Belpointe Asset Management LLC Has $3.26 Million Stock Holdings in WEC Energy Group, Inc. $WEC

Key Points

• Belpointe Asset Management LLC reduced its stake in WEC Energy Group by 19.3%, now holding 29,885 shares valued at approximately $3.26 million.
• CEO Scott J. Lauber and EVP Daniel Krueger both sold significant shares of the company recently, with insiders collectively selling 68,448 shares valued at over $7.58 million in the last ninety days.
• Analysts have recently downgraded WEC Energy Group's stock ratings, with UBS setting a price target of $107.00 and Goldman Sachs lowering their target to $100.00, reflecting a generally cautious outlook.

Belpointe Asset Management LLC trimmed its stake in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 19.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 29,885 shares of the utilities provider's stock after selling 7,143 shares during the quarter. Belpointe Asset Management LLC's holdings in WEC Energy Group were worth $3,257,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of WEC. Truvestments Capital LLC acquired a new position in shares of WEC Energy Group in the 1st quarter worth $25,000. Hughes Financial Services LLC purchased a new position in shares of WEC Energy Group during the first quarter valued at $28,000. Opal Wealth Advisors LLC purchased a new position in shares of WEC Energy Group during the first quarter valued at $32,000. WPG Advisers LLC purchased a new position in shares of WEC Energy Group during the first quarter valued at $35,000. Finally, Golden State Wealth Management LLC grew its holdings in shares of WEC Energy Group by 252.6% during the first quarter. Golden State Wealth Management LLC now owns 342 shares of the utilities provider's stock valued at $37,000 after buying an additional 245 shares in the last quarter. 77.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other WEC Energy Group news, CEO Scott J. Lauber sold 9,231 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $110.88, for a total value of $1,023,533.28. Following the completion of the sale, the chief executive officer owned 56,443 shares of the company's stock, valued at $6,258,399.84. The trade was a 14.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gale E. Klappa sold 5,960 shares of the business's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $110.98, for a total value of $661,440.80. Following the completion of the sale, the director directly owned 274,969 shares of the company's stock, valued at $30,516,059.62. This represents a 2.12% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 68,448 shares of company stock valued at $7,581,132. 0.50% of the stock is owned by corporate insiders.

WEC Energy Group Stock Up 0.0%

NYSE WEC traded up $0.05 on Monday, reaching $110.57. The stock had a trading volume of 512,642 shares, compared to its average volume of 2,197,366. The business has a 50 day moving average price of $107.92 and a 200 day moving average price of $106.84. The company has a current ratio of 0.55, a quick ratio of 0.40 and a debt-to-equity ratio of 1.28. WEC Energy Group, Inc. has a 1 year low of $91.94 and a 1 year high of $111.90. The company has a market capitalization of $35.59 billion, a price-to-earnings ratio of 21.18, a P/E/G ratio of 3.04 and a beta of 0.44.

WEC Energy Group (NYSE:WEC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.71 by $0.05. WEC Energy Group had a return on equity of 12.90% and a net margin of 17.87%.The company had revenue of $2.01 billion during the quarter, compared to analysts' expectations of $1.87 billion. During the same quarter in the previous year, the firm earned $0.67 earnings per share. The business's quarterly 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. On average, analysts forecast that WEC Energy Group, Inc. will post 5.23 EPS for the current fiscal year.

WEC Energy Group Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Thursday, August 14th were given a $0.8925 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $3.57 dividend on an annualized basis and a dividend yield of 3.2%. WEC Energy Group's payout ratio is currently 68.39%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. 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 downgraded WEC Energy Group from a "neutral" rating to a "sell" rating and lowered their price target for the company from $106.00 to $100.00 in a report on Wednesday, June 25th. Finally, UBS Group set a $107.00 price target on WEC Energy Group and gave the company a "neutral" rating in a report on Friday, July 11th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, WEC Energy Group has a consensus rating of "Hold" and an average target price of $106.40.

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.