Wright Investors Service Inc. increased its stake in shares of WEC Energy Group Inc (NYSE:WEC) by 7.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,824 shares of the utilities provider’s stock after purchasing an additional 1,524 shares during the quarter. Wright Investors Service Inc.’s holdings in WEC Energy Group were worth $1,819,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Northern Trust Corp grew its stake in WEC Energy Group by 1.2% during the 1st quarter. Northern Trust Corp now owns 5,306,680 shares of the utilities provider’s stock worth $419,652,000 after purchasing an additional 65,226 shares in the last quarter. Geode Capital Management LLC grew its stake in WEC Energy Group by 9.1% during the 4th quarter. Geode Capital Management LLC now owns 4,266,754 shares of the utilities provider’s stock worth $295,016,000 after purchasing an additional 356,209 shares in the last quarter. California Public Employees Retirement System grew its stake in WEC Energy Group by 17.9% during the 1st quarter. California Public Employees Retirement System now owns 1,974,669 shares of the utilities provider’s stock worth $156,157,000 after purchasing an additional 300,440 shares in the last quarter. Pictet Asset Management Ltd. grew its stake in WEC Energy Group by 1.0% during the 1st quarter. Pictet Asset Management Ltd. now owns 1,927,129 shares of the utilities provider’s stock worth $152,397,000 after purchasing an additional 19,195 shares in the last quarter. Finally, Swiss National Bank grew its stake in WEC Energy Group by 2.7% during the 1st quarter. Swiss National Bank now owns 1,724,981 shares of the utilities provider’s stock worth $136,411,000 after purchasing an additional 45,200 shares in the last quarter. 75.05% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Barbara L. Bowles sold 1,000 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $89.73, for a total value of $89,730.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Scott J. Lauber sold 3,360 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $82.50, for a total value of $277,200.00. The disclosure for this sale can be found here. Insiders sold a total of 554,210 shares of company stock valued at $45,971,457 over the last three months. Company insiders own 0.75% of the company’s stock.
WEC Energy Group (NYSE:WEC) last released its quarterly earnings data on Monday, August 5th. The utilities provider reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.04. WEC Energy Group had a return on equity of 11.00% and a net margin of 14.24%. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same period in the prior year, the firm posted $0.73 EPS. The business’s quarterly revenue was down 4.9% compared to the same quarter last year. Equities analysts predict that WEC Energy Group Inc will post 3.52 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Wednesday, August 14th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 2.62%. The ex-dividend date is Tuesday, August 13th. WEC Energy Group’s payout ratio is currently 70.66%.
Several research firms have recently issued reports on WEC. Credit Suisse Group cut WEC Energy Group from a “neutral” rating to an “underperform” rating and upped their price objective 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. Bank of America cut WEC Energy Group from a “neutral” rating to an “underperform” rating and upped their price objective for the stock from $82.00 to $85.00 in a research report on Monday, June 24th. KeyCorp began coverage on WEC Energy Group in a research report on Tuesday, June 4th. They set a “sector weight” rating for the company. Scotiabank cut WEC Energy Group from an “outperform” rating to a “sector perform” rating and upped their price objective for the stock from $76.00 to $78.00 in a research report on Wednesday, May 8th. Finally, Wolfe Research set a $77.00 price objective on WEC Energy Group and gave the stock a “sell” rating in a research report on Friday, April 26th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $76.75.
WEC Energy Group Company 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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