Panagora Asset Management Inc. decreased its holdings in shares of WEC Energy Group Inc (NYSE:WEC) by 3.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 60,955 shares of the utilities provider’s stock after selling 2,203 shares during the quarter. Panagora Asset Management Inc.’s holdings in WEC Energy Group were worth $4,069,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Braun Bostich & Associates Inc. increased its stake in shares of WEC Energy Group by 1,300.0% in the second quarter. Braun Bostich & Associates Inc. now owns 1,764 shares of the utilities provider’s stock valued at $114,000 after buying an additional 1,638 shares during the period. Centaurus Financial Inc. acquired a new position in shares of WEC Energy Group in the second quarter valued at approximately $141,000. Bridgeworth LLC acquired a new position in shares of WEC Energy Group in the second quarter valued at approximately $156,000. Flagship Harbor Advisors LLC acquired a new position in shares of WEC Energy Group in the second quarter valued at approximately $164,000. Finally, Cornerstone Wealth Management LLC acquired a new position in shares of WEC Energy Group in the second quarter valued at approximately $200,000. 72.81% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently issued reports on the company. Argus upped their price objective on WEC Energy Group from $75.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday. Zacks Investment Research raised WEC Energy Group from a “hold” rating to a “buy” rating and set a $77.00 price objective for the company in a research note on Wednesday, October 17th. Barclays upped their price objective on WEC Energy Group from $71.00 to $73.00 and gave the company a “hold” rating in a research note on Monday, November 19th. ValuEngine raised WEC Energy Group from a “hold” rating to a “buy” rating in a research note on Monday, November 12th. Finally, Howard Weil assumed coverage on WEC Energy Group in a research note on Tuesday, September 4th. They issued a “sector outperform” rating and a $72.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company. WEC Energy Group currently has an average rating of “Hold” and an average price target of $71.36.
NYSE:WEC opened at $73.77 on Friday. The company has a market cap of $23.12 billion, a price-to-earnings ratio of 23.49, a PEG ratio of 5.02 and a beta of -0.01. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.51 and a quick ratio of 0.34. WEC Energy Group Inc has a fifty-two week low of $58.48 and a fifty-two week high of $74.44.
WEC Energy Group (NYSE:WEC) last released its earnings results on Wednesday, October 31st. The utilities provider reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.03. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.66 billion. WEC Energy Group had a net margin of 16.82% and a return on equity of 11.18%. The company’s revenue for the quarter was down .8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.68 EPS. On average, sell-side analysts expect that WEC Energy Group Inc will post 3.33 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Thursday, February 14th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend is Wednesday, February 13th. This is an increase from WEC Energy Group’s previous quarterly dividend of $0.55. WEC Energy Group’s dividend payout ratio is currently 70.38%.
In other WEC Energy Group news, insider Joseph Kevin Fletcher sold 72,455 shares of the stock in a transaction that occurred on Tuesday, November 27th. The shares were sold at an average price of $70.65, for a total transaction of $5,118,945.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gale E. Klappa sold 10,000 shares of the stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $72.48, for a total transaction of $724,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 319,073 shares of company stock valued at $22,864,524 in the last three months. Insiders own 0.97% of the company’s stock.
About WEC Energy Group
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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