BlackRock Advisors LLC Reduces Stake in WEC Energy Group Inc. (WEC)
BlackRock Advisors LLC cut its position in WEC Energy Group Inc. (NYSE:WEC) by 84.6% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 388,505 shares of the company’s stock after selling 2,134,295 shares during the period. BlackRock Advisors LLC owned 0.12% of WEC Energy Group worth $25,370,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of WEC. Norges Bank bought a new stake in WEC Energy Group during the fourth quarter worth approximately $103,646,000. Capstone Asset Management Co. boosted its stake in WEC Energy Group by 6.3% in the first quarter. Capstone Asset Management Co. now owns 47,625 shares of the company’s stock worth $2,861,000 after buying an additional 2,803 shares during the last quarter. UMB Bank N A MO boosted its stake in WEC Energy Group by 1.0% in the first quarter. UMB Bank N A MO now owns 6,075 shares of the company’s stock worth $365,000 after buying an additional 59 shares during the last quarter. Investment Centers of America Inc. bought a new stake in WEC Energy Group during the first quarter worth approximately $284,000. Finally, Commonwealth Equity Services Inc boosted its stake in WEC Energy Group by 5.2% in the first quarter. Commonwealth Equity Services Inc now owns 85,670 shares of the company’s stock worth $5,146,000 after buying an additional 4,208 shares during the last quarter. Institutional investors and hedge funds own 70.64% of the company’s stock.
Shares of WEC Energy Group Inc. (NYSE:WEC) opened at 62.81 on Friday. WEC Energy Group Inc. has a 12 month low of $47.98 and a 12 month high of $66.10. The firm has a 50-day moving average of $61.16 and a 200 day moving average of $60.93. The company has a market cap of $19.82 billion, a price-to-earnings ratio of 22.42 and a beta of 0.10.
WEC Energy Group (NYSE:WEC) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.01. The business had revenue of $1.60 billion for 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 quarterly revenue was up 61.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.58 EPS. On average, analysts expect that WEC Energy Group Inc. will post $2.93 earnings per share for the current year.
The business also recently disclosed 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. This represents a $1.98 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date was Wednesday, August 10th. WEC Energy Group’s payout ratio is currently 70.46%.
A number of equities research analysts have commented on WEC shares. Argus restated a “buy” rating and issued a $70.00 price target (up from $65.00) on shares of WEC Energy Group in a report on Tuesday, August 2nd. Zacks Investment Research lowered shares of WEC Energy Group from a “hold” rating to a “sell” rating in a research note on Friday, September 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. WEC Energy Group has an average rating of “Hold” and an average price target of $58.25.
In other news, VP Susan H. Martin sold 40,000 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $65.05, for a total value of $2,602,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Robert M. Garvin sold 19,225 shares of the company’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $61.62, for a total transaction of $1,184,644.50. Following the completion of the sale, the executive vice president now directly owns 27,710 shares in the company, valued at $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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