Sun Sep 15 14:13:25 UTC 2024: ## Johnson Investment Counsel Cuts Stake in FirstEnergy Amid Mixed Investor Sentiment
**New York, NY – September 15, 2024** – Johnson Investment Counsel Inc. trimmed its position in FirstEnergy Corp. (NYSE: FE) by 9.9% in the second quarter, selling off 783 shares of the utility provider’s stock, according to a recent SEC filing.
Despite this move, other investors have shown renewed interest in FirstEnergy. Sachetta LLC significantly increased its holdings by 36% in the second quarter, while Richardson Financial Services Inc., Marcum Wealth LLC, and Greenleaf Trust all boosted their positions in the first quarter. Oregon Public Employees Retirement Fund also expanded its holdings by 0.7% in the second quarter. Overall, 89.41% of FirstEnergy’s stock is currently held by hedge funds and other institutional investors.
Analysts are divided on the company’s future prospects. Bank of America, Barclays, Mizuho, Wells Fargo & Company, and JPMorgan Chase & Co. have all recently upgraded their price targets for FirstEnergy, with some assigning “hold” ratings while others remain more optimistic with “equal weight” or “buy” ratings. However, one analyst remains bearish, giving FirstEnergy a “sell” rating.
FirstEnergy’s recent quarterly earnings report showed mixed results. The company met analysts’ EPS expectations but fell short of revenue targets. While the business boasted a strong net margin and return on equity, the company’s dividend payout ratio remains high at 97.70%.
The company’s stock opened at $44.47 on Friday, with a market cap of $25.61 billion. While FirstEnergy faces challenges in a changing energy landscape, the continued interest from institutional investors and recent price target upgrades from analysts suggest that some confidence in the company remains.
First Piper 