Artemis Investment Management LLP Acquires New Position in WEC Energy Group, Inc. (WEC)
Artemis Investment Management LLP acquired a new stake in shares of WEC Energy Group, Inc. (NYSE:WEC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 251,359 shares of the utilities provider’s stock, valued at approximately $15,427,000. Artemis Investment Management LLP owned 0.08% of WEC Energy Group at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position 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. BlackRock Inc. raised its position 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. State Street Corp raised its position in WEC Energy Group by 1.2% in the first quarter. State Street Corp now owns 16,286,113 shares of the utilities provider’s stock worth $987,428,000 after buying an additional 200,586 shares during the last quarter. Bank of America Corp DE raised its position in WEC Energy Group by 6.2% in the first quarter. Bank of America Corp DE now owns 5,169,348 shares of the utilities provider’s stock worth $313,418,000 after buying an additional 304,020 shares during the last quarter. Finally, Clearbridge Investments LLC raised its position in WEC Energy Group by 1.8% in the first quarter. Clearbridge Investments LLC now owns 4,970,352 shares of the utilities provider’s stock worth $301,352,000 after buying an additional 89,046 shares during the last quarter. 70.76% of the stock is owned by institutional investors and hedge funds.
Shares of WEC Energy Group, Inc. (WEC) opened at 65.22 on Friday. WEC Energy Group, Inc. has a 52-week low of $53.66 and a 52-week high of $65.46. The firm’s 50-day moving average price is $63.72 and its 200-day moving average price is $61.67. The stock has a market cap of $20.58 billion, a P/E ratio of 21.38 and a beta of 0.11.
WEC Energy Group (NYSE:WEC) last released 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. WEC Energy Group had a net margin of 12.72% and a return on equity of 10.75%. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the firm earned $0.57 EPS. The business’s revenue was up 1.8% on a year-over-year basis. Equities analysts predict that WEC Energy Group, Inc. will post $3.10 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Monday, August 14th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.19%. The ex-dividend date is Thursday, August 10th. WEC Energy Group’s dividend payout ratio (DPR) is presently 68.42%.
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A number of equities analysts have recently commented on the company. Zacks Investment Research raised WEC Energy Group from a “sell” rating to a “hold” rating in a report on Monday. Ladenburg Thalmann Financial Services raised their price target on WEC Energy Group from $62.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, June 9th. BidaskClub lowered WEC Energy Group from a “hold” rating to a “sell” rating in a report on Saturday, July 1st. Goldman Sachs Group, Inc. (The) reaffirmed a “sell” rating and issued a $58.00 price target (down from $59.00) on shares of WEC Energy Group in a report on Monday, June 26th. Finally, KeyCorp reaffirmed a “hold” rating on shares of WEC Energy Group in a report on Friday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $62.86.
In other WEC Energy Group news, VP Tom Metcalfe sold 10,000 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $64.44, for a total transaction of $644,400.00. Following the completion of the transaction, the vice president now owns 16,059 shares of the company’s stock, valued at approximately $1,034,841.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gale E. Klappa sold 100,500 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $64.42, for a total transaction of $6,474,210.00. The disclosure for this sale can be found here. Insiders have sold a total of 177,190 shares of company stock valued at $11,445,484 in the last three months. 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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