Capital Research & Management Co has recently announced that it has increased stake in Firstenergy Corp. (NYSE:FE) by 26.58%. After grabbing 62.41 million shares, the institutional investor is now in possession of 13.1 million shares of the Utilities Company. The new investment brought the stake of investor firm to 10.88% having worth around $2.31 billion. Moreover, T. Rowe Price Associates, Inc. increased its share by 0.31 million to have a control over 19.82 million shares. And Fidelity Management & Research Co raised its holdings to 3.01 million shares by acquiring 13.13 million shares or 2.29% of the stake.
Firstenergy Corp. (FE) concluded trading on 12/21/23 at a closing price of $36.33, with 2.89 million shares of worth about $104.85 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -5.61% during that period and on Thursday the price saw a gain of about 0.39%. Currently the company’s common shares owned by public are about 573.82M shares, out of which, 573.24M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 14 analysts are covering the FE stock and their offered price forecasts bring an average price target of $39.08. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $44.00 and could fall to a lowest price of $32.00. The stock’s current price level is 7.04% above of average price target set by the analysts, while a rise to estimated low would result in loss of -13.53% for the stock. However, touching the estimated high of $44.00 would mean a gain of 17.43% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 27 times over the past 12 months. They bought 488,429 shares in 16 of the transactions. In 11 selling transactions, insiders dumped 116,589 shares.
Vanguard Total Stock Market ETF, American Funds Fundamental Invest, and American Funds Income Fund of Ame are the top 3 mutual funds which are holding stakes in Firstenergy Corp. Vanguard Total Stock Market ETF is currently holding 17.03 million shares of worth totaling $629.11 million. The company recently came buying 49687.0 shares which brought its stake up to 2.97% of the company’s outstanding shares. American Funds Fundamental Invest bought 0.79 million shares, after which its hold over company’s outstanding shares expand to 2.82%, leaving 16.16 million shares with the mutual fund that have a worth of about $596.88 million. American Funds Income Fund of Ame, after buying 15.75 million shares, have now control over 2.75% of the stake in the company. It holds 0.65 million shares of worth $581.81 million.
Firstenergy Corp. (NYSE: FE) started trading at $36.25, above $0.06 from concluding price of the previous day. Stock saw a price change of -4.07% in past 5 days and over the past one month there was a price change of -3.53%. Year-to-date (YTD), FE shares are showing a performance of -13.38% which decreased to -11.93% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $32.18 but also hit the highest price of $43.31 during that period. The average intraday trading volume for Firstenergy Corp. shares is 3.80 million. The stock is currently trading -2.45% below its 20-day simple moving average (SMA20), while that difference is down -0.45% for SMA50 and it goes to -3.70% lower than SMA200.
Capital Research & Management Co acquired 62.41 million shares of Firstenergy Corp. having value of about $2.31 billion. Data submitted at the U.S SEC by Capital Research & Management Co revealed that the firm now holds 13.1 million shares in the company valued at close to $476077257.18, or have control over 26.58% stake in the company. Firstenergy Corp. (NYSE: FE) currently have 573.82M outstanding shares and institutions hold larger chunk of about 84.99% of that. Holding of mutual funds in the company is about 34.84% while other institutional holders and individual stake holders have control over 50.38% and 0.60% of the stake respectively.
The stock has a current market capitalization of $20.85B and its 3Y-monthly beta is at 0.49. PE ratio of stock for trailing 12 months is 39.87, while it has posted earnings per share of $0.91 in the same period. Its PEG reads 6.11 and has Quick Ratio of 0.43 while making debt-to-equity ratio of 2.33. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for FE, volatility over the week remained 1.69% while standing at 1.71% over the month.
Analysts are in expectations that Firstenergy Corp. (FE) stock would likely to be making an EPS of $0.6 in the current quarter, while forecast for next quarter EPS is $0.69 and it is $2.66 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.58 which is $0.61 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.5 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 5.50% while it is estimated to increase by 4.54% in next year.
Analysts at 14 brokerage firms have issued recommendations for the Firstenergy Corp. (FE)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.21. Out of those 14 Wall Street analysts, 6 recommended a “Buy” rating, while 7 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Barclays on August 23, 2023 offering an Equal weight rating for the stock and assigned a target price of $37 to it.
