Investment House LLC Has $503,000 Position in WEC Energy Group Inc. (WEC)
Investment House LLC maintained its stake in shares of WEC Energy Group Inc. (NYSE:WEC) during the second quarter, Holdings Channel reports. The fund owned 7,700 shares of the company’s stock at the end of the second quarter. Investment House LLC’s holdings in WEC Energy Group were worth $503,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in shares of WEC Energy Group during the fourth quarter valued at approximately $103,646,000. State Street Corp raised its stake 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 valued at $917,370,000 after buying an additional 1,042,287 shares in the last quarter. Bank of Montreal Can acquired a new stake in shares of WEC Energy Group during the second quarter valued at approximately $38,722,000. BlackRock Fund Advisors raised its stake 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 valued at $559,015,000 after buying an additional 582,271 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of WEC Energy Group during the first quarter valued at approximately $28,815,000. Hedge funds and other institutional investors own 70.64% of the company’s stock.
Shares of WEC Energy Group Inc. (NYSE:WEC) traded up 0.50% during midday trading on Thursday, reaching $62.81. The company’s stock had a trading volume of 1,055,510 shares. The stock has a market capitalization of $19.82 billion, a price-to-earnings ratio of 22.42 and a beta of 0.10. The company has a 50 day moving average of $61.16 and a 200-day moving average of $60.93. WEC Energy Group Inc. has a 52 week low of $47.98 and a 52 week high of $66.10.
WEC Energy Group (NYSE:WEC) last issued its earnings results on Wednesday, July 27th. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. The firm earned $1.60 billion during the quarter, compared to the consensus estimate of $2.03 billion. WEC Energy Group had a net margin of 12.13% and a return on equity of 10.52%. The company’s revenue was up 61.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.58 earnings per share. Equities research analysts predict that WEC Energy Group Inc. will post $2.93 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 12th were paid a dividend of $0.495 per share. The ex-dividend date was Wednesday, August 10th. This represents a $1.98 dividend on an annualized basis and a dividend yield of 3.15%. WEC Energy Group’s payout ratio is currently 70.46%.
WEC has been the subject of a number of research analyst reports. Argus restated a “buy” rating and issued a $70.00 target price (up previously from $65.00) on shares of WEC Energy Group in a research note on Tuesday, August 2nd. Zacks Investment Research lowered WEC Energy Group from a “hold” rating to a “sell” rating in a research note on Friday, September 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $58.25.
In related news, EVP Robert M. Garvin sold 19,225 shares of the business’s 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 completion of the transaction, the executive vice president now owns 27,710 shares in the company, valued at $1,707,490.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Susan H. Martin sold 40,000 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $65.05, for a total transaction of $2,602,000.00. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.
About WEC Energy Group
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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