Argonautica Private Wealth Management Inc. Makes New Investment in WEC Energy Group, Inc. $WEC

Key Points

• Argonautica Private Wealth Management opened a new WEC Energy Group position, buying 12,803 shares worth approximately $1.29 million in the third quarter.
• WEC reported quarterly earnings of $1.18 per share, beating estimates of $0.97, while revenue rose 8.9% year over year to $2.29 billion.
• The company declared a quarterly dividend of $0.9525 per share, equivalent to an annualized yield of about 3.2%; analysts’ consensus rating was “Hold,” with an average price target of $117.88.

Argonautica Private Wealth Management Inc. purchased a new position in WEC Energy Group, Inc. (NYSE:WEC - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 12,803 shares of the utilities provider's stock, valued at approximately $1,290,000.

Other large investors also recently modified their holdings of the company. Annex Advisory Services LLC raised its stake in WEC Energy Group by 8.6% during the 2nd quarter. Annex Advisory Services LLC now owns 121,431 shares of the utilities provider's stock worth $14,179,000 after acquiring an additional 9,591 shares during the period. GSA Capital Partners LLP bought a new position in shares of WEC Energy Group during the 2nd quarter valued at about $2,783,000. DAVENPORT & Co LLC boosted its stake in WEC Energy Group by 15.3% during the second quarter. DAVENPORT & Co LLC now owns 96,430 shares of the utilities provider's stock valued at $11,260,000 after buying an additional 12,773 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of WEC Energy Group during the 2nd quarter valued at approximately $3,773,000. Finally, Hsbc Holdings PLC grew its stake in shares of WEC Energy Group by 16.9% in the 2nd quarter. Hsbc Holdings PLC now owns 617,881 shares of the utilities provider's stock worth $72,303,000 after buying an additional 89,140 shares in the last quarter. Institutional investors own 77.20% of the company's stock.

Insider Transactions at WEC Energy Group

In other news, Director Ulice Payne, Jr. sold 980 shares of WEC Energy Group stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $105.58, for a total transaction of $103,468.40. Following the transaction, the director owned 19,588 shares in the company, valued at $2,068,101.04. The trade was a 4.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.46% of the stock is currently owned by insiders.

WEC Energy Group Stock Up 0.4%

WEC opened at $118.64 on Friday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.36 and a current ratio of 0.53. WEC Energy Group, Inc. has a fifty-two week low of $99.80 and a fifty-two week high of $120.15. The company has a fifty day moving average of $106.67 and a two-hundred day moving average of $111.63. The stock has a market capitalization of $39.03 billion, a price-to-earnings ratio of 19.82, a PEG ratio of 2.43 and a beta of 0.43.

WEC Energy Group (NYSE:WEC - Get Free Report) last announced its earnings results on Thursday, October 29th. The utilities provider reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.21. The business 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 business's quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.83 EPS. On average, research analysts expect that WEC Energy Group, Inc. will post 5.61 earnings per share for the current year.

WEC Energy Group Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Scotiabank lifted their target price on WEC Energy Group from $117.00 to $128.00 and gave the stock a "sector outperform" rating in a report on Friday, October 30th. LADENBURG THALM/SH SH dropped their target price on shares of WEC Energy Group from $110.50 to $108.50 and set a "neutral" rating on the stock in a research note on Wednesday, August 19th. The Goldman Sachs Group dropped their price target on WEC Energy Group from $110.00 to $107.00 in a research report on Thursday, October 15th. Wells Fargo & Company lifted their price objective on shares of WEC Energy Group from $127.00 to $129.00 and gave the company an "overweight" rating in a report on Friday, October 30th. Finally, JPMorgan Chase & Co. cut their target price on WEC Energy Group from $121.00 to $116.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, WEC Energy Group has a consensus rating of "Hold" and an average price target of $117.88.

WEC Energy Group Profile

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.

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