Meridian Wealth Management LLC Has $4.05 Million Stock Position in FirstEnergy Corporation (NYSE:FE)

Key Points

• Meridian Wealth Management LLC increased its stake in FirstEnergy Corporation by 11.1% during the first quarter, owning 100,121 shares valued at approximately $4.05 million.
• Several hedge funds, including Covestor Ltd and Firethorn Wealth Partners LLC, also raised their positions in FirstEnergy, which now has 89.41% of its stock owned by institutional investors.
• Wall Street analysts are optimistic about FirstEnergy's future growth, with multiple upgrades in ratings and price targets, resulting in an average rating of "Hold" and a price target of $46.08.

Meridian Wealth Management LLC grew its position in FirstEnergy Corporation (NYSE:FE - Free Report) by 11.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 100,121 shares of the utilities provider's stock after buying an additional 9,992 shares during the period. Meridian Wealth Management LLC's holdings in FirstEnergy were worth $4,047,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in FE. Covestor Ltd raised its holdings in shares of FirstEnergy by 69.3% in the fourth quarter. Covestor Ltd now owns 623 shares of the utilities provider's stock valued at $25,000 after purchasing an additional 255 shares during the last quarter. N.E.W. Advisory Services LLC bought a new stake in FirstEnergy during the 1st quarter worth about $27,000. TruNorth Capital Management LLC boosted its stake in shares of FirstEnergy by 226.9% during 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 last quarter. Bernard Wealth Management Corp. acquired a new position in shares of FirstEnergy during the 4th quarter worth about $33,000. Finally, MJT & Associates Financial Advisory Group Inc. bought a new position in shares of FirstEnergy in the 1st quarter valued at about $40,000. Institutional investors own 89.41% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Mizuho increased their price target on FirstEnergy from $43.00 to $45.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Bank of America upgraded shares of FirstEnergy from an "underperform" rating to a "neutral" rating and boosted their target price for the stock from $42.00 to $45.00 in a report on Wednesday, April 23rd. KeyCorp reiterated an "overweight" rating and issued a $46.00 price target (down previously from $47.00) on shares of FirstEnergy in a research note on Wednesday, July 16th. Morgan Stanley lowered their price objective on shares of FirstEnergy from $48.00 to $47.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 18th. Finally, Wells Fargo & Company raised their target price on shares of FirstEnergy from $41.00 to $44.00 and gave the company an "equal weight" rating in a research note on Friday, April 25th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $46.08.

FirstEnergy Price Performance

Shares of FE traded down $0.23 during trading hours on Friday, reaching $43.43. The stock had a trading volume of 2,435,950 shares, compared to its average volume of 4,927,849. The stock has a market capitalization of $25.08 billion, a PE ratio of 19.22, a PEG ratio of 2.70 and a beta of 0.48. FirstEnergy Corporation has a 12 month low of $37.58 and a 12 month high of $44.97. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.51 and a current ratio of 0.61. The company's 50-day moving average is $41.09 and its two-hundred day moving average is $40.89.

FirstEnergy (NYSE:FE - Get Free Report) last posted its earnings results on Wednesday, July 30th. The utilities provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.50 by $0.02. The business had revenue of $3.40 billion for the quarter, compared to the consensus estimate of $3.45 billion. FirstEnergy had a net margin of 9.31% and a return on equity of 11.31%. During the same period last year, the company earned $0.56 EPS. Research analysts expect that FirstEnergy Corporation will post 2.66 EPS for the current year.

FirstEnergy Announces Dividend

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

Insider Buying and Selling

In other news, CAO Jason Lisowski sold 12,000 shares of the 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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.17% of the company's stock.

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.