Securian Asset Management Inc grew its holdings in WEC Energy Group Inc (NYSE:WEC) by 0.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 32,738 shares of the utilities provider’s stock after acquiring an additional 222 shares during the quarter. Securian Asset Management Inc’s holdings in WEC Energy Group were worth $2,729,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Scout Investments Inc. lifted its holdings in shares of WEC Energy Group by 84.9% during the second quarter. Scout Investments Inc. now owns 1,692,263 shares of the utilities provider’s stock worth $141,084,000 after purchasing an additional 777,086 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of WEC Energy Group by 44.5% during the first quarter. Janus Henderson Group PLC now owns 1,635,780 shares of the utilities provider’s stock worth $129,358,000 after purchasing an additional 504,048 shares during the period. Magellan Asset Management Ltd lifted its holdings in shares of WEC Energy Group by 43.0% during the first quarter. Magellan Asset Management Ltd now owns 1,225,712 shares of the utilities provider’s stock worth $96,929,000 after purchasing an additional 368,357 shares during the period. Geode Capital Management LLC lifted its holdings in shares of WEC Energy Group by 9.1% during the fourth quarter. Geode Capital Management LLC now owns 4,266,754 shares of the utilities provider’s stock worth $295,016,000 after purchasing an additional 356,209 shares during the period. Finally, California Public Employees Retirement System lifted its holdings in shares of WEC Energy Group by 17.9% during the first quarter. California Public Employees Retirement System now owns 1,974,669 shares of the utilities provider’s stock worth $156,157,000 after purchasing an additional 300,440 shares during the period. 76.29% of the stock is owned by institutional investors and hedge funds.
WEC has been the subject of several recent research reports. Scotiabank cut WEC Energy Group from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $76.00 to $78.00 in a research report on Wednesday, May 8th. KeyCorp initiated coverage on WEC Energy Group in a research report on Tuesday, June 4th. They set a “sector weight” rating for the company. Wolfe Research set a $77.00 price target on WEC Energy Group and gave the company a “sell” rating in a research report on Friday, April 26th. Bank of America cut WEC Energy Group from a “neutral” rating to an “underperform” rating and lifted their price target for the company from $82.00 to $85.00 in a research report on Monday, June 24th. Finally, Credit Suisse Group cut WEC Energy Group from a “neutral” rating to an “underperform” rating and lifted their price target for the company from $84.00 to $85.00 in a research report on Tuesday, August 6th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. WEC Energy Group has a consensus rating of “Hold” and a consensus price target of $76.75.
In other news, Director Barbara L. Bowles sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $89.73, for a total value of $89,730.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gale E. Klappa sold 73,669 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $88.43, for a total value of $6,514,549.67. Following the completion of the sale, the insider now owns 255,858 shares of the company’s stock, valued at $22,625,522.94. The disclosure for this sale can be found here. Insiders sold 89,234 shares of company stock valued at $7,889,503 over the last 90 days. Company insiders own 0.75% of the company’s stock.
WEC stock traded up $0.25 during trading on Friday, hitting $93.39. 126,638 shares of the company traded hands, compared to its average volume of 1,878,651. The stock’s 50-day simple moving average is $87.52 and its 200 day simple moving average is $81.08. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.55 and a quick ratio of 0.41. The company has a market cap of $28.96 billion, a PE ratio of 27.96, a P/E/G ratio of 4.42 and a beta of 0.11. WEC Energy Group Inc has a 1 year low of $64.96 and a 1 year high of $93.29.
WEC Energy Group (NYSE:WEC) last posted its quarterly earnings data on Monday, August 5th. The utilities provider reported $0.74 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.04. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.65 billion. WEC Energy Group had a return on equity of 11.00% and a net margin of 14.24%. The business’s revenue was down 4.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.73 earnings per share. Research analysts expect that WEC Energy Group Inc will post 3.52 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Wednesday, August 14th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date of this dividend is Tuesday, August 13th. WEC Energy Group’s dividend payout ratio (DPR) is presently 70.66%.
About WEC Energy Group
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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