Neo Ivy Capital Management Invests $717,000 in WEC Energy Group, Inc. (NYSE:WEC)

Key Points

• Neo Ivy Capital Management has acquired a new stake in WEC Energy Group, purchasing 6,580 shares valued at approximately $717,000.
• Analysts have set varying target prices for WEC Energy Group, with U.S. banks like Wells Fargo and UBS Group raising their price targets to $124.00 and $107.00, respectively.
• WEC Energy Group recently announced a quarterly dividend of $0.8925, translating to an annualized dividend of $3.57 and a yield of 3.26%.

Neo Ivy Capital Management bought a new stake in WEC Energy Group, Inc. (NYSE:WEC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 6,580 shares of the utilities provider's stock, valued at approximately $717,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Prudent Man Investment Management Inc. purchased a new stake in shares of WEC Energy Group in the 4th quarter valued at $28,000. Hughes Financial Services LLC purchased a new stake in WEC Energy Group in the first quarter valued at $28,000. Opal Wealth Advisors LLC acquired a new stake in WEC Energy Group during the 1st quarter worth about $32,000. Golden State Wealth Management LLC raised its stake in shares of WEC Energy Group by 252.6% during the 1st quarter. Golden State Wealth Management LLC now owns 342 shares of the utilities provider's stock valued at $37,000 after buying an additional 245 shares during the last quarter. Finally, Creekmur Asset Management LLC lifted its holdings in shares of WEC Energy Group by 2,420.0% in the 1st quarter. Creekmur Asset Management LLC now owns 378 shares of the utilities provider's stock valued at $41,000 after buying an additional 363 shares during the period. Institutional investors and hedge funds own 77.20% of the company's stock.

Insider Buying and Selling at WEC Energy Group

In other WEC Energy Group news, VP Joshua M. Erickson sold 2,155 shares of the stock in a transaction dated Tuesday, May 20th. The shares were 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 in the company, valued at approximately $289,470.22. This represents a 44.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.50% of the company's stock.

WEC Energy Group Price Performance

WEC stock traded up $0.76 during trading on Wednesday, hitting $109.39. The stock had a trading volume of 631,953 shares, compared to its average volume of 2,193,294. 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, Inc. has a twelve month low of $84.35 and a twelve month high of $111.00. The stock has a market capitalization of $34.91 billion, a P/E ratio of 21.31, a PEG ratio of 2.95 and a beta of 0.44. The company's 50-day moving average price is $105.77 and its two-hundred day moving average price is $105.05.

WEC Energy Group (NYSE:WEC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $0.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.71 by $0.05. WEC Energy Group had a return on equity of 12.94% and a net margin of 17.95%. The firm had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the company posted $0.67 earnings per share. The business's revenue was up 13.4% on a year-over-year basis. As a group, research analysts predict that WEC Energy Group, Inc. will post 5.23 EPS for the current fiscal year.

WEC Energy Group Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Thursday, August 14th will be paid a $0.8925 dividend. This represents a $3.57 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend is Thursday, August 14th. WEC Energy Group's dividend payout ratio is currently 69.59%.

Analysts Set New Price Targets

Several research firms recently commented on WEC. Barclays raised their target price 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. The Goldman Sachs Group lowered shares of WEC Energy Group from a "neutral" rating to a "sell" rating and cut their target price for the company from $106.00 to $100.00 in a report on Wednesday, June 25th. UBS Group increased their price target on shares of WEC Energy Group from $105.00 to $107.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Wall Street Zen cut shares of WEC Energy Group from a "hold" rating to a "sell" rating in a report on Saturday, July 12th. Finally, JPMorgan Chase & Co. raised shares of WEC Energy Group from an "underweight" rating to a "neutral" rating and increased their target price for the stock from $106.00 to $108.00 in a research note on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $106.40.

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.