Summit Asset Management LLC decreased its position in shares of WEC Energy Group, Inc. (NYSE:WEC) by 10.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,335 shares of the utilities provider’s stock after selling 400 shares during the quarter. Summit Asset Management LLC’s holdings in WEC Energy Group were worth $307,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Phoenix Wealth Advisors bought a new stake in WEC Energy Group during the fourth quarter worth about $25,000. Graves Light Private Wealth Management Inc. bought a new stake in WEC Energy Group during the fourth quarter worth about $26,000. Hoover Financial Advisors Inc. bought a new stake in WEC Energy Group during the fourth quarter worth about $29,000. Cowa LLC bought a new stake in WEC Energy Group during the fourth quarter worth about $29,000. Finally, Clearview Wealth Advisors LLC bought a new stake in WEC Energy Group during the fourth quarter worth about $44,000. 73.05% of the stock is owned by institutional investors and hedge funds.
Several research firms recently weighed in on WEC. Credit Suisse Group upped their price objective on shares of WEC Energy Group from $81.00 to $83.00 and gave the stock an “underperform” rating in a research report on Monday, November 2nd. Barclays raised shares of WEC Energy Group from an “underweight” rating to an “equal weight” rating and set a $107.00 target price for the company in a report on Wednesday, January 13th. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $94.45.
WEC Energy Group (NYSE:WEC) last released its quarterly earnings data on Thursday, February 4th. The utilities provider reported $0.76 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.03. WEC Energy Group had a return on equity of 11.36% and a net margin of 16.26%. The company had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $2.10 billion. During the same quarter in the prior year, the firm posted $0.77 earnings per share. The firm’s revenue was down .7% compared to the same quarter last year. Equities analysts anticipate that WEC Energy Group, Inc. will post 3.75 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, March 1st. Shareholders of record on Sunday, February 14th will be given a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date is Thursday, February 11th. This is an increase from WEC Energy Group’s previous quarterly dividend of $0.63. WEC Energy Group’s dividend payout ratio is currently 75.70%.
WEC Energy Group Company Profile
WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and nonregulated renewable energy services in the United States. The company operates through six segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other.
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