Eventide Asset Management LLC Has $2.68 Million Stake in WEC Energy Group, Inc. $WEC

Key Points

• Eventide Asset Management LLC increased its holdings in WEC Energy Group by 79.2%, acquiring an additional 11,025 shares and bringing its total shares to 24,941.
• WEC Energy Group reported a quarterly EPS of $0.76, surpassing the consensus estimate of $0.71, with a net margin of 17.87% and year-over-year revenue growth of 13.4%.
• The company's dividend yield is currently 3.3% following the recent quarterly dividend distribution of $0.8925 per share, reflecting a dividend payout ratio of 68.39%.

Eventide Asset Management LLC grew its position in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 79.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,941 shares of the utilities provider's stock after purchasing an additional 11,025 shares during the period. Eventide Asset Management LLC's holdings in WEC Energy Group were worth $2,682,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Marcum Wealth LLC lifted its stake in shares of WEC Energy Group by 1.3% during the 1st quarter. Marcum Wealth LLC now owns 7,416 shares of the utilities provider's stock worth $808,000 after buying an additional 93 shares during the last quarter. Manchester Capital Management LLC lifted its stake in shares of WEC Energy Group by 14.3% during the 1st quarter. Manchester Capital Management LLC now owns 744 shares of the utilities provider's stock worth $81,000 after buying an additional 93 shares during the last quarter. Clean Yield Group raised its stake in WEC Energy Group by 12.6% in the 1st quarter. Clean Yield Group now owns 867 shares of the utilities provider's stock worth $94,000 after purchasing an additional 97 shares in the last quarter. MJP Associates Inc. ADV raised its stake in WEC Energy Group by 3.4% in the 4th quarter. MJP Associates Inc. ADV now owns 3,019 shares of the utilities provider's stock worth $284,000 after purchasing an additional 98 shares in the last quarter. Finally, Premier Path Wealth Partners LLC raised its stake in WEC Energy Group by 3.0% in the 1st quarter. Premier Path Wealth Partners LLC now owns 3,335 shares of the utilities provider's stock worth $363,000 after purchasing an additional 98 shares in the last quarter. 77.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WEC has been the subject of several analyst reports. Wall Street Zen cut shares of WEC Energy Group from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. The Goldman Sachs Group cut shares of WEC Energy Group from a "neutral" rating to a "sell" rating and dropped their price objective for the stock from $106.00 to $100.00 in a research note on Wednesday, June 25th. Finally, UBS Group set a $107.00 price objective on shares of WEC Energy Group and gave the stock a "neutral" rating in a research note on Friday, July 11th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $106.40.

Insider Activity at WEC Energy Group

In other WEC Energy Group news, Director Ulice Payne, Jr. sold 1,620 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $111.00, for a total transaction of $179,820.00. Following the sale, the director directly owned 20,360 shares of the company's stock, valued at $2,259,960. The trade was a 7.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 sale, the executive vice president directly owned 6,606 shares in the company, valued at $734,190.84. The trade was a 47.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,448 shares of company stock worth $7,581,132 in the last ninety days. Insiders own 0.50% of the company's stock.

WEC Energy Group Price Performance

WEC stock traded up $0.23 during mid-day trading on Friday, hitting $107.71. The stock had a trading volume of 1,615,422 shares, compared to its average volume of 1,973,309. 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 52 week low of $91.94 and a 52 week high of $111.90. The firm has a market capitalization of $34.67 billion, a P/E ratio of 20.63, a P/E/G ratio of 2.96 and a beta of 0.44. The firm has a fifty day simple moving average of $107.46 and a 200 day simple moving average of $106.70.

WEC Energy Group (NYSE:WEC - Get Free Report) last released its earnings results on Wednesday, July 30th. The utilities provider reported $0.76 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 last year, the firm earned $0.67 EPS. 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. As a group, research analysts forecast that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

WEC Energy Group Cuts Dividend

The business also recently declared 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. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $3.57 annualized dividend and a dividend yield of 3.3%. WEC Energy Group's payout ratio is 68.39%.

WEC Energy Group Company 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.