Campbell Newman Asset Management Inc. Invests $23.22 Million in WEC Energy Group, Inc. (NYSE:WEC)

Campbell Newman Asset Management Inc. bought a new position in shares of WEC Energy Group, Inc. (NYSE:WEC) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 213,058 shares of the utilities provider’s stock, valued at approximately $23,219,000. WEC Energy Group makes up about 2.0% of Campbell Newman Asset Management Inc.’s investment portfolio, making the stock its 21st largest holding. Campbell Newman Asset Management Inc. owned about 0.07% of WEC Energy Group at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in WEC. Larson Financial Group LLC increased its position in WEC Energy Group by 3,828.6% in the 4th quarter. Larson Financial Group LLC now owns 275 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 268 shares during the period. Prudent Man Investment Management Inc. acquired a new position in WEC Energy Group in the 4th quarter valued at about $28,000. Hoey Investments Inc. acquired a new position in WEC Energy Group in the 4th quarter valued at about $42,000. Human Investing LLC acquired a new position in WEC Energy Group in the 4th quarter valued at about $52,000. Finally, Cullen Frost Bankers Inc. increased its position in WEC Energy Group by 140.8% in the 4th quarter. Cullen Frost Bankers Inc. now owns 590 shares of the utilities provider’s stock valued at $55,000 after acquiring an additional 345 shares during the period. Institutional investors and hedge funds own 77.20% of the company’s stock.

Insiders Place Their Bets

In other news, VP Joshua M. Erickson sold 2,155 shares of the company’s stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $107.77, for a total transaction of $232,244.35. Following the completion of the transaction, the vice president now owns 2,686 shares of the company’s stock, valued at $289,470.22. This represents a 44.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.50% of the company’s stock.

WEC Energy Group Price Performance

Shares of NYSE:WEC opened at $104.92 on Friday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.60 and a quick ratio of 0.43. WEC Energy Group, Inc. has a 12 month low of $77.47 and a 12 month high of $111.00. The firm has a market capitalization of $33.48 billion, a price-to-earnings ratio of 21.72, a price-to-earnings-growth ratio of 2.60 and a beta of 0.45. The business’s 50 day simple moving average is $106.83 and its 200-day simple moving average is $102.82.

WEC Energy Group (NYSE:WEC) last issued its quarterly earnings data on Tuesday, May 6th. The utilities provider reported $2.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.18 by $0.09. WEC Energy Group had a return on equity of 12.39% and a net margin of 17.75%. The firm had revenue of $3.15 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same period in the previous year, the firm posted $1.97 EPS. The company’s quarterly revenue was up 17.5% compared to the same quarter last year. As a group, equities analysts forecast that WEC Energy Group, Inc. will post 5.23 earnings per share for the current fiscal year.

WEC Energy Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Wednesday, May 14th were given a dividend of $0.8975 per share. This is an increase from WEC Energy Group’s previous quarterly dividend of $0.84. This represents a $3.59 annualized dividend and a dividend yield of 3.42%. The ex-dividend date was Wednesday, May 14th. WEC Energy Group’s payout ratio is currently 69.59%.

Wall Street Analysts Forecast Growth

WEC has been the topic of several recent research reports. Barclays boosted their price target on WEC Energy Group from $99.00 to $101.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 29th. Wall Street Zen raised WEC Energy Group from a “sell” rating to a “hold” rating in a report on Wednesday, April 16th. JPMorgan Chase & Co. raised WEC Energy Group from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $106.00 to $108.00 in a report on Tuesday, April 8th. Scotiabank set a $115.00 price objective on WEC Energy Group and gave the company an “outperform” rating in a report on Wednesday, May 7th. Finally, Wells Fargo & Company lifted their price objective on WEC Energy Group from $115.00 to $124.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $107.13.

About WEC Energy Group

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States. It operates through Wisconsin, Illinois, Other States, Electric Transmission, and Non-Utility Energy Infrastructure segments.