Marble Harbor Investment Counsel LLC Sells 3,750 Shares of WEC Energy Group, Inc. (NYSE:WEC)

Key Points

• Marble Harbor Investment Counsel LLC reduced its holdings in WEC Energy Group by 48.5%, resulting in ownership of 3,982 shares valued at $434,000.
• WEC Energy Group reported a 13.4% increase in revenue year-over-year, with earnings per share of $0.76, surpassing analyst expectations.
• Analysts have set a consensus price target of $106.40 for WEC Energy Group, with varied ratings from buy to sell.

Marble Harbor Investment Counsel LLC lowered its position in shares of WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 48.5% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,982 shares of the utilities provider's stock after selling 3,750 shares during the quarter. Marble Harbor Investment Counsel LLC's holdings in WEC Energy Group were worth $434,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. OneAscent Financial Services LLC bought a new stake in shares of WEC Energy Group during the fourth quarter worth about $209,000. World Investment Advisors grew its holdings in shares of WEC Energy Group by 9.6% during the fourth quarter. World Investment Advisors now owns 23,090 shares of the utilities provider's stock worth $2,171,000 after purchasing an additional 2,015 shares during the last quarter. Arete Wealth Advisors LLC grew its holdings in shares of WEC Energy Group by 19.1% during the fourth quarter. Arete Wealth Advisors LLC now owns 4,261 shares of the utilities provider's stock worth $399,000 after purchasing an additional 682 shares during the last quarter. PAX Financial Group LLC lifted its stake in shares of WEC Energy Group by 4.8% in the fourth quarter. PAX Financial Group LLC now owns 6,195 shares of the utilities provider's stock worth $583,000 after acquiring an additional 281 shares during the period. Finally, Resona Asset Management Co. Ltd. acquired a new position in shares of WEC Energy Group in the fourth quarter worth approximately $11,611,000. Institutional investors and hedge funds own 77.20% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Transactions at WEC Energy Group

In other WEC Energy Group news, VP Joshua M. Erickson sold 2,155 shares of WEC Energy Group 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 completion of the sale, the vice president owned 2,686 shares of the company's stock, valued at approximately $289,470.22. This trade represents a 44.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.50% of the company's stock.

WEC Energy Group Trading Down 1.0%

Shares of WEC stock traded down $1.09 during trading hours on Tuesday, reaching $110.18. The company's stock had a trading volume of 545,988 shares, compared to its average volume of 2,214,282. The stock has a market capitalization of $35.16 billion, a P/E ratio of 21.12, a P/E/G ratio of 3.03 and a beta of 0.42. WEC Energy Group, Inc. has a one year low of $86.76 and a one year high of $111.90. The firm's fifty day simple moving average is $106.04 and its 200 day simple moving average is $105.49. 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 (NYSE:WEC - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $2.01 billion for 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 business's quarterly revenue was up 13.4% compared to the same quarter last year. During the same period last year, the company earned $0.67 EPS. Equities research analysts expect that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

WEC Energy Group Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Thursday, August 14th will be paid a dividend of $0.8925 per share. The ex-dividend date 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 presently 68.39%.

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.