Envestnet Portfolio Solutions Inc. Sells 38,835 Shares of FirstEnergy Corporation $FE

Key Points

• Envestnet Portfolio Solutions reduced its FirstEnergy stake by 9.8%, selling 38,835 shares and retaining 358,788 shares worth approximately $17.1 million. Institutional investors collectively own 89.41% of the company.
• FirstEnergy shares opened at $43.66, near their 52-week low of $43.63, with a market capitalization of $25.27 billion. The utility reported quarterly EPS of $0.50, in line with estimates, while revenue of $3.68 billion exceeded expectations.
• FirstEnergy maintains a quarterly dividend of $0.465, equivalent to an annualized 4.3% yield, though its payout ratio is high at 98.94%. Analysts have a “Moderate Buy” consensus rating and an average price target of $52.58.

Envestnet Portfolio Solutions Inc. lessened its stake in FirstEnergy Corporation (NYSE:FE - Free Report) by 9.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 358,788 shares of the utilities provider's stock after selling 38,835 shares during the period. Envestnet Portfolio Solutions Inc. owned 0.06% of FirstEnergy worth $17,057,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in FE. Envestnet Asset Management Inc. boosted its stake in FirstEnergy by 7.7% in the second quarter. Envestnet Asset Management Inc. now owns 2,134,601 shares of the utilities provider's stock valued at $101,479,000 after acquiring an additional 152,346 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of FirstEnergy by 129.6% during the 2nd quarter. Tidal Investments LLC now owns 55,961 shares of the utilities provider's stock valued at $2,660,000 after purchasing an additional 31,591 shares during the last quarter. National Pension Service boosted its position in shares of FirstEnergy by 3.2% in the 2nd quarter. National Pension Service now owns 1,014,031 shares of the utilities provider's stock worth $48,207,000 after purchasing an additional 31,445 shares in the last quarter. Engineers Gate Manager LP grew its stake in FirstEnergy by 612.9% during the 2nd quarter. Engineers Gate Manager LP now owns 93,410 shares of the utilities provider's stock worth $4,441,000 after buying an additional 80,308 shares during the last quarter. Finally, Integrated Wealth Concepts LLC grew its stake in FirstEnergy by 54.0% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 15,512 shares of the utilities provider's stock worth $737,000 after buying an additional 5,440 shares during the last quarter. 89.41% of the stock is currently owned by institutional investors.

FirstEnergy Stock Down 2.4%

NYSE:FE opened at $43.66 on Thursday. 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 company's fifty day moving average price is $47.09 and its 200-day moving average price is $47.78. FirstEnergy Corporation has a 1-year low of $43.63 and a 1-year high of $52.34. The firm has a market capitalization of $25.27 billion, a P/E ratio of 23.23, a PEG ratio of 2.59 and a beta of 0.45.

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

FirstEnergy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th were given a $0.465 dividend. This represents a $1.86 annualized dividend and a yield of 4.3%. The ex-dividend date was Friday, August 7th. FirstEnergy's dividend payout ratio is currently 98.94%.

Analyst Upgrades and Downgrades

FE has been the subject of a number of research analyst reports. Barclays decreased their price target on FirstEnergy from $55.00 to $54.00 and set an "overweight" rating for the company in a research note on Friday, July 31st. Wall Street Zen upgraded shares of FirstEnergy from a "sell" rating to a "hold" rating in a research note on Saturday, September 19th. Morgan Stanley dropped their price objective on shares of FirstEnergy from $52.00 to $49.00 and set an "overweight" rating on the stock in a report on Friday, September 18th. Weiss Ratings reissued a "buy (b-)" rating on shares of FirstEnergy in a research report on Monday, September 14th. Finally, UBS Group raised their target price on FirstEnergy from $50.00 to $51.00 and gave the stock a "neutral" rating in a research note on Thursday, June 11th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, FirstEnergy has an average rating of "Moderate Buy" and an average price target of $52.58.

About FirstEnergy

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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