State of Michigan Retirement System grew its holdings in shares of WEC Energy Group Inc (NYSE:WEC) by 11.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,610 shares of the utilities provider’s stock after purchasing an additional 8,333 shares during the period. State of Michigan Retirement System’s holdings in WEC Energy Group were worth $7,065,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. Harwood Advisory Group LLC acquired a new position in shares of WEC Energy Group in the first quarter valued at approximately $30,000. Capital Square LLC purchased a new stake in shares of WEC Energy Group during the first quarter worth $37,000. Harbor Investment Advisory LLC purchased a new stake in shares of WEC Energy Group during the first quarter worth $39,000. Verus Capital Partners LLC raised its stake in shares of WEC Energy Group by 200.0% in the first quarter. Verus Capital Partners LLC now owns 450 shares of the utilities provider’s stock valued at $40,000 after acquiring an additional 300 shares in the last quarter. Finally, Sound Income Strategies LLC boosted its holdings in WEC Energy Group by 451.6% in the first quarter. Sound Income Strategies LLC now owns 524 shares of the utilities provider’s stock valued at $46,000 after purchasing an additional 429 shares during the period. 74.24% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on the company. Credit Suisse Group reduced their price target on WEC Energy Group from $87.00 to $79.00 and set an “underperform” rating on the stock in a research report on Thursday, April 30th. Zacks Investment Research raised shares of WEC Energy Group from a “hold” rating to a “buy” rating and set a $97.00 target price on the stock in a report on Monday, June 1st. JPMorgan Chase & Co. lowered their price target on shares of WEC Energy Group from $95.00 to $87.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. UBS Group reduced their price objective on shares of WEC Energy Group from $93.00 to $91.00 and set a “neutral” rating on the stock in a report on Monday, June 22nd. Finally, KeyCorp boosted their target price on shares of WEC Energy Group from $96.00 to $99.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 21st. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $87.50.
Shares of WEC opened at $95.26 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.65 and a quick ratio of 0.51. WEC Energy Group Inc has a 1-year low of $68.01 and a 1-year high of $109.53. The stock has a market cap of $30.05 billion, a PE ratio of 25.89, a price-to-earnings-growth ratio of 4.25 and a beta of 0.17. The firm has a fifty day moving average price of $89.91 and a 200 day moving average price of $92.92.
WEC Energy Group (NYSE:WEC) last posted its earnings results on Monday, May 4th. The utilities provider reported $1.43 EPS for the quarter, topping the Zacks’ consensus estimate of $1.32 by $0.11. The business had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.43 billion. WEC Energy Group had a return on equity of 11.40% and a net margin of 16.09%. The business’s revenue was down 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.33 earnings per share. As a group, equities analysts expect that WEC Energy Group Inc will post 3.75 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $0.6325 dividend. This represents a $2.53 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend is Thursday, August 13th. WEC Energy Group’s payout ratio is currently 70.67%.
In related news, CEO Charles R. Matthews sold 14,481 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $95.05, for a total value of $1,376,419.05. Following the transaction, the chief executive officer now owns 16,223 shares in the company, valued at approximately $1,541,996.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ulice Payne, Jr. sold 1,200 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $87.31, for a total value of $104,772.00. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.
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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