Red Cedar Investment Management LLC Boosts Stock Position in WEC Energy Group, Inc. (NYSE:WEC)

Red Cedar Investment Management LLC boosted its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC) by 389.6% in the third quarter, Holdings Channel.com reports. The fund owned 18,993 shares of the utilities provider’s stock after acquiring an additional 15,114 shares during the quarter. Red Cedar Investment Management LLC’s holdings in WEC Energy Group were worth $1,827,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. QRG Capital Management Inc. boosted its holdings in WEC Energy Group by 4.6% during the 3rd quarter. QRG Capital Management Inc. now owns 11,991 shares of the utilities provider’s stock valued at $1,153,000 after acquiring an additional 529 shares during the period. Asset Management One Co. Ltd. raised its position in shares of WEC Energy Group by 3.3% in the 3rd quarter. Asset Management One Co. Ltd. now owns 169,934 shares of the utilities provider’s stock worth $16,344,000 after acquiring an additional 5,427 shares in the last quarter. WFA Asset Management Corp raised its position in shares of WEC Energy Group by 14.7% in the 3rd quarter. WFA Asset Management Corp now owns 3,089 shares of the utilities provider’s stock worth $297,000 after acquiring an additional 396 shares in the last quarter. Intact Investment Management Inc. raised its position in shares of WEC Energy Group by 14.2% in the 3rd quarter. Intact Investment Management Inc. now owns 107,750 shares of the utilities provider’s stock worth $10,363,000 after acquiring an additional 13,400 shares in the last quarter. Finally, Old North State Wealth Management LLC bought a new position in shares of WEC Energy Group in the 3rd quarter worth $262,000. Hedge funds and other institutional investors own 77.20% of the company’s stock.

WEC Energy Group Price Performance

Shares of WEC Energy Group stock traded down $0.76 during mid-day trading on Monday, reaching $94.81. 440,195 shares of the stock traded hands, compared to its average volume of 2,145,240. The business has a 50-day moving average of $95.55 and a 200 day moving average of $87.30. WEC Energy Group, Inc. has a fifty-two week low of $75.13 and a fifty-two week high of $100.31. The stock has a market capitalization of $29.97 billion, a PE ratio of 23.37, a PEG ratio of 2.46 and a beta of 0.44. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 1.37.

WEC Energy Group (NYSE:WEC) last posted its quarterly earnings results on Thursday, October 31st. The utilities provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.70 by $0.12. WEC Energy Group had a return on equity of 11.72% and a net margin of 15.14%. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter last year, the firm earned $1.00 earnings per share. The business’s revenue for the quarter was down 4.8% on a year-over-year basis. On average, analysts predict that WEC Energy Group, Inc. will post 4.87 EPS for the current year.

WEC Energy Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Thursday, November 14th will be given a dividend of $0.835 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.34 annualized dividend and a dividend yield of 3.52%. WEC Energy Group’s dividend payout ratio is currently 81.66%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. StockNews.com raised WEC Energy Group from a “sell” rating to a “hold” rating in a research report on Friday. Bank of America boosted their price target on WEC Energy Group from $88.00 to $90.00 and gave the company an “underperform” rating in a research note on Thursday, August 29th. Wells Fargo & Company boosted their price target on WEC Energy Group from $103.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. KeyCorp upped their target price on WEC Energy Group from $103.00 to $108.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Finally, Scotiabank upped their target price on WEC Energy Group from $90.00 to $103.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, August 20th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, WEC Energy Group has a consensus rating of “Hold” and an average price target of $94.45.

Insider Transactions at WEC Energy Group

In other WEC Energy Group news, VP Mary Beth Straka sold 3,240 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $93.04, for a total value of $301,449.60. Following the sale, the vice president now directly owns 3,662 shares in the company, valued at $340,712.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other WEC Energy Group news, VP Anthony Reese sold 1,362 shares of WEC Energy Group stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $88.78, for a total value of $120,918.36. Following the sale, the vice president now owns 1,462 shares of the company’s stock, valued at approximately $129,796.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mary Beth Straka sold 3,240 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $93.04, for a total value of $301,449.60. Following the sale, the vice president now directly owns 3,662 shares in the company, valued at $340,712.48. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,352 shares of company stock worth $1,046,645 over the last ninety days. Company insiders own 0.34% of the company’s stock.

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. It operates through Wisconsin, Illinois, Other States, Electric Transmission, and Non-Utility Energy Infrastructure segments.