Allspring Global Investments Holdings LLC Acquires 2,992 Shares of WEC Energy Group, Inc. (NYSE:WEC)

Allspring Global Investments Holdings LLC boosted its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 2.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 145,813 shares of the utilities provider's stock after buying an additional 2,992 shares during the period. Allspring Global Investments Holdings LLC's holdings in WEC Energy Group were worth $15,878,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. TCV Trust & Wealth Management Inc. bought a new position in WEC Energy Group in the 1st quarter valued at $228,000. CM Wealth Advisors LLC acquired a new position in WEC Energy Group in the first quarter valued at about $201,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of WEC Energy Group by 18.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 33,305 shares of the utilities provider's stock valued at $3,582,000 after acquiring an additional 5,191 shares during the last quarter. Illinois Municipal Retirement Fund increased its stake in WEC Energy Group by 93.6% in the first quarter. Illinois Municipal Retirement Fund now owns 18,125 shares of the utilities provider's stock valued at $1,975,000 after purchasing an additional 8,762 shares in the last quarter. Finally, Old North State Wealth Management LLC raised its stake in WEC Energy Group by 5.5% during the 1st quarter. Old North State Wealth Management LLC now owns 3,243 shares of the utilities provider's stock worth $354,000 after buying an additional 170 shares during the period. Institutional investors own 77.20% of the company's stock.

WEC Energy Group Price Performance

Shares of WEC traded up $0.75 during mid-day trading on Friday, reaching $104.50. The company had a trading volume of 1,033,837 shares, compared to its average volume of 2,150,206. WEC Energy Group, Inc. has a 1-year low of $77.47 and a 1-year high of $111.00. The company has a market capitalization of $33.35 billion, a price-to-earnings ratio of 20.37, a P/E/G ratio of 2.85 and a beta of 0.44. 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 company's 50 day simple moving average is $106.00 and its 200 day simple moving average is $103.41.

WEC Energy Group (NYSE:WEC - Get Free Report) last posted its earnings results on Tuesday, May 6th. The utilities provider reported $2.27 earnings per share for the quarter, topping analysts' consensus estimates of $2.18 by $0.09. WEC Energy Group had a net margin of 17.95% and a return on equity of 12.94%. The firm had revenue of $3.15 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same period in the previous year, the firm posted $1.97 EPS. The company's revenue for the quarter was up 17.5% compared to the same quarter last year. Analysts expect that WEC Energy Group, Inc. will post 5.23 EPS 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 3.44%. This is an increase 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 is presently 69.59%.

Insider Buying and Selling

In other news, VP Joshua M. Erickson sold 2,155 shares of WEC Energy Group stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $107.77, for a total transaction of $232,244.35. Following the sale, the vice president directly owned 2,686 shares in the company, valued at $289,470.22. The trade was a 44.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.50% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Scotiabank set a $115.00 target price on WEC Energy Group and gave the stock an "outperform" rating in a report on Wednesday, May 7th. The Goldman Sachs Group lowered shares of WEC Energy Group from a "neutral" rating to a "sell" rating and dropped their price target for the stock from $106.00 to $100.00 in a research report on Wednesday, June 25th. JPMorgan Chase & Co. upgraded 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 note on Tuesday, April 8th. Wells Fargo & Company raised their price objective on shares of 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, Barclays upped their price target on shares of WEC Energy Group from $99.00 to $101.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $106.33.

WEC Energy Group Company 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.