WEC Energy Group, Inc. (WEC) Shares Sold by Alliancebernstein L.P.
Alliancebernstein L.P. lessened its position in WEC Energy Group, Inc. (NYSE:WEC) by 0.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 551,672 shares of the utilities provider’s stock after selling 666 shares during the quarter. Alliancebernstein L.P. owned 0.17% of WEC Energy Group worth $33,862,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WEC. World Asset Management Inc increased its stake in WEC Energy Group by 10.2% in the first quarter. World Asset Management Inc now owns 32,344 shares of the utilities provider’s stock valued at $1,961,000 after acquiring an additional 3,005 shares during the last quarter. Morse Asset Management Inc purchased a new stake in WEC Energy Group during the first quarter valued at about $255,000. British Columbia Investment Management Corp boosted its position in WEC Energy Group by 16.3% during the first quarter. British Columbia Investment Management Corp now owns 303,700 shares of the utilities provider’s stock valued at $18,413,000 after buying an additional 42,540 shares during the period. Karp Capital Management Corp purchased a new stake in WEC Energy Group during the first quarter valued at about $12,986,000. Finally, FormulaFolio Investments LLC purchased a new stake in WEC Energy Group during the first quarter valued at about $262,000. 70.24% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Gale E. Klappa sold 100,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $64.42, for a total transaction of $6,474,210.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Tom Metcalfe sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $64.44, for a total transaction of $644,400.00. Following the transaction, the vice president now owns 16,059 shares of the company’s stock, valued at approximately $1,034,841.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 192,190 shares of company stock valued at $12,435,484. 0.97% of the stock is owned by corporate insiders.
Several analysts have issued reports on the stock. Zacks Investment Research upgraded shares of WEC Energy Group from a “sell” rating to a “hold” rating in a research report on Monday, August 28th. Ladenburg Thalmann Financial Services upped their price target on shares of WEC Energy Group from $62.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, June 9th. BidaskClub lowered shares of WEC Energy Group from a “hold” rating to a “sell” rating in a research report on Saturday, July 1st. Goldman Sachs Group, Inc. (The) restated a “sell” rating and set a $58.00 price target (down from $59.00) on shares of WEC Energy Group in a research report on Monday, June 26th. Finally, KeyCorp restated a “hold” rating on shares of WEC Energy Group in a research report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $62.86.
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Shares of WEC Energy Group, Inc. (NYSE:WEC) opened at 66.07 on Monday. The firm’s 50-day moving average is $64.81 and its 200 day moving average is $62.21. WEC Energy Group, Inc. has a 52-week low of $53.66 and a 52-week high of $67.20. The stock has a market capitalization of $20.85 billion, a price-to-earnings ratio of 21.66 and a beta of 0.12.
WEC Energy Group (NYSE:WEC) last issued its quarterly earnings results 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 company had revenue of $1.63 billion for the quarter, compared to the consensus estimate 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 prior year, the firm posted $0.57 EPS. Equities analysts expect that WEC Energy Group, Inc. will post $3.11 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Monday, August 14th were given a $0.52 dividend. The ex-dividend date was Thursday, August 10th. This represents a $2.08 annualized dividend and a yield of 3.15%. WEC Energy Group’s dividend payout ratio (DPR) is 68.42%.
WEC Energy Group Company Profile
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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