Public Employees Retirement System of Ohio Invests $8.32 Million in FirstEnergy Corporation $FE

Key Points

• Public Employees Retirement System of Ohio acquired 175,094 FirstEnergy shares worth approximately $8.32 million in the second quarter. Institutional investors and hedge funds collectively own 89.41% of the company.
• FirstEnergy reported quarterly earnings of $0.50 per share, matching analyst estimates, while revenue of $3.68 billion exceeded expectations of $3.51 billion.
• The company declared a quarterly dividend of $0.465 per share, equating to an annualized dividend of $1.86 and a 4.1% yield. Analysts give the stock a consensus “Moderate Buy” rating with an average price target of $52.83.

Public Employees Retirement System of Ohio bought a new stake in FirstEnergy Corporation (NYSE:FE - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 175,094 shares of the utilities provider's stock, valued at approximately $8,324,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. boosted its stake in FirstEnergy by 11,305.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,974,989 shares of the utilities provider's stock worth $81,699,000 after buying an additional 1,957,673 shares during the last quarter. Intech Investment Management LLC increased its stake in shares of FirstEnergy by 42.8% in the 4th quarter. Intech Investment Management LLC now owns 85,247 shares of the utilities provider's stock worth $3,817,000 after acquiring an additional 25,571 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of FirstEnergy by 6,066.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 495,299 shares of the utilities provider's stock worth $23,547,000 after acquiring an additional 487,267 shares during the period. BW Gestao de Investimentos Ltda. acquired a new position in shares of FirstEnergy during the 4th quarter valued at about $15,172,000. Finally, Bryn Mawr Trust Advisors LLC acquired a new position in shares of FirstEnergy during the 2nd quarter valued at about $9,878,000. 89.41% of the stock is currently owned by institutional investors and hedge funds.

FirstEnergy Stock Performance

NYSE FE opened at $45.88 on Tuesday. The firm's 50-day moving average is $47.86 and its two-hundred day moving average is $48.29. FirstEnergy Corporation has a 12 month low of $42.87 and a 12 month high of $52.34. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.54 and a quick ratio of 0.45. The stock has a market capitalization of $26.55 billion, a P/E ratio of 24.40, a PEG ratio of 2.19 and a beta of 0.46.

FirstEnergy (NYSE:FE - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 earnings per share for the quarter, meeting analysts' consensus estimates of $0.50. The business had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.51 billion. FirstEnergy had a net margin of 6.86% and a return on equity of 10.51%. During the same period last year, the business earned $0.52 earnings per share. On average, sell-side analysts anticipate that FirstEnergy Corporation will post 2.74 earnings per share for the current year.

FirstEnergy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be issued a $0.465 dividend. This represents a $1.86 annualized dividend and a yield of 4.1%. The ex-dividend date is Friday, August 7th. FirstEnergy's dividend payout ratio (DPR) is 98.94%.

Analysts Set New Price Targets

A number of equities analysts have commented on FE shares. TD Cowen raised shares of FirstEnergy from a "hold" rating to a "buy" rating and reduced their target price for the stock from $56.00 to $53.00 in a research note on Friday, May 15th. Morgan Stanley cut their price target on shares of FirstEnergy from $53.00 to $52.00 and set an "overweight" rating for the company in a report on Friday, August 21st. Wolfe Research lowered shares of FirstEnergy from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. UBS Group upped their price objective on FirstEnergy from $50.00 to $51.00 and gave the company a "neutral" rating in a report on Thursday, June 11th. Finally, Weiss Ratings lowered FirstEnergy from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, June 17th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $52.83.

FirstEnergy Profile

FirstEnergy Corp. NYSE: FE is a U.S.-based electric utility holding company headquartered in Akron, Ohio. The company's primary business is the delivery of electricity through its regulated transmission and distribution utilities, serving residential, commercial and industrial customers across parts of the Midwest and Mid‑Atlantic. FirstEnergy's service territory includes states such as Ohio, Pennsylvania, New Jersey, Maryland and West Virginia, and it operates primarily within the PJM regional transmission organization.

FirstEnergy's core activities center on owning and operating electric distribution networks and transmission systems, maintaining and upgrading grid infrastructure, managing storm response and restoration, and offering customer programs that include energy efficiency and reliability services.

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