needed to support reliable electric service.

FirstEnergy's utility operations include Ohio Edison, The Illuminating Company, Toledo Edison, Met-Ed, Penelec, Penn Power, West Penn Power, Jersey Central Power & Light and Mon Power, among others.

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