New York State Teachers Retirement System lessened its holdings in shares of WEC Energy Group Inc (NYSE:WEC) by 0.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 444,324 shares of the utilities provider’s stock after selling 3,000 shares during the quarter. New York State Teachers Retirement System owned approximately 0.14% of WEC Energy Group worth $42,255,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the business. Trustcore Financial Services LLC purchased a new position in shares of WEC Energy Group in the 2nd quarter worth $25,000. Krane Funds Advisors LLC purchased a new position in shares of WEC Energy Group in the 2nd quarter worth $25,000. Front Row Advisors LLC raised its position in shares of WEC Energy Group by 53.8% in the 2nd quarter. Front Row Advisors LLC now owns 366 shares of the utilities provider’s stock worth $31,000 after buying an additional 128 shares during the period. Synovus Financial Corp raised its position in shares of WEC Energy Group by 959.5% in the 2nd quarter. Synovus Financial Corp now owns 392 shares of the utilities provider’s stock worth $32,000 after buying an additional 355 shares during the period. Finally, River & Mercantile Asset Management LLP purchased a new position in shares of WEC Energy Group in the 2nd quarter worth $36,000. 76.84% of the stock is currently owned by institutional investors.
Several research analysts recently weighed in on WEC shares. JPMorgan Chase & Co. started coverage on WEC Energy Group in a research report on Tuesday, October 8th. They issued a “neutral” rating and a $99.00 target price on the stock. 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. Guggenheim lowered WEC Energy Group from a “buy” rating to a “neutral” rating in a research report on Wednesday, September 4th. They noted that the move was a valuation call. UBS Group increased their target price on WEC Energy Group from $87.00 to $94.00 and gave the stock a “neutral” rating in a research report on Friday, September 6th. Finally, Zacks Investment Research raised WEC Energy Group from a “hold” rating to a “buy” rating and set a $97.00 target price on the stock in a research report on Monday, September 16th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $85.91.
Shares of NYSE WEC opened at $93.79 on Friday. WEC Energy Group Inc has a 12-month low of $66.46 and a 12-month high of $98.19. The company has a market cap of $29.65 billion, a P/E ratio of 28.08, a P/E/G ratio of 4.32 and a beta of 0.03. The company has a current ratio of 0.55, a quick ratio of 0.41 and a debt-to-equity ratio of 0.98. The stock has a fifty day moving average price of $93.63 and a 200 day moving average price of $86.52.
WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Monday, August 5th. The utilities provider reported $0.74 earnings per share (EPS) for the quarter, beating the 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 firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the firm earned $0.73 EPS. The firm’s quarterly revenue was down 4.9% compared to the same quarter last year. On average, sell-side analysts forecast that WEC Energy Group Inc will post 3.53 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Thursday, November 14th will be paid a $0.59 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $2.36 dividend on an annualized basis and a yield of 2.52%. WEC Energy Group’s dividend payout ratio (DPR) is 70.66%.
In other news, Chairman Gale E. Klappa sold 90,610 shares of WEC Energy Group stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $96.43, for a total transaction of $8,737,522.30. Following the sale, the chairman now owns 236,725 shares of the company’s stock, valued at $22,827,391.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Mary Beth Straka sold 3,500 shares of WEC Energy Group stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $97.69, for a total value of $341,915.00. Following the sale, the vice president now directly owns 5,252 shares in the company, valued at approximately $513,067.88. The disclosure for this sale can be found here. Insiders sold 245,849 shares of company stock valued at $22,963,496 over the last quarter. Insiders own 0.75% of the company’s stock.
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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