Retirement Planning Co of New England Inc. Purchases New Shares in FirstEnergy Corporation (NYSE:FE)

Retirement Planning Co of New England Inc. acquired a new position in shares of FirstEnergy Corporation (NYSE:FE - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 7,258 shares of the utilities provider's stock, valued at approximately $293,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Dakota Wealth Management increased its position in shares of FirstEnergy by 3.4% during the first quarter. Dakota Wealth Management now owns 7,633 shares of the utilities provider's stock worth $309,000 after purchasing an additional 249 shares in the last quarter. Covestor Ltd lifted its stake in shares of FirstEnergy by 69.3% in the fourth quarter. Covestor Ltd now owns 623 shares of the utilities provider's stock worth $25,000 after buying an additional 255 shares in the last quarter. Focus Partners Wealth boosted its position in FirstEnergy by 1.4% during the fourth quarter. Focus Partners Wealth now owns 19,838 shares of the utilities provider's stock worth $835,000 after acquiring an additional 272 shares during the last quarter. Firethorn Wealth Partners LLC boosted its position in FirstEnergy by 5.5% during the first quarter. Firethorn Wealth Partners LLC now owns 5,492 shares of the utilities provider's stock worth $222,000 after acquiring an additional 287 shares during the last quarter. Finally, Tranquility Partners LLC grew its stake in FirstEnergy by 1.7% during the 1st quarter. Tranquility Partners LLC now owns 18,159 shares of the utilities provider's stock valued at $734,000 after acquiring an additional 297 shares in the last quarter. 89.41% of the stock is owned by hedge funds and other institutional investors.

FirstEnergy Price Performance

Shares of FE opened at $40.58 on Friday. The firm has a 50-day simple moving average of $40.82 and a two-hundred day simple moving average of $40.49. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.42 and a quick ratio of 0.34. FirstEnergy Corporation has a 1-year low of $37.58 and a 1-year high of $44.97. The stock has a market cap of $23.42 billion, a PE ratio of 21.58, a P/E/G ratio of 2.48 and a beta of 0.39.

FirstEnergy (NYSE:FE - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.60 by $0.07. FirstEnergy had a return on equity of 11.49% and a net margin of 7.78%. The company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.68 billion. During the same quarter in the previous year, the company earned $0.55 earnings per share. The firm's quarterly revenue was up 14.5% compared to the same quarter last year. As a group, analysts forecast that FirstEnergy Corporation will post 2.66 EPS for the current year.

Insider Transactions at FirstEnergy

In other news, CFO Jon Taylor K. sold 12,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $43.03, for a total value of $516,360.00. Following the completion of the transaction, the chief financial officer owned 99,919 shares of the company's stock, valued at approximately $4,299,514.57. This trade represents a 10.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Jason Lisowski sold 12,000 shares of FirstEnergy stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $41.97, for a total transaction of $503,640.00. Following the completion of the transaction, the chief accounting officer owned 183 shares of the company's stock, valued at $7,680.51. This trade represents a 98.50% decrease in their position. The disclosure for this sale can be found here. 0.17% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

FE has been the topic of several recent research reports. Mizuho set a $43.00 target price on FirstEnergy in a report on Monday, April 28th. Bank of America raised FirstEnergy from an "underperform" rating to a "neutral" rating and boosted their price objective for the stock from $42.00 to $45.00 in a research note on Wednesday, April 23rd. UBS Group set a $44.00 target price on FirstEnergy and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. Guggenheim boosted their price target on shares of FirstEnergy from $45.00 to $47.00 and gave the company a "buy" rating in a research report on Monday, April 7th. Finally, Scotiabank reissued an "outperform" rating on shares of FirstEnergy in a report on Friday, April 25th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $45.92.

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.

Want to see what other hedge funds are holding FE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FirstEnergy Corporation (NYSE:FE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.