IFM Investors Pty Ltd Buys 2,207 Shares of WEC Energy Group Inc (NYSE:WEC)
IFM Investors Pty Ltd boosted its stake in WEC Energy Group Inc (NYSE:WEC) by 10.7% in the second quarter, HoldingsChannel reports. The firm owned 22,866 shares of the utilities provider’s stock after acquiring an additional 2,207 shares during the period. IFM Investors Pty Ltd’s holdings in WEC Energy Group were worth $1,906,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Weaver Consulting Group acquired a new position in WEC Energy Group in the first quarter valued at about $25,000. Blue Sky Asset Management LLC acquired a new position in WEC Energy Group in the first quarter valued at about $25,000. Arbor Wealth Management LLC acquired a new position in WEC Energy Group in the fourth quarter valued at about $32,000. CNB Bank grew its stake in WEC Energy Group by 253.8% in the first quarter. CNB Bank now owns 566 shares of the utilities provider’s stock valued at $45,000 after acquiring an additional 406 shares during the period. Finally, Legacy Advisors LLC acquired a new position in WEC Energy Group in the first quarter valued at about $59,000. Institutional investors and hedge funds own 75.27% of the company’s stock.
In related news, Director Barbara L. Bowles sold 2,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $78.35, for a total transaction of $156,700.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP William J. Guc sold 4,481 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $78.10, for a total value of $349,966.10. The disclosure for this sale can be found here. Insiders have sold 471,457 shares of company stock valued at $38,588,620 over the last ninety days. 0.75% of the stock is owned by insiders.
WEC Energy Group (NYSE:WEC) last posted its quarterly earnings data on Thursday, April 25th. The utilities provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.08. The company had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.41 billion. WEC Energy Group had a return on equity of 11.06% and a net margin of 14.03%. WEC Energy Group’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.23 earnings per share. As a group, sell-side analysts anticipate that WEC Energy Group Inc will post 3.5 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Wednesday, August 14th will be given a dividend of $0.59 per share. The ex-dividend date is Tuesday, August 13th. This represents a $2.36 annualized dividend and a dividend yield of 2.72%. WEC Energy Group’s dividend payout ratio is currently 70.66%.
WEC has been the subject of a number of research analyst reports. KeyCorp initiated coverage on Southern in a research note on Tuesday, June 4th. They issued a “sector weight” rating for the company. Bank of America boosted their target price on CarMax from $95.00 to $112.00 in a research note on Monday, June 24th. Scotiabank cut WEC Energy Group from an “outperform” rating to a “sector perform” rating and boosted their target price for the company from $76.00 to $78.00 in a research note on Wednesday, May 8th. Wolfe Research set a $205.00 target price on Raytheon and gave the company a “buy” rating in a research note on Friday, April 26th. Finally, Goldman Sachs Group reaffirmed a “neutral” rating and set a $393.00 price objective on shares of Boeing in a research report on Monday, April 8th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $75.15.
WEC Energy Group Company 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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