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 $2.29 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.
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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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 American Funds Income Fund of Ame, American Funds Fundamental Invest, and Vanguard Total Stock Market ETF. American Funds Income Fund of Ame owns 20.56 million shares of the company’s stock, all valued at over $753.55 million. The company bought an additional 4.8 million shares recently to bring their total holdings to about 3.58% of the shares outstanding. American Funds Fundamental Invest bought 3.61 million shares to see its total holdings expand to 19.76 million shares valued at over $724.55 million and representing 3.44% of the shares outstanding. Vanguard Total Stock Market ETF bought 14100.0 shares to bring its total holdings to over 17.07 million shares at a value of $625.62 million. Vanguard Total Stock Market ETF now owns shares totaling to 2.97% of the shares outstanding.
However, the script later moved the day high at 36.88, up 0.08%. The company’s stock has a 5-day price change of -2.99% and 4.08% over the past three months. FE shares are trading 0.16% year to date (YTD), with the 12-month market performance down to -12.99% lower. It has a 12-month low price of $32.18 and touched a high of $41.99 over the same period. FE has an average intraday trading volume of 3.68 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 -1.76%, -1.11%, and -2.16% respectively.
Institutional ownership of Firstenergy Corp. (NYSE: FE) shares accounts for 85.00% of the company’s 573.82M shares outstanding. Mutual fund holders own 31.63%, while other institutional holders and individual stakeholders account for 53.61% and 0.62% respectively.
It has a market capitalization of $21.07B and a beta (3y monthly) value of 0.48. The stock’s trailing 12-month PE ratio is 40.29, while the earnings-per-share (ttm) stands at $0.91. The company has a PEG of 6.40 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 1.60% over the week and 1.52% over the month.
Analysts forecast that Firstenergy Corp. (FE) will achieve an EPS of $0.59 for the current quarter, $0.68 for the next quarter and $2.67 for 2024. The lowest estimate earnings-per-share for the quarter is $0.5 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 5.48%, and 5.11% over the next financial year.
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.
