DekaBank Deutsche Girozentrale Has $54.72 Million Position in WEC Energy Group Inc (NYSE:WEC)

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DekaBank Deutsche Girozentrale lowered its position in WEC Energy Group Inc (NYSE:WEC) by 4.6% in the second quarter, HoldingsChannel.com reports. The fund owned 657,520 shares of the utilities provider’s stock after selling 32,009 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in WEC Energy Group were worth $54,716,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the business. 6 Meridian lifted its stake in shares of WEC Energy Group by 1.8% during the 2nd quarter. 6 Meridian now owns 6,829 shares of the utilities provider’s stock worth $569,000 after buying an additional 123 shares during the last quarter. Carroll Financial Associates Inc. increased its holdings in WEC Energy Group by 5.6% in the 2nd quarter. Carroll Financial Associates Inc. now owns 2,345 shares of the utilities provider’s stock valued at $195,000 after buying an additional 125 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in WEC Energy Group by 1.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 9,026 shares of the utilities provider’s stock valued at $714,000 after buying an additional 130 shares during the period. Almanack Investment Partners LLC. increased its holdings in WEC Energy Group by 3.0% in the 2nd quarter. Almanack Investment Partners LLC. now owns 4,528 shares of the utilities provider’s stock valued at $377,000 after buying an additional 130 shares during the period. Finally, Cox Capital Mgt LLC increased its holdings in WEC Energy Group by 2.5% in the 2nd quarter. Cox Capital Mgt LLC now owns 5,693 shares of the utilities provider’s stock valued at $475,000 after buying an additional 140 shares during the period. Hedge funds and other institutional investors own 75.05% of the company’s stock.

Shares of WEC Energy Group stock opened at $89.67 on Wednesday. The company has a market cap of $28.20 billion, a price-to-earnings ratio of 26.85, a PEG ratio of 4.32 and a beta of 0.11. 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 firm’s 50 day moving average is $86.21. WEC Energy Group Inc has a 1 year low of $64.96 and a 1 year high of $90.43.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Monday, August 5th. The utilities provider reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.04. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.65 billion. WEC Energy Group had a net margin of 14.24% and a return on equity of 11.00%. The firm’s revenue was down 4.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.73 EPS. As a group, equities research analysts predict that WEC Energy Group Inc will post 3.52 EPS for the current year.

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

In related news, Chairman Gale E. Klappa sold 9,044 shares of WEC Energy Group stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $81.23, for a total transaction of $734,644.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP William J. Guc sold 7,005 shares of WEC Energy Group stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $88.09, for a total transaction of $617,070.45. Following the sale, the vice president now owns 13,366 shares in the company, valued at $1,177,410.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 553,210 shares of company stock worth $45,881,727. 0.75% of the stock is owned by corporate insiders.

WEC has been the topic of several recent analyst reports. Credit Suisse Group lowered shares of WEC Energy Group from a “neutral” rating to an “underperform” rating and raised their target price 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. Scotiabank lowered shares of WEC Energy Group from an “outperform” rating to a “sector perform” rating and raised their target price for the company from $76.00 to $78.00 in a report on Wednesday, May 8th. Bank of America lowered shares of WEC Energy Group from a “neutral” rating to an “underperform” rating and raised their target price for the company from $82.00 to $85.00 in a report on Monday, June 24th. Wolfe Research set a $77.00 target price on shares of WEC Energy Group and gave the company a “sell” rating in a report on Friday, April 26th. Finally, KeyCorp initiated coverage on shares of WEC Energy Group in a report on Tuesday, June 4th. They issued a “sector weight” rating on the stock. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $76.75.

WEC Energy Group 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.

See Also: Capital Gains Distribution

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

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