National Bank of Canada FI Sells 46,015 Shares of WEC Energy Group, Inc. (NYSE:WEC)

Key Points

• National Bank of Canada FI reduced its stake in WEC Energy Group by 23.4%, holding 150,417 shares valued at approximately $16.39 million after selling 46,015 shares in the first quarter.
• Wells Fargo raised their price target on WEC Energy Group from $115.00 to $124.00, while Goldman Sachs downgraded the stock from a "neutral" to a "sell" rating, lowering their target from $106.00 to $100.00.
• WEC Energy Group reported a $0.76 EPS for the last quarter, surpassing estimates, with revenues increasing by 13.4% year-over-year.

National Bank of Canada FI lessened its holdings in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 23.4% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 150,417 shares of the utilities provider's stock after selling 46,015 shares during the period. National Bank of Canada FI's holdings in WEC Energy Group were worth $16,392,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hughes Financial Services LLC purchased a new stake in shares of WEC Energy Group in the first quarter worth $28,000. Opal Wealth Advisors LLC purchased a new stake in shares of WEC Energy Group in the first quarter worth $32,000. Golden State Wealth Management LLC raised its position in shares of WEC Energy Group by 252.6% in the first quarter. Golden State Wealth Management LLC now owns 342 shares of the utilities provider's stock worth $37,000 after buying an additional 245 shares in the last quarter. Creekmur Asset Management LLC raised its position in shares of WEC Energy Group by 2,420.0% in the first quarter. Creekmur Asset Management LLC now owns 378 shares of the utilities provider's stock worth $41,000 after buying an additional 363 shares in the last quarter. Finally, Stephens Consulting LLC raised its position in WEC Energy Group by 138.6% during the first quarter. Stephens Consulting LLC now owns 544 shares of the utilities provider's stock valued at $59,000 after purchasing an additional 316 shares in the last quarter. Hedge funds and other institutional investors own 77.20% of the company's stock.

WEC Energy Group Trading Up 0.5%

Shares of WEC traded up $0.50 during trading hours on Wednesday, hitting $109.93. The company had a trading volume of 2,698,935 shares, compared to its average volume of 2,090,985. The firm has a market cap of $35.38 billion, a P/E ratio of 21.06, a P/E/G ratio of 3.01 and a beta of 0.42. The stock's 50 day moving average price is $106.50 and its 200 day moving average price is $105.95. The company has a quick ratio of 0.40, a current ratio of 0.55 and a debt-to-equity ratio of 1.28. WEC Energy Group, Inc. has a 52-week low of $88.14 and a 52-week high of $111.90.

WEC Energy Group (NYSE:WEC - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $0.76 EPS for the quarter, topping the consensus estimate of $0.71 by $0.05. The firm had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.87 billion. WEC Energy Group had a return on equity of 12.90% and a net margin of 17.87%. The company's quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.67 earnings per share. On average, research analysts predict that WEC Energy Group, Inc. will post 5.23 EPS 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 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 dividend yield of 3.2%. WEC Energy Group's dividend payout ratio (DPR) is presently 68.39%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group downgraded WEC Energy Group from a "neutral" rating to a "sell" rating and lowered their price target for the company from $106.00 to $100.00 in a research report on Wednesday, June 25th. Barclays raised 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. UBS Group set a $107.00 price target on WEC Energy Group and gave the company a "neutral" rating in a research report on Friday, July 11th. Wells Fargo & Company raised their price target on WEC Energy Group from $115.00 to $124.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Finally, Wall Street Zen downgraded WEC Energy Group from a "hold" rating to a "sell" rating in a research 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. According to MarketBeat.com, WEC Energy Group presently has a consensus rating of "Hold" and a consensus price target of $106.40.

Insider Buying and Selling

In related news, Director Ulice Payne, Jr. sold 1,620 shares of the firm's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $111.00, for a total value of $179,820.00. Following the sale, the director directly owned 20,360 shares of the company's stock, valued at $2,259,960. This trade represents a 7.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Scott J. Lauber sold 9,231 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $110.88, for a total value of $1,023,533.28. Following the completion of the sale, the chief executive officer directly owned 56,443 shares in the company, valued at $6,258,399.84. The trade was a 14.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 70,603 shares of company stock valued at $7,813,377 over the last ninety days. Corporate insiders own 0.50% of the company's stock.

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.