Nuveen Asset Management LLC raised its stake in WEC Energy Group Inc (NYSE:WEC) by 35,386.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 3,047,564 shares of the utilities provider’s stock after acquiring an additional 3,038,976 shares during the period. Nuveen Asset Management LLC’s holdings in WEC Energy Group were worth $254,076,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in WEC. Barings LLC raised its holdings in shares of WEC Energy Group by 53.2% in the first quarter. Barings LLC now owns 8,926 shares of the utilities provider’s stock valued at $706,000 after purchasing an additional 3,100 shares during the last quarter. Piedmont Investment Advisors Inc. raised its holdings in shares of WEC Energy Group by 8.9% in the first quarter. Piedmont Investment Advisors Inc. now owns 5,108 shares of the utilities provider’s stock valued at $404,000 after purchasing an additional 418 shares during the last quarter. Signaturefd LLC raised its holdings in shares of WEC Energy Group by 7.3% in the first quarter. Signaturefd LLC now owns 4,032 shares of the utilities provider’s stock valued at $319,000 after purchasing an additional 276 shares during the last quarter. Advisor Group Inc. raised its holdings in shares of WEC Energy Group by 1.5% in the first quarter. Advisor Group Inc. now owns 105,119 shares of the utilities provider’s stock valued at $8,315,000 after purchasing an additional 1,553 shares during the last quarter. Finally, Bremer Bank National Association acquired a new stake in shares of WEC Energy Group in the first quarter valued at approximately $246,000. 76.89% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have recently issued reports on WEC. Zacks Investment Research upgraded shares of WEC Energy Group from a “hold” rating to a “buy” rating and set a $97.00 price objective on the stock in a report on Monday, September 16th. Bank of America downgraded shares of WEC Energy Group from a “neutral” rating to an “underperform” rating and lifted their price objective for the company from $82.00 to $85.00 in a report on Monday, June 24th. Guggenheim downgraded shares of 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. KeyCorp began coverage on shares of WEC Energy Group in a report on Tuesday, June 4th. They issued a “sector weight” rating on the stock. Finally, UBS Group lifted their price objective on shares of WEC Energy Group from $87.00 to $94.00 and gave the company a “neutral” rating in a report on Friday, September 6th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $82.91.
WEC traded down $0.03 during trading on Wednesday, reaching $94.97. 8,908 shares of the stock were exchanged, compared to its average volume of 2,025,219. The stock has a market cap of $29.97 billion, a P/E ratio of 28.39, a price-to-earnings-growth ratio of 4.31 and a beta of 0.05. WEC Energy Group Inc has a twelve month low of $64.96 and a twelve month high of $98.19. The stock’s 50 day moving average price is $92.37 and its two-hundred day moving average price is $84.05. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.41 and a current ratio of 0.55.
WEC Energy Group (NYSE:WEC) last issued its earnings results on Monday, August 5th. The utilities provider reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. The business had revenue of $1.59 billion for 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%. The firm’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.73 earnings per share. Equities research analysts predict that WEC Energy Group Inc will post 3.52 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Wednesday, August 14th were issued a dividend of $0.59 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $2.36 dividend on an annualized basis and a yield of 2.48%. WEC Energy Group’s payout ratio is 70.66%.
WEC Energy Group 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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