Assenagon Asset Management S.A. Has $20.55 Million Holdings in WEC Energy Group, Inc. $WEC

Key Points

• Assenagon Asset Management S.A. increased its holdings in WEC Energy Group by 28.2%, now owning approximately $20.55 million worth of shares.
• Several other institutional investors, including Nuveen LLC and T. Rowe Price, significantly increased their stakes in WEC Energy Group during the first quarter.
• WEC Energy Group recently cut its dividend payout, which is now $0.8925 per share, reflecting a yield of 3.3% and a payout ratio of 68.39%.

Assenagon Asset Management S.A. lifted its holdings in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 28.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 197,250 shares of the utilities provider's stock after acquiring an additional 43,403 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.06% of WEC Energy Group worth $20,553,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of WEC. Nuveen LLC acquired a new position in WEC Energy Group during the 1st quarter worth about $403,372,000. GAMMA Investing LLC lifted its position in shares of WEC Energy Group by 12,777.6% during the first quarter. GAMMA Investing LLC now owns 1,834,024 shares of the utilities provider's stock worth $199,872,000 after purchasing an additional 1,819,782 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of WEC Energy Group by 34.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 5,213,304 shares of the utilities provider's stock worth $567,727,000 after purchasing an additional 1,349,522 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of WEC Energy Group by 16.6% during the first quarter. JPMorgan Chase & Co. now owns 5,103,604 shares of the utilities provider's stock worth $556,191,000 after purchasing an additional 726,267 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. lifted its position in shares of WEC Energy Group by 1,529.3% during the first quarter. T. Rowe Price Investment Management Inc. now owns 709,209 shares of the utilities provider's stock worth $77,290,000 after purchasing an additional 665,681 shares in the last quarter. 77.20% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at WEC Energy Group

In other WEC Energy Group news, EVP Daniel Krueger sold 5,930 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $111.14, for a total transaction of $659,060.20. Following the transaction, the executive vice president owned 6,606 shares of the company's stock, valued at $734,190.84. The trade was a 47.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gale E. Klappa sold 35,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $110.73, for a total value of $3,875,550.00. Following the transaction, the director directly owned 274,969 shares in the company, valued at $30,447,317.37. The trade was a 11.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,448 shares of company stock valued at $7,581,132 in the last 90 days. Company insiders own 0.50% of the company's stock.

Analyst Ratings Changes

WEC has been the topic of several research reports. Wall Street Zen downgraded WEC Energy Group from a "hold" rating to a "sell" rating in a report on Saturday, July 12th. The Goldman Sachs Group lowered 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 research note on Wednesday, June 25th. Finally, UBS Group set a $107.00 target price on shares of WEC Energy Group and gave the company a "neutral" rating in a research note on Friday, July 11th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $106.89.

WEC Energy Group Price Performance

NYSE WEC opened at $109.82 on Tuesday. The company has a quick ratio of 0.40, a current ratio of 0.55 and a debt-to-equity ratio of 1.28. WEC Energy Group, Inc. has a 12-month low of $91.94 and a 12-month high of $111.90. The company has a market capitalization of $35.35 billion, a PE ratio of 21.04, a price-to-earnings-growth ratio of 3.03 and a beta of 0.44. The firm's 50 day moving average is $108.50 and its 200-day moving average is $107.00.

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 net margin of 17.87% and a return on equity of 12.90%. The firm had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the business earned $0.67 EPS. The company's revenue was up 13.4% compared to the same quarter last year. WEC Energy Group has set its FY 2025 guidance at 5.170-5.270 EPS. Equities research analysts anticipate that WEC Energy Group, Inc. will post 5.23 earnings per share for the current fiscal year.

WEC Energy Group Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Thursday, August 14th were issued a dividend of $0.8925 per share. This represents a $3.57 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Thursday, August 14th. WEC Energy Group's payout ratio is presently 68.39%.

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.

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