Texas Permanent School Fund Corp Decreases Stock Position in FirstEnergy Corp. (NYSE:FE)

Texas Permanent School Fund Corp trimmed its position in FirstEnergy Corp. (NYSE:FE) by 20.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 85,358 shares of the utilities provider’s stock after selling 21,368 shares during the period. Texas Permanent School Fund Corp’s holdings in FirstEnergy were worth $3,267,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FE. FinTrust Capital Advisors LLC lifted its holdings in shares of FirstEnergy by 1,150.9% during the 1st quarter. FinTrust Capital Advisors LLC now owns 663 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 610 shares during the period. ST Germain D J Co. Inc. grew its position in shares of FirstEnergy by 1,138.9% during the second quarter. ST Germain D J Co. Inc. now owns 669 shares of the utilities provider’s stock worth $26,000 after buying an additional 615 shares in the last quarter. Sachetta LLC acquired a new stake in shares of FirstEnergy during the fourth quarter worth approximately $25,000. Scarborough Advisors LLC acquired a new stake in shares of FirstEnergy during the fourth quarter worth approximately $31,000. Finally, Western Pacific Wealth Management LP bought a new position in FirstEnergy during the first quarter worth $36,000. 89.41% of the stock is currently owned by hedge funds and other institutional investors.

FirstEnergy Stock Up 0.9 %

Shares of FirstEnergy stock opened at $44.47 on Friday. FirstEnergy Corp. has a 12-month low of $32.18 and a 12-month high of $44.97. The stock has a market capitalization of $25.61 billion, a P/E ratio of 25.56, a PEG ratio of 2.32 and a beta of 0.50. The stock has a 50 day moving average price of $42.03 and a two-hundred day moving average price of $39.76. The company has a quick ratio of 0.43, a current ratio of 0.51 and a debt-to-equity ratio of 1.52.

FirstEnergy (NYSE:FE) last issued its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.56 EPS for the quarter, hitting analysts’ consensus estimates of $0.56. FirstEnergy had a return on equity of 12.12% and a net margin of 6.61%. The company had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.47 billion. During the same period in the previous year, the company earned $0.47 earnings per share. Equities analysts expect that FirstEnergy Corp. will post 2.7 earnings per share for the current year.

FirstEnergy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Wednesday, August 7th were paid a $0.425 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 3.82%. FirstEnergy’s payout ratio is 97.70%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on FE shares. Bank of America raised their price objective on FirstEnergy from $42.00 to $43.00 and gave the stock an “underperform” rating in a research note on Thursday, August 29th. Wells Fargo & Company lifted their price target on FirstEnergy from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 1st. KeyCorp raised their price objective on FirstEnergy from $43.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 14th. JPMorgan Chase & Co. raised their price objective on FirstEnergy from $43.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Finally, Mizuho lifted their price target on FirstEnergy from $38.00 to $41.00 and gave the company a “neutral” rating in a report on Monday, June 3rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, FirstEnergy presently has a consensus rating of “Hold” and an average target price of $43.50.

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.