Rockland Trust Co. Trims Stock Position in WEC Energy Group, Inc. $WEC

Key Points

• Rockland Trust Co. reduced its holdings in WEC Energy Group by 2.3%, selling 2,596 shares and holding 112,778 shares worth approximately $11.75 million.
• WEC Energy Group reported a Q2 earnings per share (EPS) of $0.76, surpassing expectations, with a revenue increase of 13.4% compared to the previous year.
• The company recently announced a quarterly dividend of $0.8925 per share, resulting in an annualized dividend yield of 3.3%.

Rockland Trust Co. lowered its holdings in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 2.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 112,778 shares of the utilities provider's stock after selling 2,596 shares during the period. Rockland Trust Co.'s holdings in WEC Energy Group were worth $11,751,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of WEC. Charles Schwab Investment Management Inc. increased its position in shares of WEC Energy Group by 34.9% during 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 during the last quarter. JPMorgan Chase & Co. increased its position 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. Ameriprise Financial Inc. increased its position in shares of WEC Energy Group by 0.8% during the 1st quarter. Ameriprise Financial Inc. now owns 4,274,385 shares of the utilities provider's stock valued at $466,451,000 after purchasing an additional 33,810 shares during the last quarter. Northern Trust Corp increased its position in shares of WEC Energy Group by 4.9% during the 1st quarter. Northern Trust Corp now owns 4,003,464 shares of the utilities provider's stock valued at $436,298,000 after purchasing an additional 188,057 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of WEC Energy Group during the 1st quarter valued at about $403,372,000. Hedge funds and other institutional investors own 77.20% of the company's stock.

WEC Energy Group Trading Up 0.7%

WEC traded up $0.76 on Friday, hitting $110.23. The company had a trading volume of 3,179,202 shares, compared to its average volume of 1,888,194. The company has a market cap of $35.48 billion, a PE ratio of 21.12, a PEG ratio of 3.03 and a beta of 0.44. The company has a quick ratio of 0.40, a current ratio of 0.55 and a debt-to-equity ratio of 1.28. The business's fifty day simple moving average is $108.42 and its 200 day simple moving average is $106.94. WEC Energy Group, Inc. has a 12-month low of $91.94 and a 12-month high of $111.90.

WEC Energy Group (NYSE:WEC - Get Free Report) last released its earnings results on Wednesday, July 30th. The utilities provider reported $0.76 EPS for the quarter, beating analysts' consensus estimates of $0.71 by $0.05. WEC Energy Group had a return on equity of 12.90% and a net margin of 17.87%.The firm had revenue of $2.01 billion for the quarter, compared to analysts' expectations of $1.87 billion. During the same quarter in the prior year, the firm posted $0.67 earnings per share. The company's quarterly revenue was up 13.4% on a year-over-year basis. WEC Energy Group has set its FY 2025 guidance at 5.170-5.270 EPS. Equities research analysts expect that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

WEC Energy Group Cuts Dividend

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

Insider Activity

In related news, Director Gale E. Klappa sold 5,960 shares of the firm's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $110.98, for a total value of $661,440.80. Following the completion of the transaction, the director owned 274,969 shares in the company, valued at $30,516,059.62. This trade represents a 2.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Scott J. Lauber sold 9,231 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $110.88, for a total value of $1,023,533.28. Following the completion of the transaction, the chief executive officer owned 56,443 shares of the company's stock, 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. In the last 90 days, insiders have sold 68,448 shares of company stock worth $7,581,132. Company insiders own 0.50% of the company's stock.

Analyst Ratings Changes

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

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.