Korea Investment CORP Trims Stake in FirstEnergy Corporation $FE

Key Points

• Korea Investment CORP has decreased its stake in FirstEnergy Corporation by 12.1%, selling 57,354 shares to hold a total of 414,735 shares valued at approximately $16.76 million.
• FirstEnergy's recent earnings report indicated an earnings per share of $0.52, surpassing the consensus estimate of $0.50, while total revenue for the quarter was $3.40 billion, below analyst expectations.
• The company announced a quarterly dividend of $0.445 per share, reflecting an annualized yield of 4.1%, with a payout ratio of 78.76%.

Korea Investment CORP trimmed its stake in FirstEnergy Corporation (NYSE:FE - Free Report) by 12.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 414,735 shares of the utilities provider's stock after selling 57,354 shares during the period. Korea Investment CORP owned 0.07% of FirstEnergy worth $16,764,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. N.E.W. Advisory Services LLC bought a new position in FirstEnergy in the 1st quarter worth $27,000. TruNorth Capital Management LLC boosted its holdings in FirstEnergy by 226.9% in the 1st quarter. TruNorth Capital Management LLC now owns 706 shares of the utilities provider's stock worth $29,000 after buying an additional 490 shares during the period. Bernard Wealth Management Corp. bought a new position in FirstEnergy in the 4th quarter worth $33,000. MJT & Associates Financial Advisory Group Inc. bought a new position in FirstEnergy in the 1st quarter worth $40,000. Finally, Tsfg LLC boosted its holdings in FirstEnergy by 143.6% in the 1st quarter. Tsfg LLC now owns 1,072 shares of the utilities provider's stock worth $43,000 after buying an additional 632 shares during the period. 89.41% of the stock is currently owned by hedge funds and other institutional investors.

FirstEnergy Trading Down 0.0%

Shares of NYSE:FE traded down $0.00 during trading on Tuesday, reaching $43.64. The company's stock had a trading volume of 5,017,539 shares, compared to its average volume of 3,959,194. The company has a current ratio of 0.61, a quick ratio of 0.51 and a debt-to-equity ratio of 1.68. FirstEnergy Corporation has a 12 month low of $37.58 and a 12 month high of $44.97. The firm's 50 day simple moving average is $41.62 and its two-hundred day simple moving average is $41.09. The stock has a market capitalization of $25.20 billion, a PE ratio of 19.31, a price-to-earnings-growth ratio of 2.68 and a beta of 0.48.

FirstEnergy (NYSE:FE - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $0.52 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.02. FirstEnergy had a net margin of 9.31% and a return on equity of 11.31%. The firm had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.45 billion. During the same quarter last year, the firm earned $0.56 EPS. FirstEnergy has set its FY 2025 guidance at 2.400-2.600 EPS. On average, research analysts predict that FirstEnergy Corporation will post 2.66 EPS for the current fiscal year.

FirstEnergy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Thursday, August 7th will be given a $0.445 dividend. This represents a $1.78 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Thursday, August 7th. FirstEnergy's dividend payout ratio is 78.76%.

Wall Street Analysts Forecast Growth

FE has been the subject of several recent analyst reports. Evercore ISI upped their target price on shares of FirstEnergy from $41.00 to $47.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Mizuho boosted their price target on shares of FirstEnergy from $43.00 to $45.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Morgan Stanley reiterated an "overweight" rating on shares of FirstEnergy in a research note on Thursday, August 21st. Barclays upgraded shares of FirstEnergy from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $43.00 to $49.00 in a research note on Monday. Finally, UBS Group set a $44.00 price target on shares of FirstEnergy and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. Seven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $46.31.

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.