SteelPeak Wealth LLC Acquires Shares of 26,489 WEC Energy Group, Inc. $WEC

SteelPeak Wealth LLC bought a new position in shares of WEC Energy Group, Inc. (NYSE:WEC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 26,489 shares of the utilities provider’s stock, valued at approximately $3,035,000.

Other hedge funds also recently added to or reduced their stakes in the company. Verdence Capital Advisors LLC raised its stake in shares of WEC Energy Group by 1.6% during the 2nd quarter. Verdence Capital Advisors LLC now owns 5,712 shares of the utilities provider’s stock valued at $595,000 after buying an additional 92 shares during the last quarter. MTM Investment Management LLC grew its holdings in WEC Energy Group by 3.6% during the second quarter. MTM Investment Management LLC now owns 2,720 shares of the utilities provider’s stock worth $283,000 after acquiring an additional 95 shares during the period. Ellenbecker Investment Group raised its position in WEC Energy Group by 0.5% during the third quarter. Ellenbecker Investment Group now owns 20,117 shares of the utilities provider’s stock valued at $2,305,000 after acquiring an additional 95 shares in the last quarter. State of Wyoming lifted its holdings in WEC Energy Group by 5.7% in the second quarter. State of Wyoming now owns 1,762 shares of the utilities provider’s stock valued at $184,000 after acquiring an additional 95 shares during the period. Finally, Liberty Capital Management Inc. boosted its position in WEC Energy Group by 3.8% in the 2nd quarter. Liberty Capital Management Inc. now owns 2,649 shares of the utilities provider’s stock worth $276,000 after purchasing an additional 97 shares in the last quarter. 77.20% of the stock is owned by hedge funds and other institutional investors.

WEC Energy Group Stock Up 0.9%

Shares of NYSE WEC opened at $106.42 on Friday. The firm has a market cap of $34.62 billion, a price-to-earnings ratio of 20.12, a price-to-earnings-growth ratio of 2.49 and a beta of 0.56. The company’s 50-day simple moving average is $108.78 and its 200-day simple moving average is $109.06. The company has a quick ratio of 0.33, a current ratio of 0.50 and a debt-to-equity ratio of 1.29. WEC Energy Group, Inc. has a 52-week low of $91.94 and a 52-week high of $118.18.

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

WEC Energy Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Friday, February 13th will be given a $0.9525 dividend. This represents a $3.81 annualized dividend and a dividend yield of 3.6%. This is a boost from WEC Energy Group’s previous quarterly dividend of $0.89. The ex-dividend date is Friday, February 13th. WEC Energy Group’s dividend payout ratio (DPR) is 72.02%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WEC. UBS Group set a $116.00 target price on shares of WEC Energy Group in a report on Wednesday. Wells Fargo & Company assumed coverage on shares of WEC Energy Group in a research report on Monday, October 27th. They set an “overweight” rating and a $124.00 price target on the stock. BMO Capital Markets upped their price objective on shares of WEC Energy Group from $114.00 to $120.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 21st. BTIG Research upgraded WEC Energy Group to a “strong-buy” rating in a research report on Wednesday, October 22nd. Finally, Mizuho set a $125.00 price target on WEC Energy Group in a report on Monday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $120.64.

WEC Energy Group 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.