Parametric Portfolio Associates LLC raised its stake in shares of WEC Energy Group Inc (NYSE:WEC) by 2.3% during the 2nd quarter, HoldingsChannel reports. The firm owned 1,256,503 shares of the utilities provider’s stock after purchasing an additional 28,376 shares during the quarter. Parametric Portfolio Associates LLC’s holdings in WEC Energy Group were worth $104,755,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Blue Sky Asset Management LLC acquired a new position in WEC Energy Group during the first quarter valued at approximately $25,000. Weaver Consulting Group acquired a new position in WEC Energy Group during the first quarter valued at approximately $25,000. Trustcore Financial Services LLC acquired a new position in WEC Energy Group during the second quarter valued at approximately $25,000. Krane Funds Advisors LLC acquired a new position in WEC Energy Group during the second quarter valued at approximately $25,000. Finally, Synovus Financial Corp grew its holdings in WEC Energy Group by 959.5% during the second quarter. Synovus Financial Corp now owns 392 shares of the utilities provider’s stock valued at $32,000 after purchasing an additional 355 shares during the last quarter. Institutional investors own 76.78% of the company’s stock.
Several brokerages have recently issued reports on WEC. Wells Fargo & Co raised their price objective on shares of WEC Energy Group from $93.00 to $102.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 27th. UBS Group lifted their price objective on WEC Energy Group from $87.00 to $94.00 and gave the company a “neutral” rating in a report on Friday, September 6th. Credit Suisse Group cut WEC Energy Group from a “neutral” rating to an “underperform” rating and lifted their price objective for the company from $84.00 to $85.00 in a report on Tuesday, August 6th. They noted that the move was a valuation call. Guggenheim cut WEC Energy Group from a “buy” rating to a “neutral” rating in a report on Wednesday, September 4th. They noted that the move was a valuation call. Finally, KeyCorp initiated coverage on WEC Energy Group in a research report on Tuesday, June 4th. They issued a “sector weight” rating for the company. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. WEC Energy Group currently has a consensus rating of “Hold” and an average price target of $81.09.
WEC Energy Group (NYSE:WEC) last released its earnings results on Monday, August 5th. The utilities provider reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.04. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.65 billion. WEC Energy Group had a return on equity of 11.00% and a net margin of 14.24%. WEC Energy Group’s quarterly revenue was down 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.73 EPS. Analysts anticipate that WEC Energy Group Inc will post 3.52 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Wednesday, August 14th were given a $0.59 dividend. The ex-dividend date was Tuesday, August 13th. This represents a $2.36 annualized dividend and a yield of 2.58%. WEC Energy Group’s dividend payout ratio is presently 70.66%.
In other WEC Energy Group news, CEO Joseph Kevin Fletcher sold 27,105 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $95.69, for a total value of $2,593,677.45. Following the completion of the sale, the chief executive officer now owns 25,240 shares of the company’s stock, valued at $2,415,215.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP William J. Guc sold 7,005 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $88.09, for a total value of $617,070.45. Following the completion of the transaction, the vice president now owns 13,366 shares in the company, valued at approximately $1,177,410.94. The disclosure for this sale can be found here. Insiders have sold 246,040 shares of company stock valued at $22,979,862 over the last 90 days. 0.75% of the stock is owned by corporate insiders.
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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