Ameriprise Financial Inc. trimmed its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC) by 17.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,211,234 shares of the utilities provider’s stock after selling 470,268 shares during the period. Ameriprise Financial Inc. owned 0.70% of WEC Energy Group worth $135,734,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in WEC Energy Group by 3.5% during the first quarter. Vanguard Group Inc. now owns 32,167,258 shares of the utilities provider’s stock valued at $1,950,302,000 after purchasing an additional 1,085,646 shares during the period. BlackRock Inc. grew its holdings in WEC Energy Group by 3,275.9% during the first quarter. BlackRock Inc. now owns 25,838,999 shares of the utilities provider’s stock valued at $1,566,618,000 after purchasing an additional 25,073,593 shares during the period. State Street Corp grew its holdings in WEC Energy Group by 1.2% during the first quarter. State Street Corp now owns 16,286,113 shares of the utilities provider’s stock valued at $987,428,000 after purchasing an additional 200,586 shares during the period. JPMorgan Chase & Co. grew its holdings in WEC Energy Group by 1.8% during the second quarter. JPMorgan Chase & Co. now owns 5,762,776 shares of the utilities provider’s stock valued at $353,718,000 after purchasing an additional 103,009 shares during the period. Finally, Bank of America Corp DE grew its holdings in WEC Energy Group by 6.2% during the first quarter. Bank of America Corp DE now owns 5,169,348 shares of the utilities provider’s stock valued at $313,418,000 after purchasing an additional 304,020 shares during the period. 70.79% of the stock is owned by institutional investors and hedge funds.
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WEC Energy Group, Inc. (WEC) opened at 66.07 on Friday. The company’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 company 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 data on Wednesday, July 26th. The utilities provider reported $0.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.05. WEC Energy Group had a return on equity of 10.75% and a net margin of 12.72%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the firm earned $0.57 earnings per share. WEC Energy Group’s revenue was up 1.8% on a year-over-year basis. On average, analysts expect that WEC Energy Group, Inc. will post $3.11 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Monday, August 14th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend was Thursday, August 10th. WEC Energy Group’s payout ratio is 68.42%.
In other news, VP Tom Metcalfe sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $64.44, for a total transaction of $644,400.00. Following the completion of the transaction, the vice president now owns 16,059 shares of the company’s stock, valued at $1,034,841.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gale E. Klappa sold 100,500 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $64.42, for a total value of $6,474,210.00. The disclosure for this sale can be found here. Insiders have sold 192,190 shares of company stock valued at $12,435,484 in the last three months. 0.97% of the stock is owned by insiders.
Several research analysts have recently weighed in on WEC shares. KeyCorp reiterated a “hold” rating on shares of WEC Energy Group in a report on Friday, September 1st. Goldman Sachs Group, Inc. (The) reiterated a “sell” rating and issued a $58.00 price target (down previously from $59.00) on shares of WEC Energy Group in a report on Monday, June 26th. Zacks Investment Research upgraded shares of WEC Energy Group from a “sell” rating to a “hold” rating in a report on Thursday, June 22nd. BidaskClub cut shares of WEC Energy Group from a “hold” rating to a “sell” rating in a report on Saturday, July 1st. Finally, Ladenburg Thalmann Financial Services increased their target price on shares of WEC Energy Group from $62.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, June 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. WEC Energy Group has an average rating of “Hold” and a consensus target price of $62.86.
WEC Energy Group 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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