LPL Financial LLC increased its position in shares of WEC Energy Group, Inc. (NYSE:WEC) by 8.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 128,869 shares of the utilities provider’s stock after purchasing an additional 10,358 shares during the period. LPL Financial LLC’s holdings in WEC Energy Group were worth $12,487,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in WEC. Ovata Capital Management Ltd acquired a new stake in WEC Energy Group during the second quarter worth about $35,000. CX Institutional increased its position in WEC Energy Group by 154.6% during the third quarter. CX Institutional now owns 387 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 235 shares during the last quarter. Estate Counselors LLC acquired a new stake in WEC Energy Group during the second quarter worth about $52,000. Campbell Wealth Management acquired a new stake in WEC Energy Group during the second quarter worth about $55,000. Finally, Old North State Trust LLC acquired a new stake in WEC Energy Group during the third quarter worth about $63,000. Hedge funds and other institutional investors own 73.05% of the company’s stock.
Several research analysts have weighed in on the stock. Argus increased their target price on shares of WEC Energy Group from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, September 15th. Barclays increased their target price on shares of WEC Energy Group from $94.00 to $107.00 and gave the stock an “underweight” rating in a research note on Wednesday. KeyCorp increased their target price on shares of WEC Energy Group from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Monday, October 19th. Credit Suisse Group raised their price objective on shares of WEC Energy Group from $81.00 to $83.00 and gave the company an “underperform” rating in a research note on Monday, November 2nd. Finally, Atlantic Securities initiated coverage on shares of WEC Energy Group in a research note on Friday, September 4th. They issued an “overweight” rating and a $112.00 price objective for the company. Four analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $94.50.
In related news, EVP Robert M. Garvin sold 24,665 shares of WEC Energy Group stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $101.58, for a total value of $2,505,470.70. Following the transaction, the executive vice president now directly owns 34,194 shares in the company, valued at approximately $3,473,426.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Gale E. Klappa sold 4,501 shares of WEC Energy Group stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $105.59, for a total transaction of $475,260.59. Following the completion of the transaction, the chairman now owns 214,342 shares in the company, valued at $22,632,371.78. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.
Shares of WEC Energy Group stock opened at $96.10 on Friday. WEC Energy Group, Inc. has a 52-week low of $68.01 and a 52-week high of $109.53. The company has a 50 day moving average of $100.80 and a 200 day moving average of $93.72. The company has a quick ratio of 0.36, a current ratio of 0.49 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $30.31 billion, a P/E ratio of 25.97, a P/E/G ratio of 4.51 and a beta of 0.18.
WEC Energy Group (NYSE:WEC) last issued its quarterly earnings results on Sunday, November 8th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.08. WEC Energy Group had a net margin of 16.26% and a return on equity of 11.36%. The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the firm earned $0.74 earnings per share. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, research analysts anticipate that WEC Energy Group, Inc. will post 3.75 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be given a $0.6325 dividend. The ex-dividend date is Thursday, November 12th. This represents a $2.53 dividend on an annualized basis and a yield of 2.63%. WEC Energy Group’s dividend payout ratio (DPR) is 70.67%.
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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