Capital Research & Management Co recently announced the acquisition of new stake in Firstenergy Corp. (NYSE:FE). The institutional investor has increased its shareholding in the Utilities company by 26.58% to 62.41 million shares with purchase of 13.1 million shares. This fresh investment now brings its stake to 10.88% valued currently at $2.31 billion. In addition, T. Rowe Price Associates, Inc. raised its holdings by 0.31 million to 19.82 million shares. And Fidelity Management & Research Co has lifted its position by 29.70% or 3.01 million shares – to 13.13 million shares.
With over 8.0 million Firstenergy Corp. (FE) shares trading Tuesday and a closing price of $38.52 on the day, the dollar volume was approximately $308.33 million. The shares have shown a negative half year performance of -1.03% and its price on 01/09/24 gained nearly 0.36%. Currently, there are 573.82M common shares owned by the public and among those 573.14M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 15 analysts who have offered their price forecasts for FE have a consensus price objective of $39.50. The analysts have set the share’s price value over the next 12 months at a high of $44.00 and a low of $32.00. The average price target is 2.48% above its recent price level and a downside to the estimated low will see the stock lose -20.38% over that period. But an upside of 12.45% will see the stock hit the forecast high price target while median target price for the stock is $40.00.
Insiders at the company have transacted a total of 23 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 13 of these insider trades were purchases, accounting for 402,187 shares. Insider sales of the common stock occurred on 10 occasions, with total insider shares sold totaling 95,541 shares.
The top 3 mutual fund holders in Firstenergy Corp. are Vanguard Total Stock Market ETF, American Funds Fundamental Invest, and American Funds Income Fund of Ame. Vanguard Total Stock Market ETF owns 17.05 million shares of the company’s stock, all valued at over $629.88 million. The company bought an additional 20782.0 shares recently to bring their total holdings to about 2.97% of the shares outstanding. American Funds Fundamental Invest bought 0.79 million shares to see its total holdings expand to 16.16 million shares valued at over $596.88 million and representing 2.82% of the shares outstanding. American Funds Income Fund of Ame bought 0.65 million shares to bring its total holdings to over 15.75 million shares at a value of $581.81 million. American Funds Income Fund of Ame now owns shares totaling to 2.75% of the shares outstanding.
Shares of Firstenergy Corp. (NYSE: FE) opened at $38.24, down -$0.14 from a prior closing price of $38.38. However, the script later moved the day high at 38.59, up 0.36%. The company’s stock has a 5-day price change of 2.99% and 10.79% over the past three months. FE shares are trading 5.07% year to date (YTD), with the 12-month market performance down to -9.09% lower. It has a 12-month low price of $32.18 and touched a high of $43.31 over the same period. FE has an average intraday trading volume of 3.49 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 3.75%, 4.63%, and 2.45% respectively.
Institutional ownership of Firstenergy Corp. (NYSE: FE) shares accounts for 84.99% of the company’s 573.82M shares outstanding. Mutual fund holders own 35.04%, while other institutional holders and individual stakeholders account for 50.17% and 0.62% respectively.
It has a market capitalization of $22.10B and a beta (3y monthly) value of 0.48. The stock’s trailing 12-month PE ratio is 42.27, while the earnings-per-share (ttm) stands at $0.91. The company has a PEG of 6.71 and a Quick Ratio of 0.43 with the debt-to-equity ratio at 2.33. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.58% over the week and 1.78% over the month.
Analysts forecast that Firstenergy Corp. (FE) will achieve an EPS of $0.6 for the current quarter, $0.68 for the next quarter and $2.66 for 2024. The lowest estimate earnings-per-share for the quarter is $0.58 while analysts give the company a high EPS estimate of $0.64. Comparatively, EPS for the current quarter was $0.5 a year ago. Earnings per share for the fiscal year are expected to increase by 5.49%, and 5.36% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 15 brokerage firm advisors rate Firstenergy Corp. (FE) as a “Moderate Buy” at a consensus score of 2.13. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 7 of the 15 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. Barclays stated their Equal Weight rating for the stock in a research note on August 23, 2023, with the firm’s price target at $37.
