Kovitz Investment Group Partners LLC cut its position in shares of WEC Energy Group, Inc. (NYSE:WEC) by 49.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,482 shares of the utilities provider’s stock after selling 4,430 shares during the period. Kovitz Investment Group Partners LLC’s holdings in WEC Energy Group were worth $275,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in WEC Energy Group by 3,275.9% in the first quarter. BlackRock Inc. now owns 25,838,999 shares of the utilities provider’s stock worth $1,566,618,000 after buying an additional 25,073,593 shares during the last quarter. Vanguard Group Inc. raised its stake in WEC Energy Group by 3.5% in the first quarter. Vanguard Group Inc. now owns 32,167,258 shares of the utilities provider’s stock worth $1,950,302,000 after buying an additional 1,085,646 shares during the last quarter. Renaissance Technologies LLC raised its stake in WEC Energy Group by 70.1% in the first quarter. Renaissance Technologies LLC now owns 1,514,902 shares of the utilities provider’s stock worth $91,849,000 after buying an additional 624,400 shares during the last quarter. Magellan Asset Management Ltd raised its stake in WEC Energy Group by 78.7% in the first quarter. Magellan Asset Management Ltd now owns 1,381,464 shares of the utilities provider’s stock worth $84,000,000 after buying an additional 608,560 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in WEC Energy Group by 216.0% in the first quarter. Canada Pension Plan Investment Board now owns 663,005 shares of the utilities provider’s stock worth $40,198,000 after buying an additional 453,179 shares during the last quarter. Institutional investors own 70.72% of the company’s stock.
Shares of WEC Energy Group, Inc. (NYSE:WEC) opened at 64.47 on Thursday. WEC Energy Group, Inc. has a one year low of $53.66 and a one year high of $64.90. The company’s 50 day moving average price is $62.49 and its 200 day moving average price is $60.92. The stock has a market capitalization of $20.35 billion, a price-to-earnings ratio of 21.14 and a beta of 0.11.
WEC Energy Group (NYSE:WEC) last posted its quarterly earnings data on Wednesday, July 26th. The utilities provider reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05. The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.58 billion. WEC Energy Group had a net margin of 12.72% and a return on equity of 10.75%. The firm’s revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.57 EPS. On average, analysts expect that WEC Energy Group, Inc. will post $3.11 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 14th will be given a $0.52 dividend. The ex-dividend date is Thursday, August 10th. This represents a $2.08 annualized dividend and a yield of 3.23%. WEC Energy Group’s dividend payout ratio is currently 68.42%.
WEC has been the subject of a number of research analyst reports. Goldman Sachs Group, Inc. (The) restated a “sell” rating and issued a $58.00 target price (down previously from $59.00) on shares of WEC Energy Group in a report on Monday, June 26th. Zacks Investment Research upgraded WEC Energy Group from a “sell” rating to a “hold” rating in a report on Thursday, June 22nd. Barclays PLC reiterated an “equal weight” rating and set a $68.00 price objective (up from $61.00) on shares of WEC Energy Group in a report on Sunday, April 23rd. Wolfe Research reiterated a “peer perform” rating on shares of WEC Energy Group in a report on Monday, April 24th. Finally, BidaskClub lowered WEC Energy Group from a “hold” rating to a “sell” rating in a report on Saturday, July 1st. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $62.86.
In related news, VP Susan H. Martin sold 15,470 shares of the business’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $62.50, for a total value of $966,875.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.97% of the company’s stock.
About WEC Energy Group
WEC Energy Group, Inc was a diversified holding company with natural gas and electric utility operations, an approximately 60% equity ownership interest in American Transmission Company LLC, and non-utility electric operations through its We Power business, as of December 31, 2016. Its segments include Wisconsin; Illinois; Other States; Electric Transmission; We Power, and Corporate and Other.
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