DAVENPORT & Co LLC Takes $1.45 Million Position in FirstEnergy Corporation (NYSE:FE)

DAVENPORT & Co LLC purchased a new stake in FirstEnergy Corporation (NYSE:FE - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 35,951 shares of the utilities provider's stock, valued at approximately $1,453,000.

Several other hedge funds also recently made changes to their positions in the stock. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in FirstEnergy by 18.0% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 66,831 shares of the utilities provider's stock worth $2,701,000 after buying an additional 10,218 shares in the last quarter. Vontobel Holding Ltd. grew its position in FirstEnergy by 29.7% during the first quarter. Vontobel Holding Ltd. now owns 7,684 shares of the utilities provider's stock worth $311,000 after buying an additional 1,760 shares in the last quarter. Mather Group LLC. grew its position in FirstEnergy by 14.4% during the first quarter. Mather Group LLC. now owns 3,631 shares of the utilities provider's stock worth $147,000 after buying an additional 456 shares in the last quarter. Advisors Management Group Inc. ADV grew its position in FirstEnergy by 1.3% during the first quarter. Advisors Management Group Inc. ADV now owns 247,558 shares of the utilities provider's stock worth $10,006,000 after buying an additional 3,198 shares in the last quarter. Finally, New York State Teachers Retirement System grew its position in FirstEnergy by 3.6% during the first quarter. New York State Teachers Retirement System now owns 397,897 shares of the utilities provider's stock worth $16,083,000 after buying an additional 13,744 shares in the last quarter. 89.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on FE shares. Evercore ISI boosted their target price on FirstEnergy from $41.00 to $47.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. UBS Group set a $44.00 price target on FirstEnergy and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. Scotiabank reaffirmed an "outperform" rating on shares of FirstEnergy in a research note on Friday, April 25th. Mizuho set a $43.00 price target on FirstEnergy in a research note on Monday, April 28th. Finally, Morgan Stanley dropped their price target on FirstEnergy from $48.00 to $47.00 and set an "overweight" rating for the company in a research note on Wednesday, June 18th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $46.00.

FirstEnergy Trading Up 0.2%

NYSE FE opened at $39.82 on Friday. FirstEnergy Corporation has a 1-year low of $37.58 and a 1-year high of $44.97. The company has a current ratio of 0.42, a quick ratio of 0.34 and a debt-to-equity ratio of 1.53. The stock has a 50-day moving average of $41.29 and a 200-day moving average of $40.46. The firm has a market cap of $22.98 billion, a PE ratio of 21.18, a price-to-earnings-growth ratio of 2.45 and a beta of 0.39.

FirstEnergy (NYSE:FE - Get Free Report) last released 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. FirstEnergy had a return on equity of 11.49% and a net margin of 7.78%. The company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.68 billion. During the same quarter in the previous year, the company posted $0.55 EPS. FirstEnergy's revenue for the quarter was up 14.5% on a year-over-year basis. As a group, sell-side analysts forecast that FirstEnergy Corporation will post 2.66 EPS for the current year.

Insider Transactions at FirstEnergy

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

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