FirstEnergy Corporation (NYSE:FE) Position Lessened by M&T Bank Corp

M&T Bank Corp cut its holdings in shares of FirstEnergy Corporation (NYSE:FE - Free Report) by 5.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 147,069 shares of the utilities provider's stock after selling 7,877 shares during the quarter. M&T Bank Corp's holdings in FirstEnergy were worth $5,945,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Covestor Ltd boosted its holdings in FirstEnergy by 69.3% during the 4th quarter. Covestor Ltd now owns 623 shares of the utilities provider's stock valued at $25,000 after acquiring an additional 255 shares during the period. Lee Danner & Bass Inc. purchased a new position in FirstEnergy during the 4th quarter valued at about $26,000. Bernard Wealth Management Corp. purchased a new position in FirstEnergy during the 4th quarter valued at about $31,000. SBI Securities Co. Ltd. purchased a new position in FirstEnergy during the 4th quarter valued at about $33,000. Finally, Tsfg LLC raised its position in FirstEnergy by 143.6% in the 1st quarter. Tsfg LLC now owns 1,072 shares of the utilities provider's stock valued at $43,000 after purchasing an additional 632 shares in the last quarter. 89.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FE has been the topic of a number of analyst reports. Guggenheim increased their price target on FirstEnergy from $45.00 to $47.00 and gave the company a "buy" rating in a research report on Monday, April 7th. Scotiabank reaffirmed an "outperform" rating on shares of FirstEnergy in a research report on Friday, April 25th. Bank of America raised FirstEnergy from an "underperform" rating to a "neutral" rating and increased their price target for the company from $42.00 to $45.00 in a research report on Wednesday, April 23rd. Morgan Stanley cut their target price on FirstEnergy from $48.00 to $47.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 18th. Finally, Evercore ISI raised 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. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, FirstEnergy presently has an average rating of "Hold" and a consensus price target of $46.00.

Insiders Place Their Bets

In other news, CAO Jason Lisowski sold 12,000 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $41.97, for a total transaction of $503,640.00. Following the completion of the sale, the chief accounting officer directly owned 183 shares of the company's stock, valued at $7,680.51. This trade represents a 98.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Jon Taylor K. sold 12,000 shares of the stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $43.03, for a total value of $516,360.00. Following the completion of the sale, the chief financial officer owned 99,919 shares of the company's stock, valued at $4,299,514.57. The trade was a 10.72% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.17% of the company's stock.

FirstEnergy Stock Performance

Shares of FirstEnergy stock traded down $0.13 on Friday, reaching $40.40. 2,197,683 shares of the company were exchanged, compared to its average volume of 3,999,353. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.34 and a current ratio of 0.42. The company's 50-day moving average is $41.07 and its two-hundred day moving average is $40.47. The firm has a market cap of $23.32 billion, a price-to-earnings ratio of 21.49, a P/E/G ratio of 2.49 and a beta of 0.39. FirstEnergy Corporation has a 1-year low of $37.58 and a 1-year high of $44.97.

FirstEnergy (NYSE:FE - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.68 billion. During the same period in the prior year, the company posted $0.55 EPS. The business's revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, research analysts expect that FirstEnergy Corporation will post 2.66 earnings per share for the current fiscal year.

FirstEnergy Company Profile

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.