GAMMA Investing LLC Has $17.46 Million Stake in FirstEnergy Corp. (NYSE:FE)

GAMMA Investing LLC grew its holdings in FirstEnergy Corp. (NYSE:FE - Free Report) by 3,864.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 431,969 shares of the utilities provider's stock after acquiring an additional 421,072 shares during the period. GAMMA Investing LLC owned about 0.07% of FirstEnergy worth $17,460,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FE. Schroder Investment Management Group grew its position in FirstEnergy by 56.0% in the fourth quarter. Schroder Investment Management Group now owns 48,759 shares of the utilities provider's stock valued at $1,933,000 after acquiring an additional 17,506 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of FirstEnergy by 41.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 47,956 shares of the utilities provider's stock worth $1,902,000 after purchasing an additional 14,129 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of FirstEnergy by 17.6% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 5,315 shares of the utilities provider's stock valued at $211,000 after purchasing an additional 797 shares during the period. Truist Financial Corp grew its holdings in FirstEnergy by 19.0% during the 4th quarter. Truist Financial Corp now owns 62,420 shares of the utilities provider's stock valued at $2,483,000 after purchasing an additional 9,979 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in FirstEnergy during the 4th quarter valued at $3,584,000. Institutional investors and hedge funds own 89.41% of the company's stock.

FirstEnergy Price Performance

Shares of NYSE:FE traded down $0.86 during trading on Monday, reaching $39.79. The company had a trading volume of 13,326,909 shares, compared to its average volume of 3,770,419. The firm's fifty day moving average is $41.57 and its 200 day moving average is $40.61. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.46 and a current ratio of 0.56. The firm has a market capitalization of $22.97 billion, a PE ratio of 25.67, a price-to-earnings-growth ratio of 2.07 and a beta of 0.40. FirstEnergy Corp. has a twelve month low of $37.58 and a twelve month high of $44.97.

FirstEnergy (NYSE:FE - Get Free Report) last released its earnings results on Wednesday, April 23rd. The utilities provider reported $0.67 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. FirstEnergy had a return on equity of 11.38% and a net margin of 6.64%. The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.68 billion. During the same period in the prior year, the firm posted $0.55 earnings per share. The firm's revenue for the quarter was up 14.5% compared to the same quarter last year. On average, equities analysts forecast that FirstEnergy Corp. will post 2.66 EPS for the current year.

FirstEnergy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Wednesday, May 7th were given a $0.445 dividend. The ex-dividend date of this dividend was Wednesday, May 7th. This is a boost from FirstEnergy's previous quarterly dividend of $0.43. This represents a $1.78 annualized dividend and a yield of 4.47%. FirstEnergy's payout ratio is 94.68%.

Insider Buying and Selling at FirstEnergy

In other news, CAO Jason Lisowski sold 12,000 shares of the company'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 now directly owns 183 shares of the company's stock, valued at $7,680.51. This represents a 98.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.17% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

FE has been the topic of a number of recent analyst reports. Guggenheim boosted their price objective on shares of FirstEnergy from $45.00 to $47.00 and gave the stock a "buy" rating in a report on Monday, April 7th. Evercore ISI lifted 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. Wells Fargo & Company increased their price target on FirstEnergy from $41.00 to $44.00 and gave the company an "equal weight" rating in a report on Friday, April 25th. Bank of America upgraded FirstEnergy from an "underperform" rating to a "neutral" rating and raised their price objective for the company from $42.00 to $45.00 in a research note on Wednesday, April 23rd. Finally, Mizuho set a $43.00 price objective on FirstEnergy in a 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $46.00.

FirstEnergy 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.