Harvest Fund Management Co. Ltd Makes New $663,000 Investment in WEC Energy Group, Inc. (NYSE:WEC)

Key Points

• Harvest Fund Management Co. Ltd has invested $663,000 in WEC Energy Group, acquiring 6,088 shares in the company, according to a recent 13F filing.
• WEC Energy Group recently reported earnings of $0.76 per share, outperforming analysts' expectations, and has seen a revenue increase of 13.4% year-over-year.
• Analysts have mixed views on WEC Energy Group, with price targets ranging from $100 to $124, and a consensus rating of "Hold."

Harvest Fund Management Co. Ltd bought a new stake in WEC Energy Group, Inc. (NYSE:WEC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 6,088 shares of the utilities provider's stock, valued at approximately $663,000.

Several other hedge funds and other institutional investors have also made changes to their positions in WEC. Marcum Wealth LLC raised its position 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 valued at $808,000 after acquiring an additional 93 shares in the last quarter. Clean Yield Group increased its position in WEC Energy Group by 12.6% in the first quarter. Clean Yield Group now owns 867 shares of the utilities provider's stock worth $94,000 after buying an additional 97 shares during the period. MJP Associates Inc. ADV increased its holdings in shares of WEC Energy Group by 3.4% during the fourth quarter. MJP Associates Inc. ADV now owns 3,019 shares of the utilities provider's stock valued at $284,000 after purchasing an additional 98 shares during the period. Premier Path Wealth Partners LLC increased its holdings in shares of WEC Energy Group by 3.0% during the first quarter. Premier Path Wealth Partners LLC now owns 3,335 shares of the utilities provider's stock valued at $363,000 after purchasing an additional 98 shares during the period. Finally, Peak Financial Advisors LLC increased its holdings in shares of WEC Energy Group by 1.9% during the first quarter. Peak Financial Advisors LLC now owns 5,339 shares of the utilities provider's stock valued at $582,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds own 77.20% of the company's stock.

WEC Energy Group Stock Performance

NYSE WEC traded up $1.21 during trading on Friday, hitting $110.29. The company's stock had a trading volume of 3,367,369 shares, compared to its average volume of 1,816,756. 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 firm has a 50 day moving average price of $105.95 and a 200 day moving average price of $105.29. The firm has a market cap of $35.20 billion, a P/E ratio of 21.13, a price-to-earnings-growth ratio of 3.00 and a beta of 0.42. WEC Energy Group, Inc. has a 52 week low of $86.76 and a 52 week high of $111.07.

WEC Energy Group (NYSE:WEC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $0.76 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the previous year, the business posted $0.67 EPS. The company's revenue for the quarter was up 13.4% on a year-over-year basis. Equities research analysts forecast that WEC Energy Group, Inc. will post 5.23 earnings per share for the current fiscal year.

WEC Energy Group Cuts Dividend

The business also recently declared 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 annualized dividend and a yield of 3.2%. WEC Energy Group's payout ratio is currently 68.39%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on WEC shares. Wells Fargo & Company raised their target price on WEC Energy Group from $115.00 to $124.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Barclays increased their price target on WEC Energy Group from $99.00 to $101.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 29th. The Goldman Sachs Group downgraded WEC Energy Group from a "neutral" rating to a "sell" rating and reduced their price objective for the stock from $106.00 to $100.00 in a research note on Wednesday, June 25th. Wall Street Zen downgraded WEC Energy Group from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. Finally, JPMorgan Chase & Co. upgraded WEC Energy Group from an "underweight" rating to a "neutral" rating and lifted their price target for the company from $106.00 to $108.00 in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $106.40.

Insider Buying and Selling

In related news, VP Joshua M. Erickson sold 2,155 shares of the business's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $107.77, for a total value of $232,244.35. Following the sale, the vice president owned 2,686 shares of the company's stock, valued at $289,470.22. The trade was a 44.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

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.