Penobscot Investment Management Company Inc. Has $2.66 Million Holdings in WEC Energy Group, Inc. (NYSE:WEC)

Penobscot Investment Management Company Inc. cut its stake in WEC Energy Group, Inc. (NYSE:WEC) by 8.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,374 shares of the utilities provider’s stock after selling 2,235 shares during the period. Penobscot Investment Management Company Inc.’s holdings in WEC Energy Group were worth $2,656,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Larson Financial Group LLC raised its holdings in shares of WEC Energy Group by 3,828.6% in the 4th quarter. Larson Financial Group LLC now owns 275 shares of the utilities provider’s stock worth $26,000 after buying an additional 268 shares in the last quarter. Opal Wealth Advisors LLC acquired a new position in shares of WEC Energy Group in the 1st quarter worth approximately $32,000. Prudent Man Investment Management Inc. acquired a new position in shares of WEC Energy Group in the 4th quarter worth approximately $28,000. Golden State Wealth Management LLC raised its holdings in shares of WEC Energy Group by 252.6% in the 1st quarter. Golden State Wealth Management LLC now owns 342 shares of the utilities provider’s stock worth $37,000 after buying an additional 245 shares in the last quarter. Finally, Hoey Investments Inc. acquired a new position in shares of WEC Energy Group in the 4th quarter worth approximately $42,000. 77.20% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at WEC Energy Group

In other WEC Energy Group news, VP Joshua M. Erickson sold 2,155 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $107.77, for a total value of $232,244.35. Following the transaction, the vice president now directly owns 2,686 shares in the company, valued at approximately $289,470.22. This trade represents a 44.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

WEC Energy Group Stock Down 2.3%

Shares of WEC opened at $102.97 on Thursday. The firm has a market capitalization of $32.86 billion, a price-to-earnings ratio of 20.07, a PEG ratio of 2.89 and a beta of 0.45. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.40 and a current ratio of 0.50. The business’s fifty day moving average price is $106.54 and its two-hundred day moving average price is $103.08. WEC Energy Group, Inc. has a 52 week low of $77.47 and a 52 week high of $111.00.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings data on Tuesday, May 6th. The utilities provider reported $2.27 EPS for the quarter, beating analysts’ consensus estimates of $2.18 by $0.09. The firm had revenue of $3.15 billion for the quarter, compared to analyst estimates of $2.81 billion. WEC Energy Group had a return on equity of 12.94% and a net margin of 17.95%. The business’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same period last year, the company earned $1.97 EPS. On average, analysts predict that WEC Energy Group, Inc. will post 5.23 earnings per share for the current year.

WEC Energy Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Wednesday, May 14th were given a $0.8975 dividend. This represents a $3.59 dividend on an annualized basis and a yield of 3.49%. This is a positive change from WEC Energy Group’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend was Wednesday, May 14th. WEC Energy Group’s dividend payout ratio (DPR) is presently 69.59%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Wells Fargo & Company increased their target price on WEC Energy Group from $115.00 to $124.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. Wall Street Zen cut WEC Energy Group from a “hold” rating to a “sell” rating in a report on Saturday, June 21st. Scotiabank set a $115.00 price target on WEC Energy Group and gave the company an “outperform” rating in a report on Wednesday, May 7th. The Goldman Sachs Group cut WEC Energy Group from a “neutral” rating to a “sell” rating and dropped their price target for the company from $106.00 to $100.00 in a report on Wednesday. Finally, Barclays raised their price target on WEC Energy Group from $99.00 to $101.00 and gave the company an “equal weight” rating in a report on Tuesday, April 29th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $106.33.

WEC Energy Group Profile

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States. It operates through Wisconsin, Illinois, Other States, Electric Transmission, and Non-Utility Energy Infrastructure segments.