Sumitomo Mitsui Trust Group Inc. Has $52.51 Million Stock Position in FirstEnergy Corporation (NYSE:FE)

Sumitomo Mitsui Trust Group Inc. cut its stake in FirstEnergy Corporation (NYSE:FE - Free Report) by 0.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,299,138 shares of the utilities provider's stock after selling 6,506 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of FirstEnergy worth $52,511,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Covestor Ltd lifted its holdings in FirstEnergy by 69.3% in 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 last quarter. Lee Danner & Bass Inc. bought a new stake in shares of FirstEnergy in the 4th quarter worth approximately $26,000. Bernard Wealth Management Corp. bought a new stake in shares of FirstEnergy in the 4th quarter worth approximately $31,000. SBI Securities Co. Ltd. acquired a new stake in FirstEnergy during the fourth quarter valued at approximately $33,000. Finally, Tsfg LLC boosted its holdings in FirstEnergy by 143.6% during the first quarter. Tsfg LLC now owns 1,072 shares of the utilities provider's stock worth $43,000 after buying an additional 632 shares in the last quarter. Institutional investors and hedge funds own 89.41% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on FE shares. Scotiabank reaffirmed an "outperform" rating on shares of FirstEnergy in a report on Friday, April 25th. Wells Fargo & Company lifted their target price on FirstEnergy from $41.00 to $44.00 and gave the stock an "equal weight" rating in a report on Friday, April 25th. UBS Group set a $44.00 target price on FirstEnergy and gave the stock a "neutral" rating in a research report on Tuesday, June 24th. 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. Finally, Bank of America upgraded FirstEnergy from an "underperform" rating to a "neutral" rating and boosted their price objective for the stock from $42.00 to $45.00 in a report on Wednesday, April 23rd. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, FirstEnergy presently has a consensus rating of "Hold" and an average target price of $46.00.

Insiders Place Their Bets

In other FirstEnergy news, CFO Jon Taylor K. sold 12,000 shares of the company's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $43.03, for a total value of $516,360.00. Following the transaction, the chief financial officer directly 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Jason Lisowski sold 12,000 shares of the firm's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $41.97, for a total value of $503,640.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.17% of the company's stock.

FirstEnergy Stock Down 1.5%

Shares of FE traded down $0.62 during trading hours on Wednesday, reaching $39.76. The company's stock had a trading volume of 5,212,179 shares, compared to its average volume of 3,972,991. The company has a 50 day moving average of $41.45 and a two-hundred day moving average of $40.45. The company has a quick ratio of 0.34, a current ratio of 0.42 and a debt-to-equity ratio of 1.53. The firm has a market cap of $22.95 billion, a price-to-earnings ratio of 21.15, a P/E/G ratio of 2.48 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 announced its quarterly earnings data on Wednesday, April 23rd. The utilities provider reported $0.67 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.07. FirstEnergy had a net margin of 7.78% and a return on equity of 11.49%. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.68 billion. During the same period in the previous year, the firm posted $0.55 earnings per share. The firm's revenue was up 14.5% on a year-over-year basis. As a group, research analysts predict that FirstEnergy Corporation will post 2.66 EPS 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.