Wellington Management Group LLP Has $47.32 Million Position in FirstEnergy Corp. (NYSE:FE)

Wellington Management Group LLP lessened its stake in shares of FirstEnergy Corp. (NYSE:FE) by 52.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,290,735 shares of the utilities provider’s stock after selling 1,416,584 shares during the period. Wellington Management Group LLP’s holdings in FirstEnergy were worth $47,318,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Capital World Investors increased its stake in shares of FirstEnergy by 38.2% in the 4th quarter. Capital World Investors now owns 68,155,129 shares of the utilities provider’s stock valued at $2,498,567,000 after purchasing an additional 18,853,983 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of FirstEnergy by 3.2% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 8,848,344 shares of the utilities provider’s stock valued at $324,380,000 after purchasing an additional 272,478 shares during the last quarter. Royal Bank of Canada increased its stake in shares of FirstEnergy by 1.2% in the 3rd quarter. Royal Bank of Canada now owns 3,828,791 shares of the utilities provider’s stock valued at $130,867,000 after purchasing an additional 44,031 shares during the last quarter. First Pacific Advisors LP increased its stake in shares of FirstEnergy by 1.3% in the 4th quarter. First Pacific Advisors LP now owns 3,481,258 shares of the utilities provider’s stock valued at $127,623,000 after purchasing an additional 45,350 shares during the last quarter. Finally, 1832 Asset Management L.P. increased its stake in shares of FirstEnergy by 20.6% in the 4th quarter. 1832 Asset Management L.P. now owns 3,454,376 shares of the utilities provider’s stock valued at $126,637,000 after purchasing an additional 590,815 shares during the last quarter. Institutional investors own 89.41% of the company’s stock.

FirstEnergy Stock Performance

FirstEnergy stock opened at $38.27 on Monday. The company has a current ratio of 0.65, a quick ratio of 0.56 and a debt-to-equity ratio of 1.59. The firm has a 50-day moving average of $38.95 and a 200-day moving average of $37.94. The firm has a market cap of $22.03 billion, a P/E ratio of 21.99, a P/E/G ratio of 2.42 and a beta of 0.50. FirstEnergy Corp. has a 1-year low of $32.18 and a 1-year high of $40.65.

FirstEnergy (NYSE:FE) last posted its earnings results on Thursday, April 25th. The utilities provider reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. The company had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.36 billion. FirstEnergy had a net margin of 8.22% and a return on equity of 12.45%. Sell-side analysts expect that FirstEnergy Corp. will post 2.69 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FE. The Goldman Sachs Group initiated coverage on FirstEnergy in a research report on Wednesday, April 10th. They issued a “buy” rating and a $45.00 target price for the company. Bank of America increased their target price on FirstEnergy from $30.00 to $35.00 and gave the company an “underperform” rating in a research note on Tuesday, April 23rd. Scotiabank reduced their target price on FirstEnergy from $41.00 to $40.00 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. Mizuho raised their price objective on FirstEnergy from $38.00 to $41.00 and gave the company a “neutral” rating in a research note on Monday, June 3rd. Finally, StockNews.com raised FirstEnergy from a “sell” rating to a “hold” rating in a research note on Monday, April 29th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $40.27.

About FirstEnergy

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.