Kovitz Investment Group Partners LLC bought a new position in shares of WEC Energy Group, Inc. (NYSE:WEC) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,190 shares of the utilities provider’s stock, valued at approximately $212,000.
Other institutional investors have also modified their holdings of the company. Ovata Capital Management Ltd bought a new stake in shares of WEC Energy Group in the second quarter worth $35,000. CX Institutional grew its stake in shares of WEC Energy Group by 154.6% in the third quarter. CX Institutional now owns 387 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 235 shares during the last quarter. Estate Counselors LLC bought a new stake in shares of WEC Energy Group in the second quarter worth $52,000. Campbell Wealth Management bought a new stake in shares of WEC Energy Group in the second quarter worth $55,000. Finally, Old North State Trust LLC bought a new stake in shares of WEC Energy Group in the third quarter worth $63,000. 73.05% of the stock is currently owned by institutional investors.
Shares of NYSE WEC opened at $96.10 on Friday. The firm’s 50-day moving average price is $100.80 and its 200-day moving average price is $93.72. WEC Energy Group, Inc. has a 1-year low of $68.01 and a 1-year high of $109.53. The firm has a market capitalization of $30.31 billion, a P/E ratio of 25.97, a P/E/G ratio of 4.51 and a beta of 0.18. The company has a current ratio of 0.49, a quick ratio of 0.36 and a debt-to-equity ratio of 1.02.
WEC Energy Group (NYSE:WEC) last announced its quarterly earnings data on Sunday, November 8th. The utilities provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.08. WEC Energy Group had a net margin of 16.26% and a return on equity of 11.36%. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the business earned $0.74 earnings per share. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. Equities research analysts forecast that WEC Energy Group, Inc. will post 3.75 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be issued a dividend of $0.6325 per share. The ex-dividend date is Thursday, November 12th. This represents a $2.53 annualized dividend and a dividend yield of 2.63%. WEC Energy Group’s dividend payout ratio is currently 70.67%.
In related news, Chairman Gale E. Klappa sold 4,501 shares of the company’s stock in a transaction dated Wednesday, November 11th. The shares were sold at an average price of $105.59, for a total value of $475,260.59. Following the sale, the chairman now owns 214,342 shares in the company, valued at approximately $22,632,371.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert M. Garvin sold 24,665 shares of the company’s stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $101.58, for a total transaction of $2,505,470.70. Following the completion of the sale, the executive vice president now owns 34,194 shares in the company, valued at approximately $3,473,426.52. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.
Several analysts recently weighed in on WEC shares. KeyCorp boosted their price objective on shares of WEC Energy Group from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Monday, October 19th. Credit Suisse Group boosted their price objective on shares of WEC Energy Group from $81.00 to $83.00 and gave the stock an “underperform” rating in a research note on Monday, November 2nd. Argus boosted their target price on shares of WEC Energy Group from $100.00 to $105.00 and gave the company a “buy” rating in a report on Tuesday, September 15th. Barclays boosted their target price on shares of WEC Energy Group from $94.00 to $107.00 and gave the company an “underweight” rating in a report on Wednesday. Finally, Atlantic Securities initiated coverage on shares of WEC Energy Group in a report on Friday, September 4th. They issued an “overweight” rating and a $112.00 target price on the stock. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $94.50.
About WEC Energy Group
WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and nonregulated renewable energy services in the United States. The company operates through six segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other.
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