Daiichi Life Insurance Co. Ltd. Increases Position in FirstEnergy Corporation $FE

Daiichi Life Insurance Co. Ltd. grew its holdings in shares of FirstEnergy Corporation (NYSE:FE - Free Report) by 235.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 78,773 shares of the utilities provider's stock after purchasing an additional 55,272 shares during the quarter. Daiichi Life Insurance Co. Ltd.'s holdings in FirstEnergy were worth $3,745,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Quantbot Technologies LP boosted its position in shares of FirstEnergy by 303.2% in the second quarter. Quantbot Technologies LP now owns 72,437 shares of the utilities provider's stock worth $3,444,000 after acquiring an additional 54,471 shares during the last quarter. Emerald Investment Advisers LLC increased its position in FirstEnergy by 110.1% during the second quarter. Emerald Investment Advisers LLC now owns 41,077 shares of the utilities provider's stock worth $1,953,000 after purchasing an additional 21,522 shares during the last quarter. EP Wealth Advisors LLC raised its stake in FirstEnergy by 84.5% during the second quarter. EP Wealth Advisors LLC now owns 19,497 shares of the utilities provider's stock worth $927,000 after purchasing an additional 8,927 shares during the period. C M Bidwell & Associates Ltd. raised its stake in FirstEnergy by 15.1% during the second quarter. C M Bidwell & Associates Ltd. now owns 6,437 shares of the utilities provider's stock worth $306,000 after purchasing an additional 844 shares during the period. Finally, B. Metzler seel. Sohn & Co. AG boosted its holdings in shares of FirstEnergy by 72.5% in the 2nd quarter. B. Metzler seel. Sohn & Co. AG now owns 27,073 shares of the utilities provider's stock valued at $1,287,000 after purchasing an additional 11,377 shares during the last quarter. Institutional investors and hedge funds own 89.41% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FE. Barclays lowered their price target on FirstEnergy from $55.00 to $54.00 and set an "overweight" rating for the company in a research report on Friday, July 31st. TD Cowen raised FirstEnergy from a "hold" rating to a "buy" rating and reduced their price objective for the company from $56.00 to $53.00 in a research note on Friday, May 15th. UBS Group increased their target price 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. Morgan Stanley cut their price target on shares of FirstEnergy from $53.00 to $52.00 and set an "overweight" rating on the stock in a report on Friday. Finally, Wolfe Research cut shares of FirstEnergy from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, FirstEnergy currently has a consensus rating of "Moderate Buy" and an average target price of $52.83.

FirstEnergy Trading Up 0.1%

Shares of FE opened at $45.99 on Monday. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.54 and a quick ratio of 0.45. FirstEnergy Corporation has a 12 month low of $42.87 and a 12 month high of $52.34. The stock has a market cap of $26.61 billion, a PE ratio of 24.46, a P/E/G ratio of 2.20 and a beta of 0.46. The stock's 50-day moving average is $47.92 and its two-hundred day moving average is $48.31.

FirstEnergy (NYSE:FE - Get Free Report) last announced its earnings results on Tuesday, July 28th. The utilities provider reported $0.50 EPS for the quarter, meeting the consensus estimate of $0.50. The business had revenue of $3.68 billion for the quarter, compared to the consensus estimate 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 business posted $0.52 EPS. Equities analysts forecast that FirstEnergy Corporation will post 2.74 earnings per share for the current fiscal year.

FirstEnergy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be given a dividend of $0.465 per share. This represents a $1.86 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, August 7th. FirstEnergy's payout ratio is presently 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.

Want to see what other hedge funds are holding FE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FirstEnergy Corporation (NYSE:FE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source