Mitsubishi UFJ Asset Management Co. Ltd. Purchases 139,174 Shares of FirstEnergy Corporation (NYSE:FE)

Key Points

• Mitsubishi UFJ Asset Management has increased its stake in FirstEnergy Corporation by 16.5%, purchasing an additional 139,174 shares, bringing its total ownership to 984,047 shares valued at approximately $39.8 million.
• FirstEnergy is set to pay a quarterly dividend of $0.445 per share on September 1st, 2023, reflecting an annualized dividend yield of 4.1%.
• FirstEnergy's latest quarterly earnings report featured earnings per share of $0.52, which surpassed analyst estimates, although revenue fell short of expectations.

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of FirstEnergy Corporation (NYSE:FE - Free Report) by 16.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 984,047 shares of the utilities provider's stock after buying an additional 139,174 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.17% of FirstEnergy worth $39,775,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Soroban Capital Partners LP raised its position in FirstEnergy by 60.2% in the fourth quarter. Soroban Capital Partners LP now owns 8,340,760 shares of the utilities provider's stock worth $331,795,000 after acquiring an additional 3,133,083 shares during the period. Federated Hermes Inc. raised its position in FirstEnergy by 133,614.8% in the first quarter. Federated Hermes Inc. now owns 2,310,592 shares of the utilities provider's stock worth $93,394,000 after acquiring an additional 2,308,864 shares during the period. Wealthquest Corp bought a new position in FirstEnergy in the 1st quarter worth $53,169,000. Zimmer Partners LP raised its holdings in FirstEnergy by 33.4% in the 4th quarter. Zimmer Partners LP now owns 4,918,857 shares of the utilities provider's stock worth $195,672,000 after purchasing an additional 1,232,040 shares during the period. Finally, Raymond James Financial Inc. bought a new position in FirstEnergy in the 4th quarter worth $30,069,000. 89.41% of the stock is owned by institutional investors.

FirstEnergy Trading Down 0.4%

FirstEnergy stock opened at $43.26 on Friday. The stock has a market cap of $24.98 billion, a P/E ratio of 19.14, a PEG ratio of 2.66 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 Corporation has a 1 year low of $37.58 and a 1 year high of $44.97. The firm's 50 day moving average price is $40.89 and its 200-day moving average price is $40.79.

FirstEnergy (NYSE:FE - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.02. The firm had revenue of $3.40 billion for the quarter, compared to analysts' expectations of $3.45 billion. FirstEnergy had a net margin of 9.31% and a return on equity of 11.31%. During the same quarter last year, the business posted $0.56 earnings per share. On average, equities analysts predict that FirstEnergy Corporation will post 2.66 earnings per share for the current fiscal year.

FirstEnergy Dividend Announcement

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

Insider Activity

In other news, CAO Jason Lisowski sold 12,000 shares of FirstEnergy 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 approximately $7,680.51. The trade was a 98.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.17% of the company's stock.

Wall Street Analysts Forecast Growth

FE has been the topic of a number of recent research reports. UBS Group set a $44.00 target price on FirstEnergy and gave the stock a "neutral" rating in a report on Tuesday, June 24th. Mizuho raised their price objective on FirstEnergy from $43.00 to $45.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Wells Fargo & Company raised their price objective on FirstEnergy from $41.00 to $44.00 and gave the stock an "equal weight" rating in a research note on Friday, April 25th. KeyCorp restated an "overweight" rating and set a $46.00 target price (down previously from $47.00) on shares of FirstEnergy in a research note on Wednesday, July 16th. Finally, Evercore ISI raised their target price on shares of FirstEnergy from $41.00 to $47.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, FirstEnergy has an average rating of "Hold" and an average price target of $46.08.

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.

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