SSgA Funds Management, Inc. recently announced the acquisition of new stake in FirstEnergy Corp. (NYSE:FE). The institutional investor has increased its shareholding in the Utilities company by 0.64% to 39.89 million shares with purchase of 0.25 million shares. This fresh investment now brings its stake to 7.36% valued currently at $1.55 billion. In addition, Renaissance Technologies LLC raised its holdings by 1.77 million to 12.03 million shares. And BlackRock Advisors LLC has lifted its position by 24.03% or 2.02 million shares – to 10.4 million shares.
With over 8.25 million FirstEnergy Corp. (FE) shares trading Monday and a closing price of $29.19 on the day, the dollar volume was approximately $240.96 million. The shares have shown a negative weekly performance of -0.31% and its price on 08/03/20 gained nearly 0.66%. Currently, there are 541.00M common shares owned by the public and among those 539.66M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 17 analysts who have offered their price forecasts for FE have a consensus price objective of $40.96. The analysts have set the share’s price value over the next 12 months at a high of $57.50 and a low of $36.00 should the stock experience a downside. Incidentally, analysts’ outlook for the FirstEnergy Corp. stock is 1.90 for the next 12 months. The average price target is 40.73% above its last price level and an upside to the estimated low will see the stock gain 18.92% over that period. But an upside of 49.23% will see the stock hit the forecast high price target while mean target price for the stock is $40.00.
Insiders at the company have transacted a total of 35 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 16 of these insider trades were purchases, accounting for 592,804 shares. Insider sales of the common stock occurred on 19 occasions, with total insider shares sold totaling 419,672 shares.
The top 3 mutual fund holders in FirstEnergy Corp. are Vanguard Total Stock Market Index, MFS Value Fund, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market Index owns 15.48 million shares of the company’s stock, all valued at over $600.19 million. The company sold 90792.0 shares recently to bring their total holdings to about 2.86% of the shares outstanding. Vanguard Mid Cap Index Fund sold -0.7 million shares to bring its total holdings to over 13.4 million shares at a value of $519.57 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.47% of the shares outstanding.
Shares of FirstEnergy Corp. (NYSE: FE) opened at $28.90, down -$0.1 from a prior closing price of $29.00. However, the script later closed the day at $29.19, up 0.66%. The company’s stock has a 5-day price change of -0.31% and -29.13% over the past three months. FE shares are trading -39.94% year to date (YTD), with the 12-month market performance down to -34.03% lower. It has a 12-month low price of $22.85 and touched a high of $52.51 over the same period. Currently, 8.25 million shares have been traded, compared to an average intraday trading volume of 8.71 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -18.11%, -24.53%, and -33.74% respectively.
Institutional ownership of FirstEnergy Corp. (NYSE: FE) shares accounts for 85.30% of the company’s 541.00M shares outstanding. Mutual fund holders own 36.44%, while other institutional holders and individual stakeholders account for 48.62% and 0.57% respectively.
It has a market capitalization of $15.74B and a beta (3y monthly) value of 0.33. The stock’s trailing 12-month PE ratio is 27.41, while the earnings-per-share (ttm) stands at $1.07. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.76% over the week and 5.70% over the month.
Analysts forecast that FirstEnergy Corp. (FE) will achieve an EPS of $General Electric Company for the current quarter, $6.12 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $Pfizer, Inc. while analysts give the company a high EPS estimate of $Ford Motor Company. Comparatively, EPS for the current quarter was $Sea Limited a year ago. Earnings per share for the fiscal year are expected to increase by 20.80%, and 5.55% over the next financial year. EPS should shrink at an annualized rate of -2.40% over the next five years, compared to 26.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate FirstEnergy Corp. (FE) as a “Strong Buy” at a consensus score of 1.90. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 9 of the 17 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the FE, a number of firms have released research notes about the stock. Scotiabank stated their Sector Perform rating for the stock in a research note on July 22, 2020, with the firm’s price target at. KeyBanc Capital Markets coverage for the FirstEnergy Corp. (FE) stock in a research note released on July 22, 2020 offered a Sector Weight rating with a price target of. Guggenheim was of a view on July 22, 2020 that the stock is Neutral, while Evercore ISI gave the stock In-line rating on July 22, 2020, issuing a price target of $41. Barclays on their part issued Equal Weight rating on July 22, 2020.