Mirae Asset Global Investments Co. Ltd. Purchases 82,246 Shares of WEC Energy Group, Inc. $WEC

Mirae Asset Global Investments Co. Ltd. purchased a new position in WEC Energy Group, Inc. (NYSE:WEC) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 82,246 shares of the utilities provider’s stock, valued at approximately $8,289,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. ProShare Advisors LLC lifted its holdings in WEC Energy Group by 26.0% in the third quarter. ProShare Advisors LLC now owns 65,334 shares of the utilities provider’s stock valued at $6,584,000 after acquiring an additional 13,497 shares during the period. Cidel Asset Management Inc. bought a new stake in shares of WEC Energy Group during the 3rd quarter valued at about $22,009,000. MGO One Seven LLC increased its position in shares of WEC Energy Group by 4.4% during the 3rd quarter. MGO One Seven LLC now owns 26,195 shares of the utilities provider’s stock valued at $2,640,000 after purchasing an additional 1,096 shares during the last quarter. Raleigh Capital Management Inc. increased its position in shares of WEC Energy Group by 2.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 20,149 shares of the utilities provider’s stock valued at $2,031,000 after purchasing an additional 416 shares during the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of WEC Energy Group by 1,811.3% during the 3rd quarter. International Assets Investment Management LLC now owns 50,000 shares of the utilities provider’s stock valued at $5,039,000 after purchasing an additional 47,384 shares during the last quarter. 77.20% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on WEC. JPMorgan Chase & Co. dropped their price objective on shares of WEC Energy Group from $121.00 to $116.00 and set a “neutral” rating on the stock in a report on Tuesday, October 13th. Truist Financial reduced their target price on shares of WEC Energy Group from $114.00 to $113.00 and set a “hold” rating for the company in a report on Friday, October 16th. LADENBURG THALM/SH SH decreased their price target on shares of WEC Energy Group from $110.50 to $108.50 and set a “neutral” rating on the stock in a research report on Wednesday, August 19th. KeyCorp dropped their price target on shares of WEC Energy Group from $117.00 to $111.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 13th. Finally, Wall Street Zen downgraded shares of WEC Energy Group from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. Eight investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, WEC Energy Group presently has a consensus rating of “Hold” and a consensus target price of $118.00.

WEC Energy Group Stock Up 2.4%

NYSE WEC opened at $118.14 on Thursday. WEC Energy Group, Inc. has a 52 week low of $99.80 and a 52 week high of $119.91. The company has a quick ratio of 0.36, a current ratio of 0.53 and a debt-to-equity ratio of 1.34. The company has a market capitalization of $38.87 billion, a P/E ratio of 21.44, a price-to-earnings-growth ratio of 2.38 and a beta of 0.43. The stock’s 50-day moving average price is $106.45 and its 200-day moving average price is $111.58.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings data on Thursday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.27 billion. WEC Energy Group had a return on equity of 13.49% and a net margin of 17.54%. The firm’s revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.83 EPS. On average, equities research analysts predict that WEC Energy Group, Inc. will post 5.61 earnings per share for the current year.

WEC Energy Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be given a $0.9525 dividend. This represents a $3.81 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Friday, November 13th. WEC Energy Group’s dividend payout ratio is presently 69.15%.

Insider Activity

In other news, Director Ulice Payne, Jr. sold 980 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $105.58, for a total value of $103,468.40. Following the completion of the sale, the director directly owned 19,588 shares of the company’s stock, valued at $2,068,101.04. This represents a 4.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.46% of the stock is currently owned by company insiders.

About WEC Energy Group

WEC Energy Group, Inc is an energy holding company headquartered in Milwaukee, Wisconsin. Through its operating companies, the company generates and delivers electricity and provides natural gas distribution, storage and related energy services to residential, commercial and industrial customers.

WEC Energy’s principal utility businesses include We Energies and Wisconsin Public Service in Wisconsin, Michigan Gas Utilities, Minnesota Energy Resources, Upper Michigan Energy Resources and North Dakota utility operations.