Cullinan Associates Inc. Sells 5,393 Shares of FirstEnergy Corp. (NYSE:FE)

Cullinan Associates Inc. trimmed its holdings in shares of FirstEnergy Corp. (NYSE:FE) by 16.4% in the 1st quarter, Holdings Channel reports. The firm owned 27,438 shares of the utilities provider’s stock after selling 5,393 shares during the quarter. Cullinan Associates Inc.’s holdings in FirstEnergy were worth $1,060,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in FE. Capital World Investors lifted its holdings in FirstEnergy by 38.2% during 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 buying an additional 18,853,983 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of FirstEnergy by 0.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 8,930,826 shares of the utilities provider’s stock worth $344,908,000 after acquiring an additional 82,482 shares during the period. Royal Bank of Canada raised its stake in shares of FirstEnergy by 1.2% during the third quarter. Royal Bank of Canada now owns 3,828,791 shares of the utilities provider’s stock valued at $130,867,000 after acquiring an additional 44,031 shares in the last quarter. First Pacific Advisors LP boosted its holdings in shares of FirstEnergy by 1.3% in the fourth 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 period. Finally, 1832 Asset Management L.P. grew its stake in FirstEnergy by 20.6% in the fourth quarter. 1832 Asset Management L.P. now owns 3,454,376 shares of the utilities provider’s stock worth $126,637,000 after purchasing an additional 590,815 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 stock opened at $38.25 on Wednesday. The firm has a market capitalization of $22.01 billion, a price-to-earnings ratio of 21.98, a PEG ratio of 2.42 and a beta of 0.49. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.56 and a current ratio of 0.65. The stock’s 50-day simple moving average is $39.04 and its 200-day simple moving average is $37.98. FirstEnergy Corp. has a fifty-two week low of $32.18 and a fifty-two week high of $40.65.

FirstEnergy (NYSE:FE) last issued its quarterly earnings results on Thursday, April 25th. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.02. FirstEnergy had a net margin of 8.22% and a return on equity of 12.45%. The business had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.36 billion. As a group, equities analysts forecast that FirstEnergy Corp. will post 2.69 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FE. The Goldman Sachs Group initiated coverage on FirstEnergy in a research report on Wednesday, April 10th. They set a “buy” rating and a $45.00 target price for the company. Bank of America boosted their price target on shares of FirstEnergy from $30.00 to $35.00 and gave the company an “underperform” rating in a report on Tuesday, April 23rd. Mizuho increased their price objective on shares of FirstEnergy from $38.00 to $41.00 and gave the company a “neutral” rating in a research note on Monday, June 3rd. Morgan Stanley reduced their price objective on shares of FirstEnergy from $46.00 to $44.00 and set an “overweight” rating for the company in a research note on Monday, June 24th. Finally, StockNews.com raised FirstEnergy from a “sell” rating to a “hold” rating in a research report on Monday, April 29th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $40.09.

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.