Panagora Asset Management Inc. Sells 46,257 Shares of WEC Energy Group, Inc. $WEC

Key Points

• Panagora Asset Management Inc. has reduced its holdings in WEC Energy Group by 67.1%, now owning only 22,658 shares valued at approximately $2.47 million.
• The company has seen significant increases in stakes from other large investors, including Nuveen LLC, which invested $403 million during the first quarter.
• WEC Energy Group reported a 13.4% increase in revenue year-over-year for the last quarter, with earnings per share (EPS) of $0.76, surpassing analysts' expectations.

Panagora Asset Management Inc. reduced its position in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 67.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,658 shares of the utilities provider's stock after selling 46,257 shares during the quarter. Panagora Asset Management Inc.'s holdings in WEC Energy Group were worth $2,469,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of WEC. Nuveen LLC purchased a new stake in WEC Energy Group in the first quarter worth approximately $403,372,000. GAMMA Investing LLC lifted its holdings in shares of WEC Energy Group by 12,777.6% in the 1st quarter. GAMMA Investing LLC now owns 1,834,024 shares of the utilities provider's stock worth $199,872,000 after acquiring an additional 1,819,782 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of WEC Energy Group by 3,815.2% in the 4th quarter. Janus Henderson Group PLC now owns 1,471,096 shares of the utilities provider's stock valued at $138,342,000 after purchasing an additional 1,433,522 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of WEC Energy Group by 34.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,213,304 shares of the utilities provider's stock valued at $567,727,000 after purchasing an additional 1,349,522 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of WEC Energy Group by 16.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,103,604 shares of the utilities provider's stock valued at $556,191,000 after purchasing an additional 726,267 shares during the last quarter. 77.20% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at WEC Energy Group

In other news, Director Gale E. Klappa sold 5,960 shares of WEC Energy Group stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $110.98, for a total transaction of $661,440.80. Following the sale, the director owned 274,969 shares of the company's stock, valued at approximately $30,516,059.62. The trade was a 2.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Daniel Krueger sold 5,930 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $111.14, for a total transaction of $659,060.20. Following the transaction, the executive vice president owned 6,606 shares in the company, valued at $734,190.84. This represents a 47.30% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 68,448 shares of company stock worth $7,581,132. 0.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

WEC has been the subject of several analyst reports. Wall Street Zen lowered shares of WEC Energy Group from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. Wells Fargo & Company boosted their target price on WEC Energy Group from $115.00 to $124.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Scotiabank set a $115.00 price target on WEC Energy Group and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. UBS Group set a $107.00 price objective on WEC Energy Group and gave the company a "neutral" rating in a research report on Friday, July 11th. Finally, The Goldman Sachs Group lowered WEC Energy Group from a "neutral" rating to a "sell" rating and dropped their price objective for the company from $106.00 to $100.00 in a research note on Wednesday, June 25th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, WEC Energy Group currently has a consensus rating of "Hold" and an average target price of $106.40.

WEC Energy Group Trading Down 0.5%

NYSE WEC opened at $106.00 on Wednesday. The stock has a market cap of $34.12 billion, a P/E ratio of 20.31, a price-to-earnings-growth ratio of 2.93 and a beta of 0.44. WEC Energy Group, Inc. has a fifty-two week low of $91.94 and a fifty-two week high of $111.90. The stock has a 50 day simple moving average of $107.21 and a two-hundred day simple moving average of $106.61. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.40 and a current ratio of 0.55.

WEC Energy Group (NYSE:WEC - Get Free Report) last posted its earnings results on Wednesday, July 30th. The utilities provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.05. The firm had revenue of $2.01 billion for the quarter, compared to analysts' expectations 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 revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.67 earnings per share. WEC Energy Group has set its FY 2025 guidance at 5.170-5.270 EPS. On average, analysts forecast that WEC Energy Group, Inc. will post 5.23 earnings per share for the current year.

WEC Energy Group Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Thursday, August 14th were issued a $0.8925 dividend. The ex-dividend date was Thursday, August 14th. This represents a $3.57 annualized dividend and a yield of 3.4%. WEC Energy Group's dividend payout ratio is 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.

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