Coldstream Capital Management Inc. reduced its position in shares of WEC Energy Group Inc (NYSE:WEC) by 1.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,817 shares of the utilities provider’s stock after selling 511 shares during the period. Coldstream Capital Management Inc.’s holdings in WEC Energy Group were worth $2,319,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the stock. Weaver Consulting Group bought a new stake in WEC Energy Group in the first quarter valued at about $25,000. Trustcore Financial Services LLC acquired a new position in WEC Energy Group in the second quarter valued at about $25,000. Krane Funds Advisors LLC acquired a new position in shares of WEC Energy Group during the second quarter worth about $25,000. Synovus Financial Corp boosted its position in shares of WEC Energy Group by 959.5% during the second quarter. Synovus Financial Corp now owns 392 shares of the utilities provider’s stock worth $32,000 after buying an additional 355 shares during the period. Finally, Shine Investment Advisory Services Inc. boosted its position in shares of WEC Energy Group by 38.6% during the second quarter. Shine Investment Advisory Services Inc. now owns 585 shares of the utilities provider’s stock worth $49,000 after buying an additional 163 shares during the period. 76.89% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Chairman Gale E. Klappa sold 90,610 shares of WEC Energy Group stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $96.43, for a total transaction of $8,737,522.30. Following the transaction, the chairman now owns 236,725 shares in the company, valued at approximately $22,827,391.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Mary Beth Straka sold 3,500 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $97.69, for a total transaction of $341,915.00. Following the sale, the vice president now owns 5,252 shares in the company, valued at $513,067.88. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 246,040 shares of company stock valued at $22,979,862. 0.75% of the stock is currently owned by company insiders.
WEC Energy Group (NYSE:WEC) last released its quarterly earnings results on Monday, August 5th. The utilities provider reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.04. WEC Energy Group had a net margin of 14.24% and a return on equity of 11.00%. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the prior year, the firm posted $0.73 earnings per share. The business’s quarterly revenue was down 4.9% on a year-over-year basis. As a group, analysts predict that WEC Energy Group Inc will post 3.52 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Wednesday, August 14th were issued a dividend of $0.59 per share. The ex-dividend date was Tuesday, August 13th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 2.52%. WEC Energy Group’s dividend payout ratio is currently 70.66%.
WEC has been the subject of several recent research reports. Bank of America cut WEC Energy Group from a “neutral” rating to an “underperform” rating and increased their price target for the company from $82.00 to $85.00 in a research report on Monday, June 24th. Credit Suisse Group lowered WEC Energy Group from a “neutral” rating to an “underperform” rating and increased their target price for the stock from $84.00 to $85.00 in a research note on Tuesday, August 6th. They noted that the move was a valuation call. UBS Group increased their target price on WEC Energy Group from $87.00 to $94.00 and gave the stock a “neutral” rating in a research note on Friday, September 6th. Guggenheim lowered WEC Energy Group from a “buy” rating to a “neutral” rating in a research note on Wednesday, September 4th. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded WEC Energy Group from a “hold” rating to a “buy” rating and set a $97.00 price objective on the stock in a research note on Monday, September 16th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. WEC Energy Group presently has an average rating of “Hold” and an average price target of $82.91.
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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