Wedbush Securities Inc. Trims Stock Position in WEC Energy Group Inc (NYSE:WEC)

Wedbush Securities Inc. cut its stake in shares of WEC Energy Group Inc (NYSE:WEC) by 10.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,960 shares of the utilities provider’s stock after selling 1,038 shares during the quarter. Wedbush Securities Inc.’s holdings in WEC Energy Group were worth $747,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Scout Investments Inc. increased its holdings in WEC Energy Group by 84.9% during the second quarter. Scout Investments Inc. now owns 1,692,263 shares of the utilities provider’s stock valued at $141,084,000 after buying an additional 777,086 shares during the period. Janus Henderson Group PLC increased its holdings in WEC Energy Group by 44.5% during the first quarter. Janus Henderson Group PLC now owns 1,635,780 shares of the utilities provider’s stock valued at $129,358,000 after buying an additional 504,048 shares during the period. Magellan Asset Management Ltd increased its holdings in WEC Energy Group by 43.0% during the first quarter. Magellan Asset Management Ltd now owns 1,225,712 shares of the utilities provider’s stock valued at $96,929,000 after buying an additional 368,357 shares during the period. Geode Capital Management LLC increased its holdings in WEC Energy Group by 9.1% during the fourth quarter. Geode Capital Management LLC now owns 4,266,754 shares of the utilities provider’s stock valued at $295,016,000 after buying an additional 356,209 shares during the period. Finally, California Public Employees Retirement System increased its holdings in WEC Energy Group by 17.9% during the first quarter. California Public Employees Retirement System now owns 1,974,669 shares of the utilities provider’s stock valued at $156,157,000 after buying an additional 300,440 shares during the period. 75.05% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts recently issued reports on WEC shares. Scotiabank lowered shares of WEC Energy Group from an “outperform” rating to a “sector perform” rating and lifted their price objective for the company from $76.00 to $78.00 in a report on Wednesday, May 8th. KeyCorp started coverage on shares of WEC Energy Group in a report on Tuesday, June 4th. They set a “sector weight” rating on the stock. Credit Suisse Group lowered shares of WEC Energy Group from a “neutral” rating to an “underperform” rating and lifted their price objective for the company from $84.00 to $85.00 in a report on Tuesday, August 6th. They noted that the move was a valuation call. Bank of America lowered shares of WEC Energy Group from a “neutral” rating to an “underperform” rating and lifted their price objective for the company from $82.00 to $85.00 in a report on Monday, June 24th. Finally, Wolfe Research set a $77.00 price objective on shares of WEC Energy Group and gave the company a “sell” rating in a report on Friday, April 26th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $76.75.

In other WEC Energy Group news, Chairman Gale E. Klappa sold 52,306 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $81.31, for a total value of $4,253,000.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Scott J. Lauber sold 3,360 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $82.50, for a total transaction of $277,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 554,210 shares of company stock valued at $45,971,457. 0.75% of the stock is owned by insiders.

WEC traded up $1.01 during trading on Thursday, hitting $89.90. The stock had a trading volume of 10,390 shares, compared to its average volume of 1,871,318. The stock has a market cap of $28.39 billion, a P/E ratio of 26.95, a PEG ratio of 4.33 and a beta of 0.11. WEC Energy Group Inc has a twelve month low of $64.96 and a twelve month high of $90.43. The company has a quick ratio of 0.41, a current ratio of 0.55 and a debt-to-equity ratio of 0.98. The business’s 50 day simple moving average is $86.29.

WEC Energy Group (NYSE:WEC) last announced its earnings results on Monday, August 5th. The utilities provider reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.04. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.65 billion. WEC Energy Group had a net margin of 14.24% and a return on equity of 11.00%. WEC Energy Group’s revenue was down 4.9% compared to the same quarter last year. During the same period last year, the firm earned $0.73 earnings per share. On average, sell-side analysts anticipate that WEC Energy Group Inc will post 3.52 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Wednesday, August 14th will be paid a $0.59 dividend. The ex-dividend date is Tuesday, August 13th. This represents a $2.36 annualized dividend and a yield of 2.63%. WEC Energy Group’s dividend payout ratio (DPR) is 70.66%.

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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Institutional Ownership by Quarter for WEC Energy Group (NYSE:WEC)

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