CIBC Asset Management Inc Acquires 135,870 Shares of FirstEnergy Corp. (NYSE:FE)

CIBC Asset Management Inc grew its holdings in FirstEnergy Corp. (NYSE:FE) by 177.6% in the 4th quarter, HoldingsChannel reports. The firm owned 212,358 shares of the utilities provider’s stock after buying an additional 135,870 shares during the quarter. CIBC Asset Management Inc’s holdings in FirstEnergy were worth $8,448,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of FE. True Wealth Design LLC raised its holdings in shares of FirstEnergy by 4,571.4% in the 3rd quarter. True Wealth Design LLC now owns 654 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 640 shares in the last quarter. WASHINGTON TRUST Co grew its position in shares of FirstEnergy by 293.0% in the 4th quarter. WASHINGTON TRUST Co now owns 786 shares of the utilities provider’s stock worth $31,000 after buying an additional 586 shares during the last quarter. Cedar Mountain Advisors LLC purchased a new position in shares of FirstEnergy in the 4th quarter worth approximately $34,000. Quarry LP grew its position in shares of FirstEnergy by 59.1% in the 3rd quarter. Quarry LP now owns 861 shares of the utilities provider’s stock worth $38,000 after buying an additional 320 shares during the last quarter. Finally, Luken Investment Analytics LLC purchased a new position in shares of FirstEnergy in the 4th quarter worth approximately $40,000. Institutional investors own 89.41% of the company’s stock.

Analyst Upgrades and Downgrades

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

FirstEnergy Trading Up 1.6 %

Shares of FirstEnergy stock opened at $40.64 on Wednesday. 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. FirstEnergy Corp. has a 12-month low of $36.01 and a 12-month high of $44.97. The firm’s 50 day simple moving average is $39.81 and its two-hundred day simple moving average is $41.79. The company has a current ratio of 0.56, a quick ratio of 0.46 and a debt-to-equity ratio of 1.58.

FirstEnergy Announces Dividend

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

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.