Scout Investments Inc. Purchases New Stake in WEC Energy Group Inc (WEC)
Scout Investments Inc. purchased a new stake in WEC Energy Group Inc (NYSE:WEC) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 972,578 shares of the utilities provider’s stock, valued at approximately $67,361,000. WEC Energy Group accounts for approximately 1.7% of Scout Investments Inc.’s investment portfolio, making the stock its 7th biggest position.
A number of other hedge funds also recently bought and sold shares of WEC. Cognios Capital LLC raised its position in WEC Energy Group by 4.2% in the 2nd quarter. Cognios Capital LLC now owns 41,767 shares of the utilities provider’s stock valued at $2,698,000 after purchasing an additional 1,681 shares in the last quarter. American Century Companies Inc. acquired a new stake in WEC Energy Group in the 2nd quarter valued at about $537,000. Dimensional Fund Advisors LP raised its position in WEC Energy Group by 1.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 733,124 shares of the utilities provider’s stock valued at $47,395,000 after purchasing an additional 10,043 shares in the last quarter. OppenheimerFunds Inc. raised its position in WEC Energy Group by 16.2% in the 2nd quarter. OppenheimerFunds Inc. now owns 14,016 shares of the utilities provider’s stock valued at $906,000 after purchasing an additional 1,953 shares in the last quarter. Finally, Laurion Capital Management LP acquired a new stake in WEC Energy Group in the 2nd quarter valued at about $356,000. 72.66% of the stock is currently owned by institutional investors.
WEC has been the topic of a number of analyst reports. ValuEngine raised WEC Energy Group from a “hold” rating to a “buy” rating in a research report on Friday, October 19th. Zacks Investment Research upgraded WEC Energy Group from a “hold” rating to a “buy” rating and set a $77.00 price objective on the stock in a report on Wednesday, October 17th. Argus increased their price objective on WEC Energy Group from $75.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, December 6th. Barclays increased their price objective on WEC Energy Group from $71.00 to $73.00 and gave the company a “hold” rating in a report on Monday, November 19th. Finally, Credit Suisse Group increased their price objective on WEC Energy Group from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, November 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $71.36.
WEC Energy Group (NYSE:WEC) last released its quarterly earnings data on Wednesday, October 31st. The utilities provider reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.03. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.66 billion. WEC Energy Group had a return on equity of 11.18% and a net margin of 16.82%. The business’s revenue for the quarter was down .8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.68 EPS. As a group, analysts predict that WEC Energy Group Inc will post 3.33 earnings per share for the current fiscal year.
In related news, insider Joseph Kevin Fletcher sold 72,455 shares of the firm’s stock in a transaction that occurred on Tuesday, November 27th. The stock was sold at an average price of $70.65, for a total transaction of $5,118,945.75. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Gale E. Klappa sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, December 3rd. The stock was sold at an average price of $72.36, for a total value of $3,618,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 319,073 shares of company stock worth $22,864,524 in the last 90 days. 0.94% of the stock is currently owned by company insiders.
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About WEC Energy Group
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.
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