Meyer Handelman Co. Lowers Stake in WEC Energy Group, Inc. (NYSE:WEC)

Meyer Handelman Co. lowered its position in shares of WEC Energy Group, Inc. (NYSE:WECGet Rating) by 11.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 30,790 shares of the utilities provider’s stock after selling 3,908 shares during the period. Meyer Handelman Co.’s holdings in WEC Energy Group were worth $3,099,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in WEC Energy Group by 1.6% during the first quarter. Vanguard Group Inc. now owns 39,535,251 shares of the utilities provider’s stock valued at $3,946,014,000 after purchasing an additional 604,000 shares in the last quarter. BlackRock Inc. raised its position in shares of WEC Energy Group by 26.0% during the fourth quarter. BlackRock Inc. now owns 33,040,366 shares of the utilities provider’s stock valued at $3,207,228,000 after buying an additional 6,810,208 shares during the last quarter. State Street Corp raised its position in shares of WEC Energy Group by 7.2% during the first quarter. State Street Corp now owns 18,466,413 shares of the utilities provider’s stock valued at $1,843,133,000 after buying an additional 1,232,877 shares during the last quarter. Bank of America Corp DE raised its position in shares of WEC Energy Group by 2.3% during the first quarter. Bank of America Corp DE now owns 5,636,213 shares of the utilities provider’s stock valued at $562,551,000 after buying an additional 128,313 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its position in shares of WEC Energy Group by 56.3% during the fourth quarter. Nuveen Asset Management LLC now owns 5,250,516 shares of the utilities provider’s stock valued at $509,668,000 after buying an additional 1,890,747 shares during the last quarter. Hedge funds and other institutional investors own 75.03% of the company’s stock.

WEC Energy Group Trading Down 1.3 %

WEC stock traded down $1.31 during mid-day trading on Friday, reaching $98.84. 15,803 shares of the stock traded hands, compared to its average volume of 1,210,656. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.54 and a current ratio of 0.69. WEC Energy Group, Inc. has a one year low of $86.84 and a one year high of $108.39. The stock has a market capitalization of $31.18 billion, a PE ratio of 23.13, a PEG ratio of 3.74 and a beta of 0.28. The business has a 50-day moving average price of $103.38 and a two-hundred day moving average price of $101.27.

WEC Energy Group (NYSE:WECGet Rating) last issued its earnings results on Tuesday, August 2nd. The utilities provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. WEC Energy Group had a net margin of 15.23% and a return on equity of 12.15%. The firm had revenue of $2.13 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same period in the previous year, the firm earned $0.87 earnings per share. The business’s revenue was up 26.9% on a year-over-year basis. Equities research analysts expect that WEC Energy Group, Inc. will post 4.39 EPS for the current year.

WEC Energy Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 12th were issued a $0.7275 dividend. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $2.91 annualized dividend and a yield of 2.94%. WEC Energy Group’s dividend payout ratio (DPR) is presently 67.21%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Credit Suisse Group cut shares of WEC Energy Group from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $108.00 to $98.00 in a research report on Wednesday, July 20th. Wells Fargo & Company boosted their price target on shares of WEC Energy Group from $111.00 to $114.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 3rd. Mizuho reduced their price target on shares of WEC Energy Group from $107.00 to $93.00 and set a “neutral” rating on the stock in a research report on Friday, June 17th. Finally, Barclays reduced their price target on shares of WEC Energy Group from $108.00 to $104.00 and set an “equal weight” rating on the stock in a research report on Monday, July 18th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $102.33.

Insiders Place Their Bets

In other WEC Energy Group news, EVP William Mastoris sold 4,690 shares of the firm’s stock in a transaction on Friday, August 12th. The stock was sold at an average price of $105.04, for a total value of $492,637.60. Following the transaction, the executive vice president now owns 2,506 shares in the company, valued at approximately $263,230.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.34% of the company’s stock.

WEC Energy Group Profile

(Get Rating)

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable 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

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

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