B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund trimmed its holdings in shares of WEC Energy Group Inc (NYSE:WEC) by 3.6% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 303,930 shares of the utilities provider’s stock after selling 11,224 shares during the quarter. WEC Energy Group accounts for 3.2% of B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund’s holdings, making the stock its 9th biggest position. B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund owned approximately 0.10% of WEC Energy Group worth $19,649,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Millennium Management LLC bought a new position in shares of WEC Energy Group during the 2nd quarter worth approximately $2,586,000. Worldquant Millennium Quantitative Strategies LLC bought a new position in shares of WEC Energy Group during the 2nd quarter worth approximately $1,902,000. Centaurus Financial Inc. bought a new position in shares of WEC Energy Group during the 2nd quarter worth approximately $141,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp grew its stake in shares of WEC Energy Group by 146.5% during the 2nd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 245,500 shares of the utilities provider’s stock worth $15,872,000 after acquiring an additional 145,900 shares in the last quarter. Finally, Bridgeworth LLC bought a new position in shares of WEC Energy Group during the 2nd quarter worth approximately $156,000. 73.21% of the stock is owned by institutional investors and hedge funds.
In other WEC Energy Group news, Director Barbara L. Bowles sold 2,500 shares of the firm’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $66.45, for a total transaction of $166,125.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Frederick D. Kuester sold 168,790 shares of the firm’s stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $66.94, for a total value of $11,298,802.60. The disclosure for this sale can be found here. Company insiders own 0.97% of the company’s stock.
Several equities analysts have recently weighed in on the stock. Scotia Howard Weill began coverage on shares of WEC Energy Group in a research note on Tuesday, September 4th. They set a “sector outperform” rating and a $72.00 price target for the company. Howard Weil began coverage on WEC Energy Group in a report on Tuesday, September 4th. They issued a “sector outperform” rating and a $72.00 price objective for the company. Zacks Investment Research downgraded WEC Energy Group from a “buy” rating to a “hold” rating in a report on Thursday, August 9th. Goldman Sachs Group raised WEC Energy Group from a “sell” rating to a “neutral” rating in a report on Thursday, July 19th. Finally, Deutsche Bank increased their price objective on WEC Energy Group from $67.00 to $68.00 and gave the company a “hold” rating in a report on Wednesday, August 1st. Ten equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $68.73.
NYSE WEC opened at $69.05 on Friday. The company has a market capitalization of $21.76 billion and a PE ratio of 21.99. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.59 and a quick ratio of 0.44. WEC Energy Group Inc has a 12 month low of $58.48 and a 12 month high of $70.09.
WEC Energy Group (NYSE:WEC) last released its quarterly earnings data on Tuesday, July 31st. The utilities provider reported $0.73 EPS for the quarter, beating the consensus estimate of $0.67 by $0.06. WEC Energy Group had a return on equity of 11.18% and a net margin of 16.56%. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.57 billion. During the same quarter in the prior year, the firm posted $0.63 EPS. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. sell-side analysts forecast that WEC Energy Group Inc will post 3.32 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Saturday, September 1st. Shareholders of record on Tuesday, August 14th were issued a dividend of $0.5525 per share. This represents a $2.21 annualized dividend and a yield of 3.20%. The ex-dividend date was Monday, August 13th. WEC Energy Group’s dividend payout ratio is 70.38%.
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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