WEC Energy Group Inc (NYSE:WEC) Shares Sold by Advisors Asset Management Inc.
Advisors Asset Management Inc. lowered its stake in WEC Energy Group Inc (NYSE:WEC) by 8.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 142,237 shares of the utilities provider’s stock after selling 13,892 shares during the quarter. Advisors Asset Management Inc.’s holdings in WEC Energy Group were worth $9,196,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Schroder Investment Management Group raised its position in WEC Energy Group by 11.8% in the 2nd quarter. Schroder Investment Management Group now owns 49,426 shares of the utilities provider’s stock valued at $3,186,000 after buying an additional 5,227 shares during the last quarter. MAI Capital Management increased its holdings in WEC Energy Group by 41.6% in the 2nd quarter. MAI Capital Management now owns 5,266 shares of the utilities provider’s stock worth $340,000 after acquiring an additional 1,547 shares during the last quarter. South Street Advisors LLC increased its holdings in WEC Energy Group by 0.4% in the 2nd quarter. South Street Advisors LLC now owns 180,490 shares of the utilities provider’s stock worth $11,668,000 after acquiring an additional 750 shares during the last quarter. Tiedemann Advisors LLC increased its holdings in WEC Energy Group by 36.3% in the 2nd quarter. Tiedemann Advisors LLC now owns 30,590 shares of the utilities provider’s stock worth $1,977,000 after acquiring an additional 8,150 shares during the last quarter. Finally, California Public Employees Retirement System boosted its stake in WEC Energy Group by 21.2% in the 2nd quarter. California Public Employees Retirement System now owns 915,030 shares of the utilities provider’s stock worth $59,157,000 after purchasing an additional 160,024 shares during the period. Institutional investors own 73.55% of the company’s stock.
WEC has been the subject of a number of research analyst reports. ValuEngine upgraded WEC Energy Group from a “hold” rating to a “buy” rating in a research report on Friday, October 19th. Wolfe Research downgraded WEC Energy Group from a “market perform” rating to a “sell” rating in a research report on Friday, October 26th. Zacks Investment Research raised WEC Energy Group from a “hold” rating to a “buy” rating and set a $77.00 price target on the stock in a research note on Wednesday, October 17th. Wells Fargo & Co boosted their target price on WEC Energy Group from $71.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, September 17th. Finally, Bank of America cut WEC Energy Group from a “buy” rating to a “neutral” rating in a research note on Thursday, November 1st. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $70.27.
WEC Energy Group (NYSE:WEC) last issued its quarterly earnings results on Wednesday, October 31st. The utilities provider reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.03. The firm 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 company’s revenue for the quarter was down .8% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 earnings per share. On average, research analysts predict that WEC Energy Group Inc will post 3.33 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Stockholders of record on Wednesday, November 14th will be issued a $0.5525 dividend. The ex-dividend date of this dividend is Tuesday, November 13th. This represents a $2.21 dividend on an annualized basis and a dividend yield of 3.16%. WEC Energy Group’s dividend payout ratio is presently 70.38%.
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WEC Energy Group Profile
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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