Pictet Asset Management Ltd. Sells 92,590 Shares of WEC Energy Group, Inc. (WEC)
Pictet Asset Management Ltd. reduced its position in shares of WEC Energy Group, Inc. (NYSE:WEC) by 5.7% during the second quarter, Holdings Channel reports. The firm owned 1,527,476 shares of the utilities provider’s stock after selling 92,590 shares during the period. Pictet Asset Management Ltd.’s holdings in WEC Energy Group were worth $95,864,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Quadrature Capital Ltd acquired a new stake in shares of WEC Energy Group during the fourth quarter worth approximately $536,000. Teachers Advisors LLC boosted its stake in shares of WEC Energy Group by 9.4% in the fourth quarter. Teachers Advisors LLC now owns 562,120 shares of the utilities provider’s stock worth $32,968,000 after buying an additional 48,170 shares during the period. Macquarie Group Ltd. boosted its stake in shares of WEC Energy Group by 1.9% in the fourth quarter. Macquarie Group Ltd. now owns 248,083 shares of the utilities provider’s stock worth $14,550,000 after buying an additional 4,535 shares during the period. Chevy Chase Trust Holdings Inc. boosted its stake in shares of WEC Energy Group by 3.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 275,648 shares of the utilities provider’s stock worth $16,713,000 after buying an additional 8,422 shares during the period. Finally, CENTRAL TRUST Co boosted its stake in shares of WEC Energy Group by 4.8% in the first quarter. CENTRAL TRUST Co now owns 14,730 shares of the utilities provider’s stock worth $893,000 after buying an additional 680 shares during the period. Institutional investors and hedge funds own 70.72% of the company’s stock.
Shares of WEC Energy Group, Inc. (NYSE WEC) opened at 64.30 on Tuesday. WEC Energy Group, Inc. has a one year low of $53.66 and a one year high of $64.65. The company has a 50 day moving average of $62.43 and a 200-day moving average of $60.72. The stock has a market cap of $20.29 billion, a price-to-earnings ratio of 21.08 and a beta of 0.11.
WEC Energy Group (NYSE:WEC) last announced its earnings results on Wednesday, July 26th. The utilities provider reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.05. WEC Energy Group had a net margin of 12.72% and a return on equity of 10.75%. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the company posted $0.57 EPS. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, analysts anticipate that WEC Energy Group, Inc. will post $3.11 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 14th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.23%. The ex-dividend date is Thursday, August 10th. WEC Energy Group’s payout ratio is 68.42%.
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A number of equities research analysts have recently commented on WEC shares. Zacks Investment Research upgraded shares of WEC Energy Group from a “sell” rating to a “hold” rating in a research report on Monday, April 10th. Deutsche Bank AG increased their target price on shares of WEC Energy Group from $60.00 to $62.00 and gave the company a “hold” rating in a research report on Tuesday, April 11th. Barclays PLC reiterated an “equal weight” rating and issued a $68.00 target price (up from $61.00) on shares of WEC Energy Group in a research report on Sunday, April 23rd. Wolfe Research reiterated a “peer perform” rating on shares of WEC Energy Group in a research report on Monday, April 24th. Finally, Ladenburg Thalmann Financial Services increased their target price on shares of WEC Energy Group from $62.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, June 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $62.86.
In related news, VP Susan H. Martin sold 15,470 shares of the business’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $62.50, for a total value of $966,875.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.97% of the company’s stock.
About WEC Energy Group
WEC Energy Group, Inc was a diversified holding company with natural gas and electric utility operations, an approximately 60% equity ownership interest in American Transmission Company LLC, and non-utility electric operations through its We Power business, as of December 31, 2016. Its segments include Wisconsin; Illinois; Other States; Electric Transmission; We Power, and Corporate and Other.
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