Horizon Investment Services LLC Makes New Investment in WEC Energy Group, Inc. (NYSE:WEC)

Horizon Investment Services LLC purchased a new position in shares of WEC Energy Group, Inc. (NYSE:WEC - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,473 shares of the utilities provider's stock, valued at approximately $379,000.

A number of other large investors have also modified their holdings of WEC. Edgemoor Investment Advisors Inc. acquired a new stake in shares of WEC Energy Group during the 1st quarter worth approximately $213,000. Allianz Asset Management GmbH increased its stake in WEC Energy Group by 3,240.8% during the first quarter. Allianz Asset Management GmbH now owns 148,531 shares of the utilities provider's stock valued at $16,187,000 after acquiring an additional 144,085 shares during the period. Los Angeles Capital Management LLC raised its holdings in shares of WEC Energy Group by 2,964.9% in the 1st quarter. Los Angeles Capital Management LLC now owns 108,651 shares of the utilities provider's stock worth $11,841,000 after buying an additional 105,106 shares in the last quarter. Wealth Alliance LLC grew its position in WEC Energy Group by 2.2% during the 1st quarter. Wealth Alliance LLC now owns 14,407 shares of the utilities provider's stock worth $1,570,000 after acquiring an additional 317 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its position in WEC Energy Group by 0.9% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 110,803 shares of the utilities provider's stock worth $12,076,000 after acquiring an additional 1,020 shares during the last quarter. Institutional investors and hedge funds own 77.20% of the company's stock.

Wall Street Analysts Forecast Growth

WEC has been the topic of a number of analyst reports. JPMorgan Chase & Co. raised WEC Energy Group from an "underweight" rating to a "neutral" rating and increased their price target for the company from $106.00 to $108.00 in a research note on Tuesday, April 8th. Scotiabank set a $115.00 target price on WEC Energy Group and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Barclays lifted their price target 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. Wall Street Zen cut WEC Energy Group from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. Finally, 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 report on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, WEC Energy Group has an average rating of "Hold" and an average price target of $106.40.

Insider Transactions at WEC Energy Group

In other news, VP Joshua M. Erickson sold 2,155 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $107.77, for a total transaction of $232,244.35. Following the completion of the transaction, the vice president directly owned 2,686 shares in the company, valued at approximately $289,470.22. This represents a 44.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.50% of the company's stock.

WEC Energy Group Stock Performance

Shares of WEC Energy Group stock opened at $107.76 on Monday. The firm's fifty day simple moving average is $105.26 and its 200-day simple moving average is $104.38. The stock has a market capitalization of $34.39 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 2.96 and a beta of 0.44. WEC Energy Group, Inc. has a 12 month low of $81.45 and a 12 month high of $111.00. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.50 and a quick ratio of 0.40.

WEC Energy Group (NYSE:WEC - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The utilities provider reported $2.27 EPS for the quarter, topping the consensus estimate of $2.18 by $0.09. WEC Energy Group had a net margin of 17.95% and a return on equity of 12.94%. The business had revenue of $3.15 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same period in the previous year, the firm earned $1.97 EPS. The business's revenue for the quarter was up 17.5% compared to the same quarter last year. As a group, equities analysts forecast that WEC Energy Group, Inc. will post 5.23 earnings per share for the current year.

WEC Energy Group Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Thursday, August 14th will be given a dividend of $0.8925 per share. This represents a $3.57 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date is Thursday, August 14th. WEC Energy Group's dividend payout ratio (DPR) is presently 69.59%.

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.

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