FirstEnergy Corporation $FE Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its FirstEnergy stake by 6,066.6% in the second quarter, acquiring 487,267 additional shares for a total holding of 495,299 shares valued at approximately $23.5 million. Institutional investors collectively own 89.41% of the company.
• FirstEnergy reported quarterly revenue of $3.68 billion, exceeding analyst estimates of $3.51 billion, while earnings per share matched expectations at $0.50. Analysts forecast full-year EPS of $2.74.
• The company declared a quarterly dividend of $0.465 per share, equivalent to an annualized $1.86 and a 3.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $52.83.

Assenagon Asset Management S.A. raised its position in shares of FirstEnergy Corporation (NYSE:FE - Free Report) by 6,066.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 495,299 shares of the utilities provider's stock after acquiring an additional 487,267 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.09% of FirstEnergy worth $23,547,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FE. Vanguard Group Inc. raised its stake in FirstEnergy by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 68,109,341 shares of the utilities provider's stock valued at $3,049,255,000 after purchasing an additional 761,157 shares during the last quarter. Boston Partners raised its position in shares of FirstEnergy by 13.5% in the third quarter. Boston Partners now owns 18,344,403 shares of the utilities provider's stock valued at $841,161,000 after buying an additional 2,185,400 shares during the last quarter. Geode Capital Management LLC raised its position in shares of FirstEnergy by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 13,463,298 shares of the utilities provider's stock valued at $600,351,000 after buying an additional 126,834 shares during the last quarter. Invesco Ltd. lifted its stake in shares of FirstEnergy by 0.3% in the fourth quarter. Invesco Ltd. now owns 11,722,471 shares of the utilities provider's stock worth $524,815,000 after buying an additional 34,014 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of FirstEnergy by 7.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 9,971,706 shares of the utilities provider's stock worth $508,158,000 after buying an additional 694,449 shares in the last quarter. Hedge funds and other institutional investors own 89.41% of the company's stock.

FirstEnergy Stock Up 0.1%

FE stock opened at $47.50 on Monday. FirstEnergy Corporation has a one year low of $42.72 and a one year high of $52.34. The firm has a market cap of $27.48 billion, a PE ratio of 25.27, a PEG ratio of 2.27 and a beta of 0.46. The firm's 50 day moving average price is $47.72 and its 200-day moving average price is $48.33. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.45 and a current ratio of 0.54.

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

FirstEnergy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors 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 3.9%. The ex-dividend date of this dividend is Friday, August 7th. FirstEnergy's dividend payout ratio (DPR) is presently 98.94%.

Analyst Ratings Changes

Several analysts recently issued reports on FE shares. Weiss Ratings cut shares of FirstEnergy from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, June 17th. Barclays lowered their target price on FirstEnergy from $55.00 to $54.00 and set an "overweight" rating on the stock in a report on Friday, July 31st. Wolfe Research lowered FirstEnergy from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. UBS Group increased their price target on FirstEnergy from $50.00 to $51.00 and gave the company a "neutral" rating in a report on Thursday, June 11th. Finally, TD Cowen upgraded FirstEnergy from a "hold" rating to a "buy" rating and reduced their price objective for the stock from $56.00 to $53.00 in a research report on Friday, May 15th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $52.83.

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.

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