Parsons Capital Management Inc. RI reduced its stake in WEC Energy Group Inc (NYSE:WEC) by 5.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,725 shares of the utilities provider’s stock after selling 1,688 shares during the period. Parsons Capital Management Inc. RI’s holdings in WEC Energy Group were worth $2,562,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Geode Capital Management LLC grew its position in WEC Energy Group by 9.1% in the 4th 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 in the last quarter. American Century Companies Inc. grew its position in WEC Energy Group by 9.1% in the 4th quarter. American Century Companies Inc. now owns 9,072 shares of the utilities provider’s stock worth $628,000 after purchasing an additional 757 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in WEC Energy Group in the 1st quarter worth about $662,000. Virtu Financial LLC grew its position in WEC Energy Group by 4.1% in the 1st quarter. Virtu Financial LLC now owns 5,647 shares of the utilities provider’s stock worth $447,000 after purchasing an additional 223 shares in the last quarter. Finally, Pennsylvania Trust Co grew its position in shares of WEC Energy Group by 91.0% during the 1st quarter. Pennsylvania Trust Co now owns 11,575 shares of the utilities provider’s stock valued at $2,995,000 after acquiring an additional 5,516 shares during the period. Hedge funds and other institutional investors own 75.05% of the company’s stock.
A number of research analysts have recently weighed in on WEC shares. Wolfe Research set a $77.00 target price on shares of WEC Energy Group and gave the company a “sell” rating in a research report on Friday, April 26th. KeyCorp started coverage on shares of WEC Energy Group in a research report on Tuesday, June 4th. They set a “sector weight” rating for the company. Bank of America downgraded shares of WEC Energy Group from a “neutral” rating to an “underperform” rating and increased their target price for the company from $82.00 to $85.00 in a research report on Monday, June 24th. Scotiabank downgraded shares of WEC Energy Group from an “outperform” rating to a “sector perform” rating and increased their target price for the company from $76.00 to $78.00 in a research report on Wednesday, May 8th. Finally, Credit Suisse Group downgraded shares of WEC Energy Group from a “neutral” rating to an “underperform” rating and increased their target price 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 assigned a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $76.75.
In related news, Chairman Gale E. Klappa sold 9,044 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $81.23, for a total value of $734,644.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP William J. Guc sold 7,005 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $88.09, for a total transaction of $617,070.45. Following the completion of the transaction, the vice president now directly owns 13,366 shares of the company’s stock, valued at $1,177,410.94. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 554,210 shares of company stock valued at $45,971,457. 0.75% of the stock is owned by insiders.
Shares of WEC Energy Group stock traded up $1.37 on Thursday, reaching $90.26. 62,427 shares of the company traded hands, compared to its average volume of 1,871,318. WEC Energy Group Inc has a 52 week low of $64.96 and a 52 week high of $90.43. The business has a 50 day moving average of $86.29. The stock has a market cap of $28.39 billion, a price-to-earnings ratio of 26.99, a PEG ratio of 4.33 and a beta of 0.11. The company has a quick ratio of 0.41, a current ratio of 0.55 and a debt-to-equity ratio of 0.98.
WEC Energy Group (NYSE:WEC) last released its quarterly earnings data on Monday, August 5th. The utilities provider reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.65 billion. WEC Energy Group had a net margin of 14.24% and a return on equity of 11.00%. WEC Energy Group’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same period last year, the firm earned $0.73 EPS. Equities research analysts predict that WEC Energy Group Inc will post 3.52 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Wednesday, August 14th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend is Tuesday, August 13th. WEC Energy Group’s dividend payout ratio (DPR) is presently 70.66%.
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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