E Fund Management Co. Ltd. acquired a new stake in shares of WEC Energy Group, Inc. (NYSE:WEC) in the 1st quarter, HoldingsChannel reports. The institutional investor acquired 554 shares of the utilities provider’s stock, valued at approximately $52,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in WEC. Almanack Investment Partners LLC. grew its holdings in WEC Energy Group by 2.6% during the fourth quarter. Almanack Investment Partners LLC. now owns 4,783 shares of the utilities provider’s stock valued at $440,000 after purchasing an additional 120 shares during the period. Baker Tilly Financial LLC bought a new position in WEC Energy Group during the fourth quarter valued at $366,000. Rosenberg Matthew Hamilton grew its holdings in WEC Energy Group by 154.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 659 shares of the utilities provider’s stock valued at $61,000 after purchasing an additional 400 shares during the period. State of Wisconsin Investment Board grew its holdings in WEC Energy Group by 1.3% during the fourth quarter. State of Wisconsin Investment Board now owns 253,338 shares of the utilities provider’s stock valued at $23,315,000 after purchasing an additional 3,310 shares during the period. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in WEC Energy Group by 4.0% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 68,694 shares of the utilities provider’s stock valued at $6,322,000 after purchasing an additional 2,637 shares during the period. 73.96% of the stock is owned by institutional investors and hedge funds.
In other WEC Energy Group news, CEO Charles R. Matthews sold 10,580 shares of the firm’s stock in a transaction dated Monday, May 10th. The stock was sold at an average price of $98.61, for a total transaction of $1,043,293.80. Following the sale, the chief executive officer now owns 12,786 shares in the company, valued at $1,260,827.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ulice Payne, Jr. sold 2,400 shares of the firm’s stock in a transaction dated Thursday, May 13th. The shares were sold at an average price of $96.43, for a total value of $231,432.00. The disclosure for this sale can be found here. Insiders purchased 25 shares of company stock worth $2,381 in the last quarter. 0.30% of the stock is currently owned by company insiders.
WEC Energy Group (NYSE:WEC) last issued its quarterly earnings data on Sunday, May 2nd. The utilities provider reported $1.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.14. WEC Energy Group had a return on equity of 11.83% and a net margin of 16.08%. The company had revenue of $2.69 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter last year, the business posted $1.43 earnings per share. The firm’s revenue was up 27.6% compared to the same quarter last year. Sell-side analysts predict that WEC Energy Group, Inc. will post 4.03 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 1st. Investors of record on Friday, May 14th were given a $0.6775 dividend. The ex-dividend date of this dividend was Thursday, May 13th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 2.91%. WEC Energy Group’s dividend payout ratio (DPR) is presently 71.50%.
WEC has been the subject of several research reports. Mizuho started coverage on WEC Energy Group in a report on Wednesday, April 14th. They set a “neutral” rating and a $94.00 price objective for the company. Wells Fargo & Company upgraded WEC Energy Group from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $94.00 to $93.00 in a research report on Thursday, March 4th. Finally, Barclays increased their target price on WEC Energy Group from $92.00 to $101.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 25th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. WEC Energy Group currently has an average rating of “Buy” and an average target price of $97.88.
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. The company operates through six segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other.
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