Schroder Investment Management Group acquired a new position in WEC Energy Group Inc. (NYSE:WEC) during the second quarter, Holdings Channel reports. The fund acquired 55,553 shares of the company’s stock, valued at approximately $3,628,000.
A number of other hedge funds also recently added to or reduced their stakes in WEC. State Street Corp raised its position in shares of WEC Energy Group by 7.3% in the first quarter. State Street Corp now owns 15,271,745 shares of the company’s stock worth $917,370,000 after buying an additional 1,042,287 shares during the period. BlackRock Fund Advisors raised its position in shares of WEC Energy Group by 6.7% in the first quarter. BlackRock Fund Advisors now owns 9,306,065 shares of the company’s stock worth $559,015,000 after buying an additional 582,271 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of WEC Energy Group by 0.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 8,628,244 shares of the company’s stock worth $518,299,000 after buying an additional 29,247 shares during the period. JPMorgan Chase & Co. raised its position in shares of WEC Energy Group by 15.6% in the second quarter. JPMorgan Chase & Co. now owns 4,567,122 shares of the company’s stock worth $298,232,000 after buying an additional 617,904 shares during the period. Finally, BlackRock Group LTD raised its position in shares of WEC Energy Group by 1.4% in the first quarter. BlackRock Group LTD now owns 2,825,754 shares of the company’s stock worth $169,742,000 after buying an additional 38,780 shares during the period. 70.64% of the stock is currently owned by institutional investors.
Shares of WEC Energy Group Inc. (NYSE:WEC) traded up 1.16% during midday trading on Wednesday, hitting $61.97. 818,899 shares of the company’s stock traded hands. The stock has a market cap of $19.56 billion, a P/E ratio of 22.12 and a beta of 0.10. WEC Energy Group Inc. has a 52 week low of $47.98 and a 52 week high of $66.10. The company has a 50 day moving average of $61.24 and a 200 day moving average of $60.90.
WEC Energy Group (NYSE:WEC) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.01. The company earned $1.60 billion during the quarter, compared to analyst estimates of $2.03 billion. WEC Energy Group had a net margin of 12.13% and a return on equity of 10.52%. The firm’s revenue for the quarter was up 61.7% compared to the same quarter last year. During the same period last year, the business earned $0.58 EPS. On average, equities analysts forecast that WEC Energy Group Inc. will post $2.93 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 12th were given a dividend of $0.495 per share. The ex-dividend date was Wednesday, August 10th. This represents a $1.98 annualized dividend and a dividend yield of 3.23%. WEC Energy Group’s payout ratio is 70.46%.
A number of equities analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of WEC Energy Group from a “hold” rating to a “sell” rating in a research report on Friday, September 16th. Argus restated a “buy” rating and set a $70.00 target price (up from $65.00) on shares of WEC Energy Group in a research report on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. WEC Energy Group has a consensus rating of “Hold” and an average price target of $58.25.
In related news, EVP Robert M. Garvin sold 19,225 shares of WEC Energy Group stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $61.62, for a total value of $1,184,644.50. Following the completion of the transaction, the executive vice president now directly owns 27,710 shares in the company, valued at $1,707,490.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Susan H. Martin sold 40,000 shares of WEC Energy Group stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $65.05, for a total value of $2,602,000.00. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.
WEC Energy Group Company Profile
WEC Energy Group, Inc, formerly Wisconsin Energy Corporation, is a holding company, which has electric and natural gas utility operations. The Company’s segments are Wisconsin, Illinois, other states, electric transmission, We Power, and corporate and other. The Company’s Wisconsin segment includes the electric and natural gas utility, and non-utility operations of Wisconsin Electric Power Company (Wisconsin Electric), Wisconsin Gas LLC (Wisconsin Gas) and Wisconsin Public Service Corporation (WPS), including Wisconsin Electric’s electric and WPS’s electric and natural gas operations in the state of Michigan.
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