WEC Energy Group, Inc. (NYSE:WEC) Position Increased by Marcum Wealth LLC

Marcum Wealth LLC raised its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC) by 39.3% in the second quarter, HoldingsChannel reports. The institutional investor owned 6,618 shares of the utilities provider’s stock after purchasing an additional 1,866 shares during the quarter. Marcum Wealth LLC’s holdings in WEC Energy Group were worth $519,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in WEC. Northwest Bank & Trust Co purchased a new stake in shares of WEC Energy Group in the 4th quarter valued at approximately $25,000. Opal Wealth Advisors LLC purchased a new stake in shares of WEC Energy Group in the 1st quarter valued at approximately $25,000. Tennessee Valley Asset Management Partners purchased a new stake in shares of WEC Energy Group in the 4th quarter valued at approximately $26,000. First United Bank & Trust purchased a new stake in shares of WEC Energy Group in the 4th quarter valued at approximately $30,000. Finally, YHB Investment Advisors Inc. purchased a new stake in shares of WEC Energy Group in the 1st quarter valued at approximately $32,000. Hedge funds and other institutional investors own 77.20% of the company’s stock.

WEC Energy Group Stock Performance

NYSE:WEC traded down $1.97 during midday trading on Monday, reaching $88.19. The stock had a trading volume of 4,412,665 shares, compared to its average volume of 2,175,829. WEC Energy Group, Inc. has a 1-year low of $75.13 and a 1-year high of $92.23. The firm’s fifty day simple moving average is $80.49 and its 200-day simple moving average is $80.64. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.74 and a quick ratio of 0.42. The stock has a market capitalization of $27.88 billion, a P/E ratio of 19.26, a PEG ratio of 2.33 and a beta of 0.41.

WEC Energy Group (NYSE:WEC) last posted its earnings results on Wednesday, July 31st. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.87 billion. WEC Energy Group had a net margin of 15.85% and a return on equity of 12.26%. WEC Energy Group’s revenue was down 3.2% compared to the same quarter last year. During the same period last year, the business posted $0.92 EPS. On average, equities research analysts forecast that WEC Energy Group, Inc. will post 4.88 EPS for the current fiscal year.

WEC Energy Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Wednesday, August 14th will be given a $0.835 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $3.34 annualized dividend and a yield of 3.79%. WEC Energy Group’s dividend payout ratio is 72.93%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. BMO Capital Markets upped their price target on shares of WEC Energy Group from $87.00 to $91.00 and gave the company a “market perform” rating in a research report on Thursday. Wells Fargo & Company increased their target price on shares of WEC Energy Group from $93.00 to $98.00 and gave the stock an “overweight” rating in a research report on Thursday. StockNews.com upgraded shares of WEC Energy Group from a “sell” rating to a “hold” rating in a report on Thursday. The Goldman Sachs Group began coverage on shares of WEC Energy Group in a report on Wednesday, April 10th. They set a “neutral” rating and a $88.00 price target on the stock. Finally, KeyCorp cut their price target on shares of WEC Energy Group from $96.00 to $95.00 and set an “overweight” rating on the stock in a report on Monday, July 22nd. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $86.85.

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.