NuWave Investment Management LLC Buys New Position in FirstEnergy Corp. (FE)
NuWave Investment Management LLC bought a new stake in shares of FirstEnergy Corp. (NYSE:FE) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 14,722 shares of the utilities provider’s stock, valued at approximately $451,000.
A number of other large investors have also added to or reduced their stakes in the business. Ameriprise Financial Inc. grew its stake in shares of FirstEnergy by 13.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 178,334 shares of the utilities provider’s stock valued at $5,497,000 after buying an additional 20,584 shares in the last quarter. Parametric Portfolio Associates LLC grew its stake in shares of FirstEnergy by 8.0% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 2,141,098 shares of the utilities provider’s stock valued at $66,010,000 after buying an additional 157,963 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of FirstEnergy in the 3rd quarter valued at approximately $1,361,000. AXA grew its stake in shares of FirstEnergy by 7,554.9% in the 3rd quarter. AXA now owns 1,030,430 shares of the utilities provider’s stock valued at $31,768,000 after buying an additional 1,016,969 shares in the last quarter. Finally, Bowling Portfolio Management LLC lifted its holdings in FirstEnergy by 39.0% in the 4th quarter. Bowling Portfolio Management LLC now owns 120,625 shares of the utilities provider’s stock worth $3,694,000 after purchasing an additional 33,855 shares during the last quarter. 83.24% of the stock is currently owned by institutional investors.
Several equities research analysts recently weighed in on the company. ValuEngine upgraded FirstEnergy from a “hold” rating to a “buy” rating in a report on Wednesday, November 15th. UBS Group assumed coverage on FirstEnergy in a report on Friday, February 2nd. They issued a “buy” rating and a $39.00 target price for the company. Zacks Investment Research upgraded FirstEnergy from a “sell” rating to a “hold” rating in a report on Tuesday, January 23rd. KeyCorp restated a “hold” rating on shares of FirstEnergy in a report on Friday, October 20th. Finally, Citigroup reduced their target price on FirstEnergy from $34.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, January 30th. Nine research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $35.67.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Wednesday, February 7th will be issued a dividend of $0.36 per share. The ex-dividend date is Tuesday, February 6th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.57%. FirstEnergy’s dividend payout ratio (DPR) is presently -12.31%.
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FirstEnergy Company Profile
FirstEnergy Corp. is a holding company. The Company is engaged in holding, directly or indirectly, all of the outstanding equity of its principal subsidiaries. Its segments include Regulated Distribution, Regulated Transmission, Competitive Energy Services (CES) and Corporate/Other. As of December 31, 2016, the Regulated Distribution segment distributed electricity through the Company’s 10 utility operating companies, serving approximately six million customers, and purchased power for its provider of last resort (POLR), standard offer service (SOS), standard offer service (SSO) and default service requirements in Ohio, Pennsylvania, New Jersey and Maryland.
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