Magellan Asset Management Ltd Decreases Position in WEC Energy Group Inc. (WEC)
Magellan Asset Management Ltd reduced its stake in shares of WEC Energy Group Inc. (NYSE:WEC) by 63.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 240,395 shares of the company’s stock after selling 414,681 shares during the period. Magellan Asset Management Ltd owned 0.08% of WEC Energy Group worth $15,698,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the stock. UBS Asset Management Americas Inc. increased its position in WEC Energy Group by 146.6% in the second quarter. UBS Asset Management Americas Inc. now owns 2,520,135 shares of the company’s stock valued at $164,566,000 after buying an additional 1,498,283 shares in the last quarter. Lord Abbett & CO. LLC bought a new position in shares of WEC Energy Group during the second quarter worth about $88,867,000. Janus Capital Management LLC increased its position in shares of WEC Energy Group by 103.9% in the second quarter. Janus Capital Management LLC now owns 2,327,643 shares of the company’s stock worth $151,995,000 after buying an additional 1,185,850 shares during the period. Ameriprise Financial Inc. increased its position in shares of WEC Energy Group by 45.6% in the second quarter. Ameriprise Financial Inc. now owns 2,802,251 shares of the company’s stock worth $184,902,000 after buying an additional 877,776 shares during the period. Finally, BlackRock Fund Advisors increased its position in shares of WEC Energy Group by 9.2% in the second quarter. BlackRock Fund Advisors now owns 10,164,382 shares of the company’s stock worth $663,734,000 after buying an additional 858,317 shares during the period. Hedge funds and other institutional investors own 70.67% of the company’s stock.
WEC Energy Group (NYSE:WEC) last announced its earnings results on Wednesday, October 26th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.08. WEC Energy Group had a return on equity of 10.76% and a net margin of 12.58%. The business earned $1.71 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same quarter in the previous year, the business earned $0.61 earnings per share. The company’s revenue for the quarter was up .8% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 14th will be given a dividend of $0.495 per share. The ex-dividend date of this dividend is Wednesday, November 9th. This represents a $1.98 annualized dividend and a dividend yield of 3.60%. WEC Energy Group’s dividend payout ratio (DPR) is presently 68.04%.
WEC has been the subject of a number of analyst reports. Guggenheim initiated coverage on WEC Energy Group in a research report on Thursday, November 3rd. They set a “buy” rating and a $63.00 price objective for the company. Zacks Investment Research upgraded WEC Energy Group from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a research report on Wednesday, October 19th. Argus restated a “buy” rating and set a $70.00 price objective (up from $65.00) on shares of WEC Energy Group in a research report on Tuesday, August 2nd. Finally, KeyCorp restated a “hold” rating on shares of WEC Energy Group in a research report on Wednesday. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. WEC Energy Group presently has an average rating of “Hold” and a consensus price target of $59.40.
In other WEC Energy Group news, EVP Robert M. Garvin sold 19,225 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $61.62, for a total transaction of $1,184,644.50. Following the completion of the transaction, the executive vice president now owns 27,710 shares in the company, valued at $1,707,490.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.81% of the company’s stock.
WEC Energy Group Company Profile
WEC Energy Group, Inc, formerly Wisconsin Energy Corporation, is a holding company, which has electric and natural gas utility operations. The Company’s segments are Wisconsin, Illinois, other states, electric transmission, We Power, and corporate and other. The Company’s Wisconsin segment includes the electric and natural gas utility, and non-utility operations of Wisconsin Electric Power Company (Wisconsin Electric), Wisconsin Gas LLC (Wisconsin Gas) and Wisconsin Public Service Corporation (WPS), including Wisconsin Electric’s electric and WPS’s electric and natural gas operations in the state of Michigan.
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