Parsons Capital Management Inc. RI Has $7.79 Million Stock Position in WEC Energy Group, Inc. (NYSE:WEC)

Parsons Capital Management Inc. RI increased its holdings in WEC Energy Group, Inc. (NYSE:WEC) by 494.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 82,784 shares of the utilities provider’s stock after acquiring an additional 68,866 shares during the period. Parsons Capital Management Inc. RI’s holdings in WEC Energy Group were worth $7,785,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Coastline Trust Co purchased a new stake in shares of WEC Energy Group in the third quarter worth approximately $29,000. William B. Walkup & Associates Inc. purchased a new stake in WEC Energy Group in the 2nd quarter valued at $31,000. Strategic Investment Solutions Inc. IL purchased a new stake in WEC Energy Group in the 2nd quarter valued at $38,000. Ashton Thomas Securities LLC bought a new position in WEC Energy Group during the 3rd quarter valued at $45,000. Finally, Friedenthal Financial purchased a new position in WEC Energy Group during the 3rd quarter worth $50,000. Institutional investors own 77.20% of the company’s stock.

Insider Activity at WEC Energy Group

In related news, Director Gale E. Klappa sold 40,269 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $99.56, for a total transaction of $4,009,181.64. Following the sale, the director now owns 273,248 shares of the company’s stock, valued at approximately $27,204,570.88. This represents a 12.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Scott J. Lauber sold 6,720 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $100.89, for a total transaction of $677,980.80. Following the completion of the transaction, the chief executive officer now directly owns 45,709 shares of the company’s stock, valued at approximately $4,611,581.01. The trade was a 12.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,794 shares of company stock worth $4,866,579. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on WEC shares. Bank of America raised shares of WEC Energy Group from an “underperform” rating to a “neutral” rating and raised their price target for the company from $90.00 to $98.00 in a research report on Thursday, December 12th. Barclays upgraded WEC Energy Group from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $89.00 to $93.00 in a research note on Thursday, January 2nd. KeyCorp lifted their price target on WEC Energy Group from $108.00 to $109.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Wells Fargo & Company raised their target price on WEC Energy Group from $103.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, Scotiabank boosted their price target on shares of WEC Energy Group from $103.00 to $110.00 and gave the stock a “sector outperform” rating in a report on Monday, December 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, WEC Energy Group has a consensus rating of “Hold” and a consensus target price of $98.40.

WEC Energy Group Price Performance

NYSE WEC opened at $98.02 on Monday. The company has a market cap of $31.01 billion, a PE ratio of 23.97, a price-to-earnings-growth ratio of 2.46 and a beta of 0.48. The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of 1.37. The firm’s 50-day simple moving average is $96.73 and its two-hundred day simple moving average is $93.98. WEC Energy Group, Inc. has a 52 week low of $75.13 and a 52 week high of $102.79.

WEC Energy Group (NYSE:WEC) last released its quarterly earnings data on Thursday, October 31st. The utilities provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.70 by $0.12. WEC Energy Group had a net margin of 15.14% and a return on equity of 11.72%. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same period last year, the firm earned $1.00 EPS. WEC Energy Group’s revenue for the quarter was down 4.8% on a year-over-year basis. Research analysts predict that WEC Energy Group, Inc. will post 4.89 earnings per share for the current year.

WEC Energy Group Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Friday, February 14th will be given a $0.835 dividend. This represents a $3.34 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Friday, February 14th. WEC Energy Group’s dividend payout ratio (DPR) is presently 81.66%.

WEC Energy Group Profile

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States. It operates through Wisconsin, Illinois, Other States, Electric Transmission, and Non-Utility Energy Infrastructure segments.