Westpac Banking Corp raised its position in WEC Energy Group Inc. (NYSE:WEC) by 27.8% during the second quarter, Holdings Channel reports. The institutional investor owned 18,587 shares of the company’s stock after buying an additional 4,039 shares during the period. Westpac Banking Corp’s holdings in WEC Energy Group were worth $1,214,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of WEC. UBS Group AG increased its position in WEC Energy Group by 1.9% in the first quarter. UBS Group AG now owns 289,891 shares of the company’s stock worth $17,414,000 after buying an additional 5,459 shares in the last quarter. ING Groep NV acquired a new position in WEC Energy Group during the first quarter worth approximately $433,000. BlackRock Japan Co. Ltd increased its position in WEC Energy Group by 0.8% in the first quarter. BlackRock Japan Co. Ltd now owns 396,409 shares of the company’s stock worth $23,812,000 after buying an additional 3,113 shares in the last quarter. Wellington Management Group LLP increased its position in WEC Energy Group by 20.0% in the first quarter. Wellington Management Group LLP now owns 1,066,942 shares of the company’s stock worth $64,091,000 after buying an additional 177,978 shares in the last quarter. Finally, Prudential Financial Inc. increased its position in WEC Energy Group by 2.6% in the first quarter. Prudential Financial Inc. now owns 414,971 shares of the company’s stock worth $24,927,000 after buying an additional 10,600 shares in the last quarter. Institutional investors own 70.65% of the company’s stock.
WEC Energy Group Inc. (NYSE:WEC) opened at 59.88 on Friday. The firm has a 50-day moving average of $60.96 and a 200 day moving average of $61.08. WEC Energy Group Inc. has a 12-month low of $47.98 and a 12-month high of $66.10. The company has a market capitalization of $18.90 billion, a PE ratio of 21.38 and a beta of 0.10.
WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.01. The business earned $1.60 billion during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the company posted $0.58 EPS. Analysts forecast that WEC Energy Group Inc. will post $2.93 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 12th were given a dividend of $0.495 per share. The ex-dividend date of this dividend was Wednesday, August 10th. This represents a $1.98 annualized dividend and a yield of 3.31%. WEC Energy Group’s payout ratio is currently 70.46%.
WEC has been the subject of a number of recent research reports. Argus restated a “buy” rating and set a $70.00 price objective (up from $65.00) on shares of WEC Energy Group in a research note on Tuesday, August 2nd. Zacks Investment Research raised shares of WEC Energy Group from a “sell” rating to a “hold” rating in a report on Friday, September 23rd. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $58.25.
In other WEC Energy Group news, VP Susan H. Martin sold 40,000 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $65.05, for a total transaction of $2,602,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert M. Garvin sold 19,225 shares of the stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $61.62, for a total transaction of $1,184,644.50. Following the sale, the executive vice president now directly owns 27,710 shares of the company’s stock, valued at approximately $1,707,490.20. The disclosure for this sale can be found here. Company 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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