Mirae Asset Global Investments Co. Ltd. Has $3.85 Million Stake in WEC Energy Group, Inc. $WEC

Key Points

• Mirae Asset Global Investments Co. Ltd. has increased its stake in WEC Energy Group by 11% during the 2nd quarter, now holding shares valued at approximately $3.85 million.
• WEC Energy Group has received positive ratings from analysts, with Scotiabank raising the price target from $115.00 to $129.00 and Citigroup issuing a "buy" rating with a $131.00 price objective.
• The company announced a quarterly dividend of $0.8925, resulting in an annualized dividend of $3.57 and a yield of 3.1%.

Mirae Asset Global Investments Co. Ltd. boosted its holdings in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 11.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 36,976 shares of the utilities provider's stock after purchasing an additional 3,671 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in WEC Energy Group were worth $3,853,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. NBC Securities Inc. acquired a new stake in shares of WEC Energy Group in the 1st quarter worth about $81,000. UMB Bank n.a. increased its holdings in WEC Energy Group by 40.9% during the 1st quarter. UMB Bank n.a. now owns 3,721 shares of the utilities provider's stock worth $406,000 after purchasing an additional 1,080 shares in the last quarter. Wedmont Private Capital purchased a new stake in shares of WEC Energy Group in the first quarter worth approximately $262,000. Patriot Financial Group Insurance Agency LLC lifted its holdings in shares of WEC Energy Group by 3.3% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 7,528 shares of the utilities provider's stock valued at $820,000 after purchasing an additional 238 shares in the last quarter. Finally, Park Avenue Securities LLC boosted its position in shares of WEC Energy Group by 2.4% during the first quarter. Park Avenue Securities LLC now owns 48,147 shares of the utilities provider's stock valued at $5,247,000 after buying an additional 1,133 shares during the last quarter. Institutional investors and hedge funds own 77.20% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on WEC shares. Wall Street Zen raised WEC Energy Group from a "sell" rating to a "hold" rating in a research report on Saturday. Weiss Ratings reiterated a "buy (b-)" rating on shares of WEC Energy Group in a report on Saturday, September 27th. Scotiabank raised their price target on shares of WEC Energy Group from $115.00 to $129.00 and gave the company an "outperform" rating in a research report on Monday. Citigroup assumed coverage on shares of WEC Energy Group in a research report on Friday. They issued a "buy" rating and a $131.00 price objective for the company. Finally, UBS Group set a $107.00 price objective on shares of WEC Energy Group and gave the company a "neutral" rating in a research note on Friday, July 11th. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, WEC Energy Group currently has an average rating of "Hold" and an average target price of $110.70.

Insider Transactions at WEC Energy Group

In other news, Director Gale E. Klappa sold 5,960 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $110.98, for a total transaction of $661,440.80. Following the completion of the transaction, the director owned 274,969 shares in the company, valued at approximately $30,516,059.62. This represents a 2.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Molly A. Mulroy sold 4,030 shares of WEC Energy Group stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $110.33, for a total value of $444,629.90. Following the completion of the sale, the executive vice president directly owned 5,829 shares of the company's stock, valued at approximately $643,113.57. This trade represents a 40.88% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 68,448 shares of company stock valued at $7,581,132. 0.50% of the stock is currently owned by insiders.

WEC Energy Group Price Performance

WEC opened at $114.54 on Tuesday. WEC Energy Group, Inc. has a fifty-two week low of $91.94 and a fifty-two week high of $114.97. The firm has a 50-day moving average of $109.50 and a 200 day moving average of $107.43. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.40 and a current ratio of 0.55. The firm has a market cap of $36.87 billion, a P/E ratio of 21.94, a PEG ratio of 3.11 and a beta of 0.47.

WEC Energy Group (NYSE:WEC - Get Free Report) last released its earnings results on Wednesday, July 30th. The utilities provider reported $0.76 earnings per share for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $1.87 billion. During the same period in the previous year, the company earned $0.67 earnings per share. The company's quarterly revenue was up 13.4% on a year-over-year basis. WEC Energy Group has set its FY 2025 guidance at 5.170-5.270 EPS. On average, research analysts expect that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

WEC Energy Group Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Thursday, August 14th were paid a $0.8925 dividend. The ex-dividend date was Thursday, August 14th. This represents a $3.57 annualized dividend and a dividend yield of 3.1%. WEC Energy Group's payout ratio is presently 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.

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