Edgestream Partners L.P. Sells 28,088 Shares of FirstEnergy Corp. (NYSE:FE)

Edgestream Partners L.P. decreased its position in FirstEnergy Corp. (NYSE:FE) by 76.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,708 shares of the utilities provider’s stock after selling 28,088 shares during the period. Edgestream Partners L.P.’s holdings in FirstEnergy were worth $386,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of FE. Livelsberger Financial Advisory bought a new stake in shares of FirstEnergy in the 3rd quarter valued at about $26,000. Strategic Investment Solutions Inc. IL bought a new position in FirstEnergy in the second quarter worth approximately $32,000. West Oak Capital LLC purchased a new stake in FirstEnergy during the second quarter worth $38,000. Ashton Thomas Private Wealth LLC purchased a new stake in FirstEnergy during the second quarter worth $38,000. Finally, Sachetta LLC boosted its position in FirstEnergy by 36.0% during the 2nd quarter. Sachetta LLC now owns 929 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 246 shares in the last quarter. Institutional investors own 89.41% of the company’s stock.

FirstEnergy Price Performance

Shares of FE opened at $40.98 on Friday. The firm has a market capitalization of $23.61 billion, a PE ratio of 26.44, a price-to-earnings-growth ratio of 2.24 and a beta of 0.51. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.56 and a quick ratio of 0.46. The company’s fifty day moving average price is $42.55 and its 200-day moving average price is $41.55. FirstEnergy Corp. has a 1-year low of $35.41 and a 1-year high of $44.97.

FirstEnergy (NYSE:FE) last announced its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.05). FirstEnergy had a net margin of 6.64% and a return on equity of 11.38%. The firm had revenue of $3.73 billion during the quarter, compared to analyst estimates of $3.96 billion. During the same period in the prior year, the company posted $0.88 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities research analysts predict that FirstEnergy Corp. will post 2.67 EPS for the current year.

FirstEnergy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Thursday, November 7th were paid a dividend of $0.425 per share. This represents a $1.70 annualized dividend and a yield of 4.15%. The ex-dividend date was Thursday, November 7th. FirstEnergy’s payout ratio is 109.68%.

Analysts Set New Price Targets

FE has been the subject of a number of analyst reports. Jefferies Financial Group started coverage on FirstEnergy in a research note on Monday, October 14th. They set a “hold” rating and a $46.00 price objective for the company. Seaport Res Ptn lowered shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. lifted their price objective on shares of FirstEnergy from $45.00 to $46.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Bank of America boosted their price objective on shares of FirstEnergy from $42.00 to $43.00 and gave the stock an “underperform” rating in a research note on Thursday, August 29th. Finally, Argus upgraded shares of FirstEnergy from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $45.82.

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.