State Treasurer State of Michigan continued to hold its position in shares of WEC Energy Group, Inc. (NYSE:WEC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 103,677 shares of the utilities provider’s stock at the end of the second quarter. State Treasurer State of Michigan’s holdings in WEC Energy Group were worth $6,364,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of WEC. Trust Co. of Vermont raised its stake in WEC Energy Group by 12.1% in the first quarter. Trust Co. of Vermont now owns 1,737 shares of the utilities provider’s stock valued at $106,000 after buying an additional 187 shares in the last quarter. Cowen Prime Services LLC acquired a new stake in WEC Energy Group during the first quarter valued at approximately $152,000. Ruggie Capital Group acquired a new stake in WEC Energy Group during the first quarter valued at approximately $161,000. Van ECK Associates Corp raised its stake in WEC Energy Group by 18.0% in the first quarter. Van ECK Associates Corp now owns 2,749 shares of the utilities provider’s stock valued at $167,000 after buying an additional 420 shares in the last quarter. Finally, Enterprise Financial Services Corp raised its stake in shares of WEC Energy Group by 0.8% in the first quarter. Enterprise Financial Services Corp now owns 2,822 shares of the utilities provider’s stock worth $171,000 after buying an additional 22 shares during the period. 70.72% of the stock is owned by institutional investors.
Shares of WEC Energy Group, Inc. (NYSE:WEC) opened at 64.47 on Thursday. WEC Energy Group, Inc. has a 1-year low of $53.66 and a 1-year high of $64.90. The company’s 50-day moving average is $62.49 and its 200 day moving average is $60.92. The stock has a market cap of $20.35 billion, a P/E ratio of 21.14 and a beta of 0.11.
WEC Energy Group (NYSE:WEC) last released its quarterly earnings results on Wednesday, July 26th. The utilities provider reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.58 billion. WEC Energy Group had a return on equity of 10.75% and a net margin of 12.72%. WEC Energy Group’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 EPS. Equities research analysts anticipate that WEC Energy Group, Inc. will post $3.11 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 14th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Thursday, August 10th. WEC Energy Group’s payout ratio is currently 68.42%.
A number of analysts recently issued reports on WEC shares. Zacks Investment Research lowered shares of WEC Energy Group from a “hold” rating to a “sell” rating in a research report on Monday, April 17th. Barclays PLC restated an “equal weight” rating and set a $68.00 target price (up previously from $61.00) on shares of WEC Energy Group in a research report on Sunday, April 23rd. Wolfe Research reiterated a “peer perform” rating on shares of WEC Energy Group in a report on Monday, April 24th. Ladenburg Thalmann Financial Services lifted their price target on shares of WEC Energy Group from $62.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, June 9th. Finally, Goldman Sachs Group, Inc. (The) reiterated a “sell” rating and issued a $58.00 price target (down previously from $59.00) on shares of WEC Energy Group in a report on Monday, June 26th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $62.86.
In related news, VP Susan H. Martin sold 15,470 shares of the stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $62.50, for a total value of $966,875.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.97% of the company’s stock.
WEC Energy Group Company Profile
WEC Energy Group, Inc was a diversified holding company with natural gas and electric utility operations, an approximately 60% equity ownership interest in American Transmission Company LLC, and non-utility electric operations through its We Power business, as of December 31, 2016. Its segments include Wisconsin; Illinois; Other States; Electric Transmission; We Power, and Corporate and Other.
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