Texas Permanent School Fund Corp Lowers Stake in WEC Energy Group, Inc. $WEC

Texas Permanent School Fund Corp cut its holdings in WEC Energy Group, Inc. (NYSE:WEC) by 34.0% during the second quarter, HoldingsChannel reports. The firm owned 22,450 shares of the utilities provider’s stock after selling 11,568 shares during the period. Texas Permanent School Fund Corp’s holdings in WEC Energy Group were worth $2,339,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. AlphaCore Capital LLC increased its holdings in WEC Energy Group by 32.3% during the 2nd quarter. AlphaCore Capital LLC now owns 10,333 shares of the utilities provider’s stock valued at $1,077,000 after acquiring an additional 2,525 shares in the last quarter. Richmond Investment Services LLC grew its holdings in shares of WEC Energy Group by 92.8% during the second quarter. Richmond Investment Services LLC now owns 11,773 shares of the utilities provider’s stock worth $1,227,000 after buying an additional 5,666 shares in the last quarter. Legal & General Group Plc raised its position in shares of WEC Energy Group by 6.7% in the second quarter. Legal & General Group Plc now owns 2,609,802 shares of the utilities provider’s stock valued at $271,941,000 after buying an additional 162,963 shares during the last quarter. Caldwell Trust Co acquired a new position in shares of WEC Energy Group in the second quarter valued at approximately $1,823,000. Finally, Greenland Capital Management LP purchased a new position in shares of WEC Energy Group during the second quarter valued at approximately $13,317,000. Institutional investors and hedge funds own 77.20% of the company’s stock.

WEC Energy Group Stock Down 1.2%

Shares of NYSE:WEC opened at $103.95 on Friday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.33 and a current ratio of 0.50. WEC Energy Group, Inc. has a 1 year low of $91.94 and a 1 year high of $118.18. The stock has a market capitalization of $33.81 billion, a P/E ratio of 19.65, a PEG ratio of 2.63 and a beta of 0.56. The stock has a 50-day simple moving average of $110.97 and a 200-day simple moving average of $109.06.

WEC Energy Group (NYSE:WEC) last posted its quarterly earnings results on Tuesday, September 2nd. The utilities provider reported $1.43 EPS for the quarter. The firm had revenue of $2.28 billion for the quarter. WEC Energy Group had a net margin of 17.75% and a return on equity of 12.60%. Equities analysts forecast that WEC Energy Group, Inc. will post 5.23 earnings per share for the current year.

WEC Energy Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Friday, February 13th will be issued a dividend of $0.9525 per share. This represents a $3.81 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Friday, February 13th. This is a positive change from WEC Energy Group’s previous quarterly dividend of $0.89. WEC Energy Group’s dividend payout ratio (DPR) is presently 67.49%.

Wall Street Analysts Forecast Growth

Several research firms have commented on WEC. BTIG Research raised shares of WEC Energy Group to a “strong-buy” rating in a research note on Wednesday, October 22nd. TD Cowen assumed coverage on WEC Energy Group in a research report on Thursday, October 16th. They issued a “hold” rating and a $125.00 price objective for the company. Royal Bank Of Canada set a $131.00 target price on WEC Energy Group in a research note on Monday, October 27th. Cowen began coverage on WEC Energy Group in a research note on Wednesday, October 15th. They issued a “hold” rating on the stock. Finally, Wells Fargo & Company started coverage on WEC Energy Group in a report on Monday, October 27th. They issued an “overweight” rating and a $124.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, WEC Energy Group presently has a consensus rating of “Hold” and an average target price of $120.92.

WEC Energy Group Company Profile

WEC Energy Group is a Milwaukee, Wisconsin–based regulated energy holding company whose primary businesses are the generation, transmission and distribution of electricity and the distribution of natural gas. The company operates through a set of utility subsidiaries that provide bundled energy service, customer billing and energy-related programs to residential, commercial and industrial customers. As a regulated utility group, WEC’s operations focus on delivering reliable service while managing infrastructure investment and compliance with state and federal utility regulation.

Its utility subsidiaries include well-known regional operators such as We Energies and Wisconsin Public Service, along with Chicago-area natural gas utilities that were part of the Integrys Energy Group acquisition.