Mackay Shields LLC Trims Holdings in WEC Energy Group Inc (NYSE:WEC)

Mackay Shields LLC reduced its holdings in shares of WEC Energy Group Inc (NYSE:WEC) by 43.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 83,062 shares of the utilities provider’s stock after selling 63,490 shares during the quarter. Mackay Shields LLC’s holdings in WEC Energy Group were worth $7,899,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Synovus Financial Corp increased its position in WEC Energy Group by 46.4% in the third quarter. Synovus Financial Corp now owns 574 shares of the utilities provider’s stock worth $54,000 after buying an additional 182 shares during the period. IFM Investors Pty Ltd increased its position in WEC Energy Group by 52.4% in the third quarter. IFM Investors Pty Ltd now owns 34,859 shares of the utilities provider’s stock worth $3,315,000 after buying an additional 11,993 shares during the period. Atlas Capital Advisors LLC acquired a new stake in WEC Energy Group in the third quarter worth $419,000. Sandy Spring Bank increased its position in WEC Energy Group by 37.3% in the third quarter. Sandy Spring Bank now owns 4,884 shares of the utilities provider’s stock worth $464,000 after buying an additional 1,327 shares during the period. Finally, Wright Investors Service Inc. increased its position in WEC Energy Group by 22.8% in the third quarter. Wright Investors Service Inc. now owns 26,799 shares of the utilities provider’s stock worth $2,549,000 after buying an additional 4,975 shares during the period. Institutional investors own 76.87% of the company’s stock.

Shares of WEC traded down $0.33 during trading hours on Friday, reaching $88.54. 53,606 shares of the company’s stock traded hands, compared to its average volume of 1,350,467. The firm has a market capitalization of $28.70 billion, a price-to-earnings ratio of 26.54, a P/E/G ratio of 4.18 and a beta of -0.01. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.55 and a quick ratio of 0.41. WEC Energy Group Inc has a twelve month low of $66.75 and a twelve month high of $98.19. The business’s fifty day simple moving average is $93.78 and its two-hundred day simple moving average is $87.52.

WEC Energy Group (NYSE:WEC) last issued its quarterly earnings results on Wednesday, November 6th. The utilities provider reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.03. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.68 billion. WEC Energy Group had a return on equity of 11.00% and a net margin of 14.24%. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same period last year, the company earned $0.74 earnings per share. On average, equities research analysts expect that WEC Energy Group Inc will post 3.53 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Thursday, November 14th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date is Wednesday, November 13th. WEC Energy Group’s payout ratio is currently 70.66%.

In related news, VP Mary Beth Straka sold 3,500 shares of WEC Energy Group stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $97.69, for a total transaction of $341,915.00. Following the transaction, the vice president now directly owns 5,252 shares of the company’s stock, valued at $513,067.88. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Gale E. Klappa sold 90,610 shares of WEC Energy Group stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $96.43, for a total value of $8,737,522.30. Following the transaction, the chairman now directly owns 236,725 shares in the company, valued at $22,827,391.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 157,615 shares of company stock worth $15,163,723. 0.75% of the stock is owned by corporate insiders.

Several brokerages have weighed in on WEC. Credit Suisse Group lowered WEC Energy Group from a “neutral” rating to an “underperform” rating and increased their target price for the stock from $84.00 to $85.00 in a research report on Tuesday, August 6th. They noted that the move was a valuation call. Wells Fargo & Co increased their target price on WEC Energy Group from $93.00 to $102.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 27th. Citigroup raised their price target on WEC Energy Group from $85.00 to $93.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. ValuEngine lowered WEC Energy Group from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. initiated coverage on WEC Energy Group in a report on Tuesday, October 8th. They set a “neutral” rating and a $99.00 price target on the stock. Four analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. WEC Energy Group presently has a consensus rating of “Hold” and a consensus price target of $86.50.

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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Institutional Ownership by Quarter for WEC Energy Group (NYSE:WEC)

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