Magellan Asset Management Ltd Reduces Position in WEC Energy Group, Inc. $WEC

Magellan Asset Management Ltd lowered its holdings in WEC Energy Group, Inc. (NYSE:WEC) by 10.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,317,167 shares of the utilities provider’s stock after selling 148,037 shares during the period. WEC Energy Group comprises 1.6% of Magellan Asset Management Ltd’s portfolio, making the stock its 24th largest position. Magellan Asset Management Ltd owned 0.41% of WEC Energy Group worth $137,249,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Rehmann Capital Advisory Group increased its position in shares of WEC Energy Group by 5.5% in the 1st quarter. Rehmann Capital Advisory Group now owns 5,637 shares of the utilities provider’s stock worth $614,000 after purchasing an additional 293 shares during the last quarter. Axxcess Wealth Management LLC lifted its position in shares of WEC Energy Group by 34.0% during the first quarter. Axxcess Wealth Management LLC now owns 8,356 shares of the utilities provider’s stock worth $911,000 after purchasing an additional 2,121 shares during the last quarter. Leavell Investment Management Inc. grew its stake in WEC Energy Group by 3.5% in the first quarter. Leavell Investment Management Inc. now owns 31,031 shares of the utilities provider’s stock worth $3,382,000 after purchasing an additional 1,043 shares in the last quarter. MJP Associates Inc. ADV increased its holdings in WEC Energy Group by 3.5% in the first quarter. MJP Associates Inc. ADV now owns 3,126 shares of the utilities provider’s stock valued at $341,000 after buying an additional 107 shares during the last quarter. Finally, State of Michigan Retirement System raised its stake in WEC Energy Group by 0.3% during the first quarter. State of Michigan Retirement System now owns 86,184 shares of the utilities provider’s stock valued at $9,392,000 after buying an additional 300 shares in the last quarter. Institutional investors and hedge funds own 77.20% of the company’s stock.

WEC Energy Group Stock Performance

Shares of WEC stock opened at $112.85 on Friday. WEC Energy Group, Inc. has a 12-month low of $91.94 and a 12-month high of $118.18. The firm has a market capitalization of $36.71 billion, a price-to-earnings ratio of 21.33, a price-to-earnings-growth ratio of 3.12 and a beta of 0.48. The business has a 50 day simple moving average of $112.39 and a 200 day simple moving average of $108.80. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.50 and a quick ratio of 0.33.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Tuesday, September 2nd. The utilities provider reported $1.43 earnings per share (EPS) for the quarter. The company had revenue of $2.28 billion during the quarter. WEC Energy Group had a return on equity of 12.60% and a net margin of 17.75%. On average, equities research analysts anticipate that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

WEC Energy Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 14th will be paid a dividend of $0.8925 per share. The ex-dividend date of this dividend is Friday, November 14th. This represents a $3.57 annualized dividend and a yield of 3.2%. WEC Energy Group’s dividend payout ratio (DPR) is presently 67.49%.

Analyst Upgrades and Downgrades

WEC has been the subject of a number of research analyst reports. Citigroup initiated coverage on WEC Energy Group in a report on Friday, October 3rd. They issued a “buy” rating and a $131.00 price target for the company. LADENBURG THALM/SH SH raised shares of WEC Energy Group from a “neutral” rating to a “buy” rating in a report on Monday, October 13th. Barclays lifted their price target on shares of WEC Energy Group from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Tuesday, October 21st. Wells Fargo & Company started coverage on shares of WEC Energy Group in a research note on Monday, October 27th. They set an “overweight” rating and a $124.00 price objective on the stock. Finally, BTIG Research upgraded WEC Energy Group to a “strong-buy” rating in a research note on Wednesday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, WEC Energy Group presently has an average rating of “Moderate Buy” and a consensus target price of $120.21.

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.