Rafferty Asset Management LLC Has $3.12 Million Position in WEC Energy Group, Inc. $WEC

Key Points

• Rafferty Asset Management LLC reduced its position in WEC Energy Group by 19.5%, holding 28,586 shares valued at approximately $3.12 million after selling 6,930 shares in the 1st quarter.
• WEC Energy Group experienced changes in institutional investor positions, with multiple firms increasing their stakes, such as Marcum Wealth LLC and Manchester Capital Management LLC, amidst strong institutional ownership at 77.20%.
• The company's latest earnings report showed a revenue increase of 13.4% year-over-year, with an EPS of $0.76, beating estimates by $0.05, while analysts continue to provide mixed ratings ranging from "Buy" to "Sell."

Rafferty Asset Management LLC cut its position in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 19.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,586 shares of the utilities provider's stock after selling 6,930 shares during the quarter. Rafferty Asset Management LLC's holdings in WEC Energy Group were worth $3,115,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Marcum Wealth LLC raised its holdings in WEC Energy Group by 1.3% in the 1st quarter. Marcum Wealth LLC now owns 7,416 shares of the utilities provider's stock valued at $808,000 after buying an additional 93 shares during the last quarter. Manchester Capital Management LLC increased its position in WEC Energy Group by 14.3% in the 1st quarter. Manchester Capital Management LLC now owns 744 shares of the utilities provider's stock valued at $81,000 after acquiring an additional 93 shares during the period. Clean Yield Group raised its stake in shares of WEC Energy Group by 12.6% during the first quarter. Clean Yield Group now owns 867 shares of the utilities provider's stock valued at $94,000 after acquiring an additional 97 shares during the last quarter. MJP Associates Inc. ADV raised its stake in shares of WEC Energy Group by 3.4% during the fourth quarter. MJP Associates Inc. ADV now owns 3,019 shares of the utilities provider's stock valued at $284,000 after acquiring an additional 98 shares during the last quarter. Finally, Premier Path Wealth Partners LLC lifted its holdings in shares of WEC Energy Group by 3.0% during the first quarter. Premier Path Wealth Partners LLC now owns 3,335 shares of the utilities provider's stock worth $363,000 after purchasing an additional 98 shares during the period. 77.20% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

WEC has been the subject of a number of recent research reports. Wall Street Zen downgraded WEC Energy Group from a "hold" rating to a "sell" rating in a report on Saturday, July 12th. 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 note on Wednesday, June 25th. UBS Group set a $107.00 price objective on WEC Energy Group and gave the stock a "neutral" rating in a research note on Friday, July 11th. Wells Fargo & Company upped their target price on WEC Energy Group from $115.00 to $124.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Finally, Scotiabank set a $115.00 price target on shares of WEC Energy Group and gave the stock an "outperform" rating in a report on Wednesday, May 7th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $106.40.

WEC Energy Group Stock Up 0.2%

Shares of WEC Energy Group stock opened at $106.54 on Friday. The stock's 50-day moving average is $107.18 and its 200 day moving average is $106.54. WEC Energy Group, Inc. has a one year low of $91.89 and a one year high of $111.90. The firm has a market cap of $34.29 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 2.92 and a beta of 0.42. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.55 and a quick ratio of 0.40.

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, beating the consensus estimate of $0.71 by $0.05. The firm had revenue of $2.01 billion for the quarter, compared to analyst estimates 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 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. Equities research analysts anticipate that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

WEC Energy Group Cuts Dividend

The business 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 dividend of $0.8925 per share. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $3.57 annualized dividend and a yield of 3.4%. WEC Energy Group's dividend payout ratio is currently 68.39%.

Insiders Place Their Bets

In other WEC Energy Group news, EVP Daniel Krueger sold 5,930 shares of WEC Energy Group stock in a transaction on Monday, August 4th. The shares were sold at an average price of $111.14, for a total value of $659,060.20. Following the completion of the sale, the executive vice president directly owned 6,606 shares of the company's stock, valued at approximately $734,190.84. The trade was a 47.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ulice Payne, Jr. sold 1,620 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $111.00, for a total transaction of $179,820.00. Following the transaction, the director owned 20,360 shares in the company, valued at $2,259,960. This represents a 7.37% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 68,448 shares of company stock valued at $7,581,132. 0.50% of the stock is currently owned by corporate insiders.

About WEC Energy Group

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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