Allianz Asset Management GmbH Boosts Stake in WEC Energy Group, Inc. (NYSE:WEC)

Key Points

• Allianz Asset Management GmbH significantly increased its holdings in WEC Energy Group by 3,240.8% in the first quarter, owning 148,531 shares valued at approximately $16.19 million.
• WEC Energy Group's recent earnings report showed an earnings per share (EPS) of $2.27, exceeding analysts' expectations, with a year-over-year revenue increase of 17.5%.
• WEC Energy Group has a current consensus rating of "Hold" from analysts, with a price target of $106.40.

Allianz Asset Management GmbH raised its stake in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 3,240.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 148,531 shares of the utilities provider's stock after buying an additional 144,085 shares during the quarter. Allianz Asset Management GmbH's holdings in WEC Energy Group were worth $16,187,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in WEC. Hughes Financial Services LLC acquired a new position in WEC Energy Group during the first quarter worth $28,000. Opal Wealth Advisors LLC acquired a new position in WEC Energy Group during the 1st quarter worth about $32,000. Prudent Man Investment Management Inc. acquired a new position in WEC Energy Group during the 4th quarter worth about $28,000. Golden State Wealth Management LLC lifted its stake in WEC Energy Group by 252.6% during the 1st quarter. Golden State Wealth Management LLC now owns 342 shares of the utilities provider's stock worth $37,000 after acquiring an additional 245 shares in the last quarter. Finally, Creekmur Asset Management LLC lifted its stake in WEC Energy Group by 2,420.0% during the 1st quarter. Creekmur Asset Management LLC now owns 378 shares of the utilities provider's stock worth $41,000 after acquiring an additional 363 shares in the last quarter. 77.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at WEC Energy Group

In other WEC Energy Group news, VP Joshua M. Erickson sold 2,155 shares of WEC Energy Group stock in a transaction that occurred 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 directly owned 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 document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.50% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wall Street Zen lowered WEC Energy Group from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. Barclays increased their price target on WEC Energy Group from $99.00 to $101.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 29th. UBS Group increased their price target on WEC Energy Group from $105.00 to $107.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. The Goldman Sachs Group lowered WEC Energy Group from a "neutral" rating to a "sell" rating and reduced their price target for the company from $106.00 to $100.00 in a research report on Wednesday, June 25th. Finally, JPMorgan Chase & Co. raised WEC Energy Group from an "underweight" rating to a "neutral" rating and increased their price target for the company from $106.00 to $108.00 in a research report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $106.40.

WEC Energy Group Stock Down 0.0%

Shares of WEC traded down $0.01 during mid-day trading on Friday, reaching $109.53. The company's stock had a trading volume of 1,320,699 shares, compared to its average volume of 1,678,526. WEC Energy Group, Inc. has a 12-month low of $83.13 and a 12-month high of $111.00. The stock has a market cap of $34.95 billion, a PE ratio of 21.35, a price-to-earnings-growth ratio of 3.01 and a beta of 0.44. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.50 and a quick ratio of 0.40. The company's 50 day moving average is $105.75 and its 200 day moving average is $104.86.

WEC Energy Group (NYSE:WEC - Get Free Report) last released 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. WEC Energy Group had a return on equity of 12.94% and a net margin of 17.95%. The business had revenue of $3.15 billion for the quarter, compared to the consensus estimate of $2.81 billion. During the same quarter in the prior year, the business posted $1.97 EPS. The business's revenue for the quarter was up 17.5% on a year-over-year basis. Equities analysts anticipate that WEC Energy Group, Inc. will post 5.23 EPS for the current fiscal year.

WEC Energy Group Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Thursday, August 14th will be paid a dividend of $0.8925 per share. The ex-dividend date is Thursday, August 14th. This represents a $3.57 dividend on an annualized basis and a yield of 3.26%. WEC Energy Group's dividend payout ratio is presently 69.59%.

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.