Citigroup Inc. Boosts Holdings in WEC Energy Group, Inc. (NYSE:WEC)

Key Points

• Citigroup Inc. increased its ownership in WEC Energy Group by 76.6% in the first quarter, owning approximately 375,377 shares valued at $40.91 million.
• WEC Energy Group's latest earnings report indicated a $0.76 EPS, surpassing analysts' expectations and showing a 13.4% increase in revenue year-over-year.
• The company recently announced a quarterly dividend of $0.8925 per share, representing a 3.2% dividend yield with a current payout ratio of 68.39%.

Citigroup Inc. raised its position in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 76.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 375,377 shares of the utilities provider's stock after purchasing an additional 162,828 shares during the quarter. Citigroup Inc. owned 0.12% of WEC Energy Group worth $40,909,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Horizon Investment Services LLC bought a new position in shares of WEC Energy Group in the first quarter valued at approximately $379,000. Los Angeles Capital Management LLC grew its position in shares of WEC Energy Group by 2,964.9% in the first quarter. Los Angeles Capital Management LLC now owns 108,651 shares of the utilities provider's stock valued at $11,841,000 after purchasing an additional 105,106 shares in the last quarter. AustralianSuper Pty Ltd purchased a new position in WEC Energy Group during the first quarter worth about $10,333,000. Sowell Financial Services LLC purchased a new position in WEC Energy Group during the first quarter worth about $325,000. Finally, CWA Asset Management Group LLC lifted its stake in WEC Energy Group by 5.6% during the first quarter. CWA Asset Management Group LLC now owns 2,947 shares of the utilities provider's stock worth $321,000 after purchasing an additional 157 shares during the last quarter. 77.20% of the stock is currently owned by institutional investors.

WEC Energy Group Trading Up 0.5%

WEC traded up $0.50 on Wednesday, hitting $109.93. The company had a trading volume of 2,698,935 shares, compared to its average volume of 2,221,799. The company has a market cap of $35.38 billion, a PE ratio of 21.06, a PEG ratio of 3.01 and a beta of 0.42. WEC Energy Group, Inc. has a 12-month low of $88.14 and a 12-month high of $111.90. The company has a quick ratio of 0.40, a current ratio of 0.55 and a debt-to-equity ratio of 1.28. The business's fifty day simple moving average is $106.42 and its 200 day simple moving average is $105.92.

WEC Energy Group (NYSE:WEC - Get Free Report) last announced its 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. The business had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.87 billion. WEC Energy Group had a return on equity of 12.90% and a net margin of 17.87%. The company's revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.67 earnings per share. Equities research analysts expect that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

WEC Energy Group Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Thursday, August 14th will be paid a $0.8925 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $3.57 dividend on an annualized basis and a yield of 3.2%. WEC Energy Group's payout ratio is 68.39%.

Insider Buying and Selling

In other news, Director Gale E. Klappa sold 35,000 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $110.73, for a total transaction of $3,875,550.00. Following the transaction, the director directly owned 274,969 shares of the company's stock, valued at approximately $30,447,317.37. This represents a 11.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Molly A. Mulroy sold 4,030 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $110.33, for a total value of $444,629.90. Following the transaction, the executive vice president directly owned 5,829 shares in the company, valued at approximately $643,113.57. The trade was a 40.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 70,603 shares of company stock valued at $7,813,377 over the last ninety days. Company insiders own 0.50% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on WEC shares. Wall Street Zen lowered WEC Energy Group from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. Wells Fargo & Company raised their price objective on WEC Energy Group from $115.00 to $124.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. UBS Group set a $107.00 price objective on shares of WEC Energy Group and gave the company a "neutral" rating in a research report on Friday, July 11th. The Goldman Sachs Group downgraded WEC Energy Group from a "neutral" rating to a "sell" rating and cut their target price for the company from $106.00 to $100.00 in a research note on Wednesday, June 25th. Finally, Barclays raised their target price on WEC Energy Group from $99.00 to $101.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 29th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $106.40.

About WEC Energy Group

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.