CIBC Asset Management Inc Raises Stock Position in FirstEnergy Corp. (NYSE:FE)

CIBC Asset Management Inc grew its holdings in FirstEnergy Corp. (NYSE:FE) by 177.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 212,358 shares of the utilities provider’s stock after buying an additional 135,870 shares during the period. CIBC Asset Management Inc’s holdings in FirstEnergy were worth $8,448,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Allspring Global Investments Holdings LLC grew its stake in shares of FirstEnergy by 2.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 9,318,905 shares of the utilities provider’s stock worth $371,911,000 after buying an additional 220,433 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of FirstEnergy by 1.0% in the 3rd quarter. Franklin Resources Inc. now owns 3,546,001 shares of the utilities provider’s stock worth $153,081,000 after buying an additional 34,151 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of FirstEnergy by 7.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,346,263 shares of the utilities provider’s stock worth $104,057,000 after buying an additional 171,955 shares in the last quarter. Swiss National Bank grew its stake in shares of FirstEnergy by 0.3% in the 3rd quarter. Swiss National Bank now owns 1,622,544 shares of the utilities provider’s stock worth $71,960,000 after buying an additional 5,500 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in shares of FirstEnergy by 7.0% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,305,644 shares of the utilities provider’s stock worth $51,939,000 after buying an additional 85,514 shares in the last quarter. 89.41% of the stock is owned by hedge funds and other institutional investors.

FirstEnergy Trading Up 1.6 %

Shares of FE opened at $40.64 on Wednesday. FirstEnergy Corp. has a 1-year low of $36.01 and a 1-year high of $44.97. The company has a 50-day moving average of $39.81 and a 200 day moving average of $41.79. The firm has a market capitalization of $23.42 billion, a price-to-earnings ratio of 26.22, a PEG ratio of 2.01 and a beta of 0.52. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.56 and a quick ratio of 0.46.

FirstEnergy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Friday, February 7th will be issued a $0.425 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.70 annualized dividend and a dividend yield of 4.18%. FirstEnergy’s dividend payout ratio is currently 109.68%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FE. Wolfe Research cut shares of FirstEnergy from an “outperform” rating to a “peer perform” rating in a research note on Thursday, January 23rd. KeyCorp dropped their price target on shares of FirstEnergy from $48.00 to $47.00 and set an “overweight” rating for the company in a research note on Wednesday, December 4th. Seaport Res Ptn cut shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. Scotiabank raised shares of FirstEnergy from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the stock from $45.00 to $50.00 in a research note on Thursday, December 12th. Finally, Morgan Stanley dropped their price target on shares of FirstEnergy from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $46.27.

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.