Lord Abbett & CO. LLC Sells 315,978 Shares of FirstEnergy Corporation $FE

Key Points

• Lord Abbett & CO. LLC has reduced its stake in FirstEnergy Corporation by 21.0%, owning 1,187,390 shares after selling 315,978 shares during the 1st quarter.
• Several hedge funds have adjusted their positions in FirstEnergy, with N.E.W. Advisory Services LLC purchasing a new stake valued at $27,000 and TruNorth Capital Management LLC increasing its position by 226.9%.
• FirstEnergy recently announced a quarterly dividend of $0.445, with a yield of 4.1%, scheduled to be paid on September 1st to shareholders of record by August 7th.

Lord Abbett & CO. LLC trimmed its holdings in FirstEnergy Corporation (NYSE:FE - Free Report) by 21.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,187,390 shares of the utilities provider's stock after selling 315,978 shares during the quarter. Lord Abbett & CO. LLC owned 0.21% of FirstEnergy worth $47,994,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in FirstEnergy by 0.5% during the first quarter. Vanguard Group Inc. now owns 66,150,214 shares of the utilities provider's stock valued at $2,673,792,000 after buying an additional 306,313 shares in the last quarter. Boston Partners lifted its stake in FirstEnergy by 14.9% during the first quarter. Boston Partners now owns 18,962,859 shares of the utilities provider's stock valued at $767,952,000 after buying an additional 2,459,779 shares in the last quarter. Soroban Capital Partners LP lifted its stake in FirstEnergy by 60.2% during the fourth quarter. Soroban Capital Partners LP now owns 8,340,760 shares of the utilities provider's stock valued at $331,795,000 after buying an additional 3,133,083 shares in the last quarter. Zimmer Partners LP lifted its stake in FirstEnergy by 33.4% during the fourth quarter. Zimmer Partners LP now owns 4,918,857 shares of the utilities provider's stock valued at $195,672,000 after buying an additional 1,232,040 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in FirstEnergy by 6.4% during the fourth quarter. Northern Trust Corp now owns 4,606,758 shares of the utilities provider's stock valued at $183,257,000 after buying an additional 276,241 shares in the last quarter. 89.41% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Jason Lisowski sold 12,000 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $41.97, for a total value of $503,640.00. Following the completion of the sale, the chief accounting officer owned 183 shares of the company's stock, valued at approximately $7,680.51. This represents a 98.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.17% of the stock is currently owned by company insiders.

Analyst Ratings Changes

FE has been the subject of a number of research analyst reports. Mizuho increased their price target on shares of FirstEnergy from $43.00 to $45.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Morgan Stanley reduced their price target on shares of FirstEnergy from $48.00 to $47.00 and set an "overweight" rating for the company in a research report on Wednesday, June 18th. Wells Fargo & Company increased their price target on shares of FirstEnergy from $41.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Friday, April 25th. Bank of America raised shares of FirstEnergy from an "underperform" rating to a "neutral" rating and increased their price target for the stock from $42.00 to $45.00 in a research report on Wednesday, April 23rd. Finally, Evercore ISI increased their price target on shares of FirstEnergy from $41.00 to $47.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Six analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, FirstEnergy has an average rating of "Hold" and a consensus price target of $46.08.

FirstEnergy Stock Performance

FE stock traded up $0.4460 on Tuesday, reaching $43.2760. 1,629,451 shares of the company were exchanged, compared to its average volume of 4,908,702. FirstEnergy Corporation has a 12 month low of $37.58 and a 12 month high of $44.97. The stock's fifty day moving average price is $41.21 and its 200 day moving average price is $40.95. The firm has a market capitalization of $24.99 billion, a PE ratio of 19.15, a PEG ratio of 2.67 and a beta of 0.48. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.61 and a quick ratio of 0.51.

FirstEnergy (NYSE:FE - Get Free Report) last announced its earnings results on Wednesday, July 30th. The utilities provider reported $0.52 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.45 billion. During the same quarter in the previous year, the firm posted $0.56 earnings per share. FirstEnergy has set its FY 2025 guidance at 2.400-2.600 EPS. On average, research analysts anticipate that FirstEnergy Corporation will post 2.66 EPS for the current fiscal year.

FirstEnergy Dividend Announcement

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

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.