Bruderman Asset Management LLC purchased a new stake in shares of WEC Energy Group Inc (NYSE:WEC) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 75,272 shares of the utilities provider’s stock, valued at approximately $4,866,000. WEC Energy Group comprises about 1.2% of Bruderman Asset Management LLC’s investment portfolio, making the stock its 27th largest position.
Several other institutional investors and hedge funds have also modified their holdings of the company. Millennium Management LLC bought a new stake in shares of WEC Energy Group during the 2nd quarter valued at about $2,586,000. Worldquant Millennium Quantitative Strategies LLC bought a new stake in shares of WEC Energy Group during the 2nd quarter valued at about $1,902,000. Centaurus Financial Inc. bought a new stake in shares of WEC Energy Group during the 2nd quarter valued at about $141,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its position in shares of WEC Energy Group by 146.5% during the 2nd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 245,500 shares of the utilities provider’s stock valued at $15,872,000 after acquiring an additional 145,900 shares during the last quarter. Finally, Bridgeworth LLC bought a new stake in shares of WEC Energy Group during the 2nd quarter valued at about $156,000. Hedge funds and other institutional investors own 73.21% of the company’s stock.
A number of analysts have recently issued reports on WEC shares. Bank of America upgraded WEC Energy Group from a “neutral” rating to a “buy” rating in a research report on Wednesday, May 23rd. ValuEngine downgraded WEC Energy Group from a “hold” rating to a “sell” rating in a research report on Thursday, June 7th. Zacks Investment Research downgraded WEC Energy Group from a “buy” rating to a “hold” rating in a research report on Wednesday, June 20th. Barclays started coverage on WEC Energy Group in a research report on Tuesday, July 10th. They set an “equal weight” rating and a $71.00 price target for the company. Finally, Citigroup lifted their price target on WEC Energy Group from $61.00 to $63.00 and gave the company a “hold” rating in a research report on Tuesday, July 10th. Ten research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $68.73.
In related news, Director Barbara L. Bowles sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $66.45, for a total value of $166,125.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Frederick D. Kuester sold 168,790 shares of the business’s stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $66.94, for a total value of $11,298,802.60. The disclosure for this sale can be found here. Insiders own 0.97% of the company’s stock.
NYSE:WEC opened at $68.80 on Friday. The company has a market capitalization of $21.68 billion and a P/E ratio of 21.91. WEC Energy Group Inc has a 1-year low of $58.48 and a 1-year high of $70.09. The company has a quick ratio of 0.44, a current ratio of 0.59 and a debt-to-equity ratio of 0.95.
WEC Energy Group (NYSE:WEC) last released its earnings results on Tuesday, July 31st. The utilities provider reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.06. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.57 billion. WEC Energy Group had a return on equity of 11.18% and a net margin of 16.56%. WEC Energy Group’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.63 EPS. equities analysts forecast that WEC Energy Group Inc will post 3.32 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Saturday, September 1st. Investors of record on Tuesday, August 14th were given a $0.5525 dividend. The ex-dividend date of this dividend was Monday, August 13th. This represents a $2.21 dividend on an annualized basis and a yield of 3.21%. WEC Energy Group’s payout ratio is 70.38%.
WEC Energy Group Company Profile
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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