Renaissance Technologies LLC Sells 855,600 Shares of FirstEnergy Corporation $FE

Key Points

• Renaissance Technologies cut its FirstEnergy stake by 76.5% in the first quarter, selling 855,600 shares and retaining 263,108 shares valued at approximately $13.3 million.
• FirstEnergy reported quarterly EPS of $0.50, in line with analyst expectations, while revenue of $3.68 billion exceeded estimates. Analysts expect full-year EPS of $2.73.
• The company declared a quarterly dividend of $0.465 per share, equivalent to a 3.8% yield, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $52.83.

Renaissance Technologies LLC lowered its holdings in FirstEnergy Corporation (NYSE:FE - Free Report) by 76.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 263,108 shares of the utilities provider's stock after selling 855,600 shares during the period. Renaissance Technologies LLC's holdings in FirstEnergy were worth $13,329,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of FE. Northwestern Mutual Wealth Management Co. lifted 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 purchasing an additional 1,957,673 shares during the last quarter. Intech Investment Management LLC increased its position in shares of FirstEnergy by 42.8% during the 4th quarter. Intech Investment Management LLC now owns 85,247 shares of the utilities provider's stock valued at $3,817,000 after purchasing an additional 25,571 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of FirstEnergy by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,109,341 shares of the utilities provider's stock valued at $3,049,255,000 after buying an additional 761,157 shares in the last quarter. BW Gestao de Investimentos Ltda. purchased a new position in shares of FirstEnergy during the 4th quarter valued at about $15,172,000. Finally, Brighton Jones LLC bought a new stake in FirstEnergy in the 4th quarter worth approximately $256,000. Institutional investors own 89.41% of the company's stock.

FirstEnergy Stock Performance

FirstEnergy stock opened at $48.38 on Friday. The company has a current ratio of 0.54, a quick ratio of 0.42 and a debt-to-equity ratio of 1.88. The firm has a market cap of $27.99 billion, a P/E ratio of 25.73, a P/E/G ratio of 2.33 and a beta of 0.47. FirstEnergy Corporation has a 1-year low of $41.87 and a 1-year high of $52.34. The firm has a 50-day moving average of $47.58 and a 200-day moving average of $48.25.

FirstEnergy (NYSE:FE - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.50 EPS for the quarter, meeting analysts' consensus estimates of $0.50. FirstEnergy had a return on equity of 10.51% and a net margin of 6.86%.The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.51 billion. During the same quarter in the prior year, the company posted $0.52 EPS. Sell-side analysts expect that FirstEnergy Corporation will post 2.73 EPS for the current year.

FirstEnergy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be given a $0.465 dividend. This represents a $1.86 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Friday, August 7th. FirstEnergy's dividend payout ratio (DPR) is currently 98.94%.

Analyst Ratings Changes

Several analysts have issued reports on the company. UBS Group upped their target price on FirstEnergy from $50.00 to $51.00 and gave the stock a "neutral" rating in a research note on Thursday, June 11th. Morgan Stanley restated an "overweight" rating on shares of FirstEnergy in a report on Wednesday, July 22nd. TD Cowen raised shares of FirstEnergy from a "hold" rating to a "buy" rating and cut their price objective for the company from $56.00 to $53.00 in a research note on Friday, May 15th. Barclays reduced their target price on shares of FirstEnergy from $55.00 to $54.00 and set an "overweight" rating on the stock in a report on Friday. Finally, Jefferies Financial Group lifted their target price on shares of FirstEnergy from $50.00 to $52.00 and gave the stock a "hold" rating in a research report on Tuesday, April 21st. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price 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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