Retirement Systems of Alabama Sells 4,718 Shares of WEC Energy Group, Inc. $WEC

Retirement Systems of Alabama cut its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC) by 1.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 415,472 shares of the utilities provider’s stock after selling 4,718 shares during the quarter. Retirement Systems of Alabama owned approximately 0.13% of WEC Energy Group worth $41,871,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in WEC. Annex Advisory Services LLC boosted its stake in WEC Energy Group by 8.6% in the 2nd quarter. Annex Advisory Services LLC now owns 121,431 shares of the utilities provider’s stock worth $14,179,000 after purchasing an additional 9,591 shares during the period. DAVENPORT & Co LLC grew its holdings in WEC Energy Group by 15.3% during the 2nd quarter. DAVENPORT & Co LLC now owns 96,430 shares of the utilities provider’s stock valued at $11,260,000 after buying an additional 12,773 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in WEC Energy Group during the 2nd quarter valued at approximately $2,783,000. Y Intercept Hong Kong Ltd purchased a new stake in WEC Energy Group during the 2nd quarter valued at approximately $3,773,000. Finally, Hsbc Holdings PLC raised its position in shares of WEC Energy Group by 16.9% during the second quarter. Hsbc Holdings PLC now owns 617,881 shares of the utilities provider’s stock valued at $72,303,000 after buying an additional 89,140 shares during the last quarter. 77.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. BTIG Research reissued a “buy” rating and issued a $130.00 target price on shares of WEC Energy Group in a report on Friday, October 30th. Truist Financial cut their target price on shares of WEC Energy Group from $114.00 to $113.00 and set a “hold” rating for the company in a research note on Friday, October 16th. The Goldman Sachs Group cut their target price on shares of WEC Energy Group from $110.00 to $107.00 in a research note on Thursday, October 15th. Wall Street Zen upgraded shares of WEC Energy Group from a “sell” rating to a “hold” rating in a report on Sunday. Finally, BMO Capital Markets reiterated a “market perform” rating and issued a $117.00 price target (down from $120.00) on shares of WEC Energy Group in a report on Friday, October 16th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $117.88.

WEC Energy Group Price Performance

Shares of WEC Energy Group stock opened at $116.93 on Wednesday. The firm has a market cap of $38.47 billion, a PE ratio of 21.22, a PEG ratio of 2.41 and a beta of 0.43. The stock has a 50 day moving average of $107.29 and a 200 day moving average of $111.74. The company has a current ratio of 0.53, a quick ratio of 0.36 and a debt-to-equity ratio of 1.34. WEC Energy Group, Inc. has a 12 month low of $99.80 and a 12 month high of $120.15.

WEC Energy Group (NYSE:WEC) last released its quarterly earnings data on Thursday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. WEC Energy Group had a return on equity of 13.49% and a net margin of 17.54%. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the previous year, the company posted $0.83 EPS. The company’s revenue was up 8.9% compared to the same quarter last year. On average, research analysts expect that WEC Energy Group, Inc. will post 5.61 EPS for the current fiscal year.

WEC Energy Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be issued a $0.9525 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $3.81 dividend on an annualized basis and a dividend yield of 3.3%. WEC Energy Group’s dividend payout ratio (DPR) is 69.15%.

About WEC Energy Group

WEC Energy Group is a regulated energy holding company based in Milwaukee, Wisconsin. Through its subsidiaries, it generates, transmits and distributes electricity and provides natural gas service to residential, commercial and industrial customers. The company’s utility operations serve communities across Wisconsin, Illinois, Michigan and Minnesota. Its businesses include electric and gas utilities, as well as natural gas storage and related energy services. WEC Energy Group adopted its current name in 2015, following the combination of Wisconsin Energy Corporation and Integrys Energy Group.