34,119 Shares in WEC Energy Group, Inc. $WEC Acquired by Dark Forest Capital Management LP

Key Points

• Dark Forest Capital Management LP acquired 34,119 shares of WEC Energy Group, valued at about $3.72 million, in the first quarter of the year.
• WEC Energy Group reported a quarterly earnings per share (EPS) of $0.76, surpassing estimates and showing a 13.4% year-over-year revenue increase.
• The company's stock has faced recent rating changes, including a downgrade from Goldman Sachs from "neutral" to "sell" with a reduced price target of $100.

Dark Forest Capital Management LP acquired a new position in shares of WEC Energy Group, Inc. (NYSE:WEC - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 34,119 shares of the utilities provider's stock, valued at approximately $3,718,000.

Several other large investors have also recently added to or reduced their stakes in WEC. Marcum Wealth LLC boosted its holdings in shares of WEC Energy Group by 1.3% during the first quarter. Marcum Wealth LLC now owns 7,416 shares of the utilities provider's stock valued at $808,000 after acquiring an additional 93 shares during the period. Manchester Capital Management LLC lifted its position in WEC Energy Group by 14.3% in the 1st quarter. Manchester Capital Management LLC now owns 744 shares of the utilities provider's stock valued at $81,000 after purchasing an additional 93 shares during the last quarter. Clean Yield Group lifted its position in WEC Energy Group by 12.6% in the 1st quarter. Clean Yield Group now owns 867 shares of the utilities provider's stock valued at $94,000 after purchasing an additional 97 shares during the last quarter. MJP Associates Inc. ADV boosted its stake in WEC Energy Group by 3.4% during the 4th quarter. MJP Associates Inc. ADV now owns 3,019 shares of the utilities provider's stock valued at $284,000 after purchasing an additional 98 shares during the period. Finally, Premier Path Wealth Partners LLC grew its position in WEC Energy Group by 3.0% in the 1st quarter. Premier Path Wealth Partners LLC now owns 3,335 shares of the utilities provider's stock worth $363,000 after purchasing an additional 98 shares during the last quarter. 77.20% of the stock is owned by institutional investors and hedge funds.

WEC Energy Group Stock Performance

WEC opened at $106.00 on Wednesday. The business has a 50 day moving average price of $107.21 and a two-hundred day moving average price of $106.61. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.55 and a quick ratio of 0.40. The company has a market capitalization of $34.12 billion, a price-to-earnings ratio of 20.31, a price-to-earnings-growth ratio of 2.93 and a beta of 0.44. WEC Energy Group, Inc. has a 1-year low of $91.94 and a 1-year high of $111.90.

WEC Energy Group (NYSE:WEC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.05. WEC Energy Group had a return on equity of 12.90% and a net margin of 17.87%.The company had revenue of $2.01 billion for the quarter, compared to analysts' expectations of $1.87 billion. During the same period last year, the firm earned $0.67 EPS. The firm's revenue for the quarter was up 13.4% on a year-over-year basis. WEC Energy Group has set its FY 2025 guidance at 5.170-5.270 EPS. Research analysts predict that WEC Energy Group, Inc. will post 5.23 EPS for the current fiscal year.

WEC Energy Group Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Thursday, August 14th were given a $0.8925 dividend. The ex-dividend date was Thursday, August 14th. This represents a $3.57 annualized dividend and a yield of 3.4%. WEC Energy Group's payout ratio is 68.39%.

Analyst Ratings Changes

WEC has been the topic of a number of recent analyst reports. The Goldman Sachs Group cut WEC Energy Group from a "neutral" rating to a "sell" rating and cut their price target for the company from $106.00 to $100.00 in a report on Wednesday, June 25th. Scotiabank set a $115.00 target price on WEC Energy Group and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Wall Street Zen downgraded WEC Energy Group from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. Wells Fargo & Company boosted their price target on WEC Energy Group from $115.00 to $124.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Finally, UBS Group set a $107.00 price target on WEC Energy Group and gave the stock a "neutral" rating in a research note on Friday, July 11th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, WEC Energy Group has a consensus rating of "Hold" and a consensus price target of $106.40.

Insider Buying and Selling

In other news, CEO Scott J. Lauber sold 9,231 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $110.88, for a total transaction of $1,023,533.28. Following the completion of the transaction, the chief executive officer owned 56,443 shares in the company, valued at approximately $6,258,399.84. This trade represents a 14.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ulice Payne, Jr. sold 1,620 shares of WEC Energy Group stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $111.00, for a total transaction of $179,820.00. Following the completion of the transaction, the director directly owned 20,360 shares in the company, valued at $2,259,960. This represents a 7.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,448 shares of company stock worth $7,581,132 in the last ninety days. Insiders own 0.50% of the company's stock.

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.

Want to see what other hedge funds are holding WEC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for WEC Energy Group, Inc. (NYSE:WEC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.