Sumitomo Mitsui Trust Group Inc. Boosts Stake in FirstEnergy Corp. (NYSE:FE)

Sumitomo Mitsui Trust Group Inc. increased its position in shares of FirstEnergy Corp. (NYSE:FE) by 7.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,305,644 shares of the utilities provider’s stock after buying an additional 85,514 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in FirstEnergy were worth $51,939,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in FE. Bleakley Financial Group LLC grew its position in shares of FirstEnergy by 46.3% during the fourth quarter. Bleakley Financial Group LLC now owns 13,913 shares of the utilities provider’s stock worth $553,000 after acquiring an additional 4,400 shares during the last quarter. Centennial Wealth Advisory LLC boosted its stake in FirstEnergy by 13.6% during the 4th quarter. Centennial Wealth Advisory LLC now owns 8,535 shares of the utilities provider’s stock worth $340,000 after purchasing an additional 1,022 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in FirstEnergy by 41.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 47,956 shares of the utilities provider’s stock worth $1,902,000 after purchasing an additional 14,129 shares during the last quarter. Spirit of America Management Corp NY grew its holdings in shares of FirstEnergy by 56.6% during the fourth quarter. Spirit of America Management Corp NY now owns 21,450 shares of the utilities provider’s stock worth $853,000 after buying an additional 7,750 shares during the last quarter. Finally, Yousif Capital Management LLC increased its position in FirstEnergy by 2.8% in the 4th quarter. Yousif Capital Management LLC now owns 94,060 shares of the utilities provider’s stock valued at $3,742,000 after acquiring an additional 2,567 shares during the period. Institutional investors and hedge funds own 89.41% of the company’s stock.

FirstEnergy Price Performance

FirstEnergy stock opened at $39.82 on Tuesday. The company has a quick ratio of 0.46, a current ratio of 0.56 and a debt-to-equity ratio of 1.58. The firm’s 50-day simple moving average is $39.95 and its 200 day simple moving average is $41.85. FirstEnergy Corp. has a 52 week low of $36.01 and a 52 week high of $44.97. The firm has a market capitalization of $22.95 billion, a PE ratio of 25.69, a P/E/G ratio of 2.01 and a beta of 0.52.

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 given a $0.425 dividend. The ex-dividend date is Friday, February 7th. This represents a $1.70 annualized dividend and a dividend yield of 4.27%. FirstEnergy’s dividend payout ratio is presently 109.68%.

Analysts Set New Price Targets

FE has been the subject of several recent analyst reports. Seaport Res Ptn cut shares of FirstEnergy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. Jefferies Financial Group started coverage on FirstEnergy in a report on Monday, October 14th. They issued a “hold” rating and a $46.00 price objective on the stock. Morgan Stanley cut their target price on FirstEnergy from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Wolfe Research downgraded FirstEnergy from an “outperform” rating to a “peer perform” rating in a research note on Thursday, January 23rd. Finally, KeyCorp cut their price objective on FirstEnergy from $48.00 to $47.00 and set an “overweight” rating for the company in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $46.27.

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.