Pacer Advisors Inc. Decreases Stake in WEC Energy Group, Inc. (NYSE:WEC)

Key Points

• Pacer Advisors Inc. has reduced its holdings in WEC Energy Group by 33.4%, now owning 29,402 shares valued at approximately $3.2 million.
• WEC Energy Group has reported a 17.5% year-over-year increase in quarterly revenue, reaching $3.15 billion, and earnings per share were $2.27, beating analysts' expectations.
• The company has announced a quarterly dividend of $0.8925 per share, reflecting a 3.29% dividend yield, while its dividend payout ratio stands at 69.59%.

Pacer Advisors Inc. decreased its holdings in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 33.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,402 shares of the utilities provider's stock after selling 14,768 shares during the period. Pacer Advisors Inc.'s holdings in WEC Energy Group were worth $3,204,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Horizon Investment Services LLC purchased a new position in shares of WEC Energy Group in the first quarter valued at $379,000. Los Angeles Capital Management LLC lifted its holdings in WEC Energy Group by 2,964.9% during the 1st quarter. Los Angeles Capital Management LLC now owns 108,651 shares of the utilities provider's stock worth $11,841,000 after purchasing an additional 105,106 shares in the last quarter. AustralianSuper Pty Ltd bought a new position in WEC Energy Group in the 1st quarter worth about $10,333,000. Sowell Financial Services LLC purchased a new position in WEC Energy Group during the 1st quarter valued at about $325,000. Finally, CWA Asset Management Group LLC grew its holdings in WEC Energy Group by 5.6% during the 1st quarter. CWA Asset Management Group LLC now owns 2,947 shares of the utilities provider's stock valued at $321,000 after buying an additional 157 shares in the last quarter. Hedge funds and other institutional investors own 77.20% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on WEC shares. 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 upped 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. Wall Street Zen cut WEC Energy Group from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. Barclays upped 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. Finally, The Goldman Sachs Group cut WEC Energy Group from a "neutral" rating to a "sell" rating and decreased their price target for the company from $106.00 to $100.00 in a research report on Wednesday, June 25th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, WEC Energy Group presently has a consensus rating of "Hold" and an average price target of $106.40.

Insiders Place Their Bets

In related news, VP Joshua M. Erickson sold 2,155 shares of the business's stock in a transaction that occurred 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 in the company, valued at $289,470.22. The trade was a 44.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.50% of the stock is owned by insiders.

WEC Energy Group Price Performance

Shares of NYSE WEC traded up $1.43 during midday trading on Friday, hitting $110.51. 1,406,810 shares of the company's stock were exchanged, compared to its average volume of 2,213,157. WEC Energy Group, Inc. has a 12-month low of $86.76 and a 12-month high of $111.07. The company has a current ratio of 0.55, a quick ratio of 0.40 and a debt-to-equity ratio of 1.28. The company has a market cap of $35.27 billion, a price-to-earnings ratio of 21.16, a PEG ratio of 2.98 and a beta of 0.44. The business's fifty day moving average price is $105.88 and its two-hundred day moving average price is $105.18.

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, topping analysts' consensus estimates of $0.71 by $0.05. The company had revenue of $2.01 billion during 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%. WEC Energy Group's quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.67 EPS. As a group, research analysts forecast that WEC Energy Group, Inc. will post 5.23 EPS for the current fiscal year.

WEC Energy Group Cuts Dividend

The company 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 $0.8925 dividend. 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.