Redmond Asset Management LLC Lowers Stock Position in WEC Energy Group, Inc. $WEC

Redmond Asset Management LLC reduced its stake in WEC Energy Group, Inc. (NYSE:WEC) by 2.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,600 shares of the utilities provider’s stock after selling 100 shares during the quarter. Redmond Asset Management LLC’s holdings in WEC Energy Group were worth $479,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of WEC. Nuveen LLC purchased a new stake in WEC Energy Group in the first quarter valued at approximately $403,372,000. Charles Schwab Investment Management Inc. raised its stake in WEC Energy Group by 34.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 5,213,304 shares of the utilities provider’s stock valued at $567,727,000 after purchasing an additional 1,349,522 shares in the last quarter. JPMorgan Chase & Co. raised its stake in WEC Energy Group by 16.6% in the first quarter. JPMorgan Chase & Co. now owns 5,103,604 shares of the utilities provider’s stock valued at $556,191,000 after purchasing an additional 726,267 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in WEC Energy Group by 1,529.3% in the first quarter. T. Rowe Price Investment Management Inc. now owns 709,209 shares of the utilities provider’s stock valued at $77,290,000 after purchasing an additional 665,681 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its position in WEC Energy Group by 20.6% during the first quarter. Envestnet Asset Management Inc. now owns 2,519,401 shares of the utilities provider’s stock valued at $274,564,000 after acquiring an additional 430,269 shares during the last quarter. 77.20% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Cowen assumed coverage on shares of WEC Energy Group in a research report on Wednesday, October 15th. They set a “hold” rating on the stock. Royal Bank Of Canada set a $131.00 price target on shares of WEC Energy Group in a research report on Monday. Wells Fargo & Company assumed coverage on shares of WEC Energy Group in a research report on Monday. They set an “overweight” rating and a $124.00 price target on the stock. Mizuho set a $125.00 price target on shares of WEC Energy Group in a research report on Monday. Finally, Citigroup assumed coverage on shares of WEC Energy Group in a research report on Friday, October 3rd. They set a “buy” rating and a $131.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, WEC Energy Group has an average rating of “Hold” and an average target price of $120.14.

Insider Transactions at WEC Energy Group

In related news, VP Anthony Reese sold 4,177 shares of WEC Energy Group stock in a transaction on Friday, August 1st. The shares were sold at an average price of $110.30, for a total value of $460,723.10. Following the sale, the vice president owned 1,757 shares in the company, valued at $193,797.10. The trade was a 70.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Scott J. Lauber sold 9,231 shares of WEC Energy Group stock in a transaction on Friday, August 8th. The shares were sold at an average price of $110.88, for a total transaction of $1,023,533.28. Following the completion of the sale, the chief executive officer owned 56,443 shares in the company, valued at approximately $6,258,399.84. This trade represents a 14.06% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 68,448 shares of company stock valued at $7,581,132. 0.50% of the stock is currently owned by insiders.

WEC Energy Group Stock Down 1.2%

Shares of WEC Energy Group stock opened at $115.32 on Wednesday. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.40 and a current ratio of 0.55. WEC Energy Group, Inc. has a 52-week low of $91.94 and a 52-week high of $118.18. The stock has a market capitalization of $37.12 billion, a price-to-earnings ratio of 22.09, a P/E/G ratio of 3.29 and a beta of 0.47. The company’s 50 day moving average price is $111.66 and its 200-day moving average price is $108.57.

WEC Energy Group (NYSE:WEC) last issued its earnings results on Tuesday, September 2nd. The utilities provider reported $1.43 earnings per share (EPS) for the quarter. WEC Energy Group had a net margin of 17.87% and a return on equity of 12.90%. The firm had revenue of $2.28 billion for the quarter. Equities research analysts forecast that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

WEC Energy Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Friday, November 14th will be issued a $0.8925 dividend. The ex-dividend date is Friday, November 14th. This represents a $3.57 annualized dividend and a dividend yield of 3.1%. WEC Energy Group’s dividend payout ratio (DPR) is currently 68.39%.

WEC Energy Group Profile

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.