MUFG Americas Holdings Corp Raises Stake in WEC Energy Group Inc (WEC)
MUFG Americas Holdings Corp boosted its position in WEC Energy Group Inc (NYSE:WEC) by 2.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 247,502 shares of the utilities provider’s stock after acquiring an additional 6,664 shares during the quarter. MUFG Americas Holdings Corp owned 0.08% of WEC Energy Group worth $15,538,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of WEC. Boston Advisors LLC raised its holdings in WEC Energy Group by 0.3% in the second quarter. Boston Advisors LLC now owns 14,664 shares of the utilities provider’s stock valued at $900,000 after acquiring an additional 50 shares in the last quarter. Shell Asset Management Co. raised its holdings in WEC Energy Group by 2.8% in the second quarter. Shell Asset Management Co. now owns 37,669 shares of the utilities provider’s stock valued at $2,312,000 after acquiring an additional 1,041 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its holdings in WEC Energy Group by 4.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 8,770 shares of the utilities provider’s stock valued at $538,000 after acquiring an additional 400 shares in the last quarter. IBM Retirement Fund raised its holdings in WEC Energy Group by 120.4% in the second quarter. IBM Retirement Fund now owns 7,753 shares of the utilities provider’s stock valued at $532,000 after acquiring an additional 4,236 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in WEC Energy Group by 9.2% in the second quarter. Janney Montgomery Scott LLC now owns 74,946 shares of the utilities provider’s stock valued at $4,600,000 after acquiring an additional 6,337 shares in the last quarter. 72.59% of the stock is currently owned by hedge funds and other institutional investors.
Shares of WEC Energy Group Inc (NYSE:WEC) traded up $0.33 during trading on Thursday, reaching $69.26. 1,866,700 shares of the company’s stock traded hands, compared to its average volume of 1,635,057. The stock has a market capitalization of $21,752.63, a price-to-earnings ratio of 22.67, a P/E/G ratio of 4.18 and a beta of 0.14. WEC Energy Group Inc has a one year low of $54.96 and a one year high of $70.09. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.60 and a quick ratio of 0.38.
WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Thursday, October 26th. The utilities provider reported $0.68 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.01. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.68 billion. WEC Energy Group had a net margin of 12.79% and a return on equity of 10.62%. The firm’s revenue was down 3.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.69 earnings per share. sell-side analysts predict that WEC Energy Group Inc will post 3.09 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, November 14th will be paid a $0.52 dividend. The ex-dividend date is Monday, November 13th. This represents a $2.08 annualized dividend and a yield of 3.00%. WEC Energy Group’s dividend payout ratio is currently 68.42%.
Several equities analysts have commented on WEC shares. KeyCorp reiterated a “hold” rating on shares of WEC Energy Group in a research note on Friday, September 1st. Bank of America increased their price target on shares of WEC Energy Group from $69.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, November 15th. Zacks Investment Research upgraded shares of WEC Energy Group from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Friday, October 27th. Finally, BidaskClub upgraded shares of WEC Energy Group from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $65.43.
In other news, VP Susan H. Martin sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $66.00, for a total transaction of $990,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Scott J. Lauber sold 1,240 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $70.00, for a total transaction of $86,800.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,962 shares of company stock worth $4,735,707. 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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