Institutional Investors and Hedge Funds Stake in FirstEnergy Corp. (NYSE:FE) Continues to Grow
Institutional Investors and Hedge Funds Stake in FirstEnergy Corp. (NYSE:FE) Continues to Grow
Recent trends indicate a surge in the stakes of institutional investors and hedge funds in FirstEnergy Corp. (NYSE:FE), a key player in the New York Stock Exchange. Vanguard Group Inc. has increased their shareholding by 7% in Q1, while Invesco Ltd. and Allspring Global Investments Holdings LLC have bolstered their stakes by adding 407,350 shares and 306,503 shares respectively. FMR LLC has grown their stake by purchasing an additional 3,756,228 shares, marking a 31.1% increase.
The shares of FirstEnergy Corp. (NYSE:FE) kicked off at $38.62 last Friday. The company’s market capitalization stood at $21.88 billion, with a P/E ratio of 21.00 and a beta of 0.48. This price change shows a decline of $0.26, however, the trading volume of 3,193,002 shares surpassed the average of 2,728,074 shares. Amidst these fluctuations, the U.S. Securities and Exchange Commission data indicates that 89.41% of the company’s stock is owned by hedge funds and institutional investors.
FirstEnergy’s financial performance has been promising according to its Q1 reports. On February 9th, the company reported earnings per share of $0.62, exceeding analysts’ estimates by $0.02. The quarterly revenue was reported at $3.20 billion, surpassing the analysts’ expectations of $3.10 billion. The company’s net margin stands at 8.56% while its return on equity is 13.52%. The quick ratio is 0.38, current ratio is 0.48, and the debt-to-equity ratio is 2.10.
The company has announced a quarterly dividend of $0.425 per share, payable on June 1st to investors of record on May 7th. This represents a $0.03 increase from their previous quarterly dividend and a dividend yield of 4.47%. Several analysts have given their ratings for FirstEnergy, with one lowering it to a ‘sell’ rating and one giving it an ‘overweight’ rating. However, the consensus still remains at ‘hold’ with a target price of $39.63.
