Bahl & Gaynor LLC Makes New Investment in WEC Energy Group, Inc. $WEC

Key Points

• Bahl & Gaynor opened a new WEC Energy Group position in the third quarter, buying 1.29 million shares valued at about $130 million, or roughly 0.39% of the company.
• WEC reported quarterly EPS of $1.18, beating the $0.97 consensus, 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 a 3.3% annualized yield.
• Analysts’ consensus rating is Hold, with an average price target of $117.88; shares opened at $116.93 in the article’s report.

Bahl & Gaynor LLC purchased a new position in WEC Energy Group, Inc. (NYSE:WEC - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,289,804 shares of the utilities provider's stock, valued at approximately $129,986,000. Bahl & Gaynor LLC owned about 0.39% of WEC Energy Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of WEC. Legal & General Group Plc bought a new stake in shares of WEC Energy Group in the 2nd quarter valued at approximately $299,100,000. Magellan Asset Management Ltd purchased a new position in shares of WEC Energy Group in the 2nd quarter worth approximately $144,582,000. Caisse de depot et placement du Quebec bought a new position in shares of WEC Energy Group during the 2nd quarter valued at approximately $128,290,000. Energy Income Partners LLC bought a new position in shares of WEC Energy Group during the 2nd quarter valued at approximately $97,564,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of WEC Energy Group during the 2nd quarter valued at approximately $95,395,000. Hedge funds and other institutional investors own 77.20% of the company's stock.

WEC Energy Group Stock Down 0.2%

Shares of NYSE:WEC opened at $116.93 on Wednesday. WEC Energy Group, Inc. has a 1 year low of $99.80 and a 1 year high of $120.15. The business has a 50 day simple moving average of $107.29 and a two-hundred day simple moving average of $111.74. The firm has a market capitalization of $38.47 billion, a PE ratio of 21.22, a price-to-earnings-growth ratio of 2.41 and a beta of 0.43. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.53 and a quick ratio of 0.36.

WEC Energy Group (NYSE:WEC - Get Free Report) last released its earnings results on Thursday, October 29th. The utilities provider reported $1.18 EPS for the quarter, beating analysts' consensus estimates of $0.97 by $0.21. WEC Energy Group had a return on equity of 13.49% and a net margin of 17.54%. The firm had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.27 billion. During the same quarter in the prior year, the firm posted $0.83 earnings per share. The company's quarterly revenue was up 8.9% on a year-over-year basis. On average, equities analysts predict that WEC Energy Group, Inc. will post 5.61 EPS for the current year.

WEC Energy Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be issued a dividend of $0.9525 per share. The ex-dividend date is Friday, November 13th. This represents a $3.81 dividend on an annualized basis and a yield of 3.3%. WEC Energy Group's payout ratio is presently 69.15%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Jefferies Financial Group decreased their price target on WEC Energy Group from $120.00 to $116.00 and set a "hold" rating on the stock in a report on Wednesday, October 21st. The Goldman Sachs Group dropped their price objective on shares of WEC Energy Group from $110.00 to $107.00 in a research note on Thursday, October 15th. Weiss Ratings upgraded shares of WEC Energy Group from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, November 2nd. Wells Fargo & Company increased their target price on shares of WEC Energy Group from $127.00 to $129.00 and gave the company an "overweight" rating in a research note on Friday, October 30th. Finally, Royal Bank Of Canada reduced their target price on shares of WEC Energy Group from $124.00 to $122.00 and set a "sector perform" rating on the stock in a research note on Monday, October 26th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $117.88.

About WEC Energy Group

WEC Energy Group is a regulated energy holding company based in Milwaukee, Wisconsin. Through its subsidiaries, it generates, transmits and distributes electricity and provides natural gas service to residential, commercial and industrial customers. The company's utility operations serve communities across Wisconsin, Illinois, Michigan and Minnesota. Its businesses include electric and gas utilities, as well as natural gas storage and related energy services. WEC Energy Group adopted its current name in 2015, following the combination of Wisconsin Energy Corporation and Integrys Energy Group.

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