Parsons Capital Management Inc. RI Sells 70,297 Shares of WEC Energy Group, Inc. $WEC

Key Points

• Parsons Capital Management Inc. RI has reduced its holdings in WEC Energy Group by 87.3%, selling 70,297 shares during the second quarter, and now owns only 10,251 shares worth approximately $1,068,000.
• WEC Energy Group recently reported a quarterly earnings per share of $0.76, exceeding analysts' expectations of $0.71, alongside a revenue of $2.01 billion which also surpassed estimates.
• The company has announced a quarterly dividend of $0.8925, resulting in an annualized payment of $3.57 per share, with a yield of 3.2% and a current dividend payout ratio of 68.39%.

Parsons Capital Management Inc. RI cut its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 87.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,251 shares of the utilities provider's stock after selling 70,297 shares during the period. Parsons Capital Management Inc. RI's holdings in WEC Energy Group were worth $1,068,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Pure Financial Advisors LLC bought a new stake in WEC Energy Group during the second quarter worth $202,000. USA Financial Formulas bought a new stake in WEC Energy Group during the second quarter worth $268,000. Trilogy Capital Inc. bought a new stake in WEC Energy Group during the second quarter worth $2,602,000. Trust Co. of Vermont lifted its stake in WEC Energy Group by 26.8% during the second quarter. Trust Co. of Vermont now owns 1,188 shares of the utilities provider's stock worth $124,000 after purchasing an additional 251 shares during the last quarter. Finally, Loudon Investment Management LLC lifted its stake in WEC Energy Group by 7.2% during the second quarter. Loudon Investment Management LLC now owns 7,710 shares of the utilities provider's stock worth $803,000 after purchasing an additional 515 shares during the last quarter. 77.20% of the stock is currently owned by institutional investors.

WEC Energy Group Stock Performance

NYSE WEC opened at $111.97 on Friday. The company has a market capitalization of $36.04 billion, a price-to-earnings ratio of 21.45, a PEG ratio of 3.11 and a beta of 0.47. WEC Energy Group, Inc. has a twelve month low of $91.94 and a twelve month high of $114.97. The stock has a fifty day simple moving average of $109.29 and a 200 day simple moving average of $107.34. 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 (NYSE:WEC - Get Free Report) last posted its quarterly earnings data 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. The business 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% on a year-over-year basis. During the same period in the prior year, the business posted $0.67 earnings per share. WEC Energy Group has set its FY 2025 guidance at 5.170-5.270 EPS. Sell-side analysts expect that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

WEC Energy Group Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Thursday, August 14th were issued a $0.8925 dividend. This represents a $3.57 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Thursday, August 14th. WEC Energy Group's dividend payout ratio is presently 68.39%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of WEC Energy Group from a "hold" rating to a "sell" rating in a report on Saturday, July 12th. The Goldman Sachs Group downgraded shares of WEC Energy Group from a "neutral" rating to a "sell" rating and lowered their price target for the stock from $106.00 to $100.00 in a report on Wednesday, June 25th. Finally, UBS Group set a $107.00 price target on shares of WEC Energy Group and gave the stock a "neutral" rating in a report on Friday, July 11th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, WEC Energy Group presently has an average rating of "Hold" and an average target price of $106.89.

Insiders Place Their Bets

In other WEC Energy Group news, EVP Daniel Krueger sold 5,930 shares of the company's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $111.14, for a total transaction of $659,060.20. Following the sale, the executive vice president owned 6,606 shares of the company's stock, valued at approximately $734,190.84. This represents a 47.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Scott J. Lauber sold 9,231 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $110.88, for a total transaction of $1,023,533.28. Following the sale, the chief executive officer directly owned 56,443 shares in the company, valued at $6,258,399.84. This trade represents a 14.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 68,448 shares of company stock valued at $7,581,132 over the last ninety days. 0.50% of the stock is currently owned by corporate insiders.

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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