Mitsubishi UFJ Asset Management Co. Ltd. Buys 51,631 Shares of WEC Energy Group, Inc. (NYSE:WEC)

Key Points

• Mitsubishi UFJ Asset Management increased its stake in WEC Energy Group by 10.1%, now holding approximately 564,418 shares worth $61.5 million.
• The company reported an EPS of $0.76 for the last quarter, exceeding estimates and reflecting a year-over-year revenue growth of 13.4% to $2.01 billion.
• WEC Energy Group cut its dividend to $0.8925 per share, resulting in a yield of 3.2% with a payout ratio of 68.39%.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 10.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 564,418 shares of the utilities provider's stock after purchasing an additional 51,631 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.18% of WEC Energy Group worth $61,510,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Horizon Investment Services LLC acquired a new stake in WEC Energy Group in the 1st quarter valued at $379,000. Los Angeles Capital Management LLC lifted its stake 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 valued at $11,841,000 after acquiring an additional 105,106 shares in the last quarter. AustralianSuper Pty Ltd bought a new position in WEC Energy Group during the 1st quarter valued at $10,333,000. Sowell Financial Services LLC bought a new position in WEC Energy Group during the 1st quarter valued at $325,000. Finally, CWA Asset Management Group LLC lifted its stake 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 acquiring an additional 157 shares in the last quarter. Institutional investors and hedge funds own 77.20% of the company's stock.

Insiders Place Their Bets

In related news, EVP Molly A. Mulroy sold 4,030 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $110.33, for a total value of $444,629.90. Following the sale, the executive vice president directly owned 5,829 shares in the company, valued at approximately $643,113.57. The trade was a 40.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Scott J. Lauber sold 9,231 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $110.88, for a total value of $1,023,533.28. Following the sale, the chief executive officer owned 56,443 shares in the company, valued at approximately $6,258,399.84. This represents a 14.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 70,603 shares of company stock worth $7,813,377 in the last ninety days. 0.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

WEC has been the topic of several recent analyst reports. Barclays raised their price objective on WEC Energy Group from $99.00 to $101.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 29th. Wells Fargo & Company raised their price objective 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 objective on WEC Energy Group and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Wall Street Zen cut WEC Energy Group from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. Finally, UBS Group set a $107.00 target price on WEC Energy Group and gave the stock a "neutral" rating in a research note on Friday, July 11th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $106.40.

WEC Energy Group Stock Performance

Shares of NYSE WEC traded down $0.13 during mid-day trading on Wednesday, reaching $109.31. 1,049,567 shares of the company's stock were exchanged, compared to its average volume of 2,210,767. WEC Energy Group, Inc. has a 52 week low of $88.14 and a 52 week high of $111.90. The firm has a 50-day moving average price of $106.42 and a two-hundred day moving average price of $105.92. The firm has a market capitalization of $35.18 billion, a price-to-earnings ratio of 20.95, a price-to-earnings-growth ratio of 3.01 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 announced its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $0.76 earnings per share (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 business had revenue of $2.01 billion for the quarter, compared to analysts' expectations of $1.87 billion. During the same period in the previous year, the business posted $0.67 EPS. The firm's quarterly revenue was up 13.4% compared to the same quarter last year. Analysts predict that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

WEC Energy Group Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Thursday, August 14th will be paid a $0.8925 dividend. This represents a $3.57 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Thursday, August 14th. WEC Energy Group's payout ratio is currently 68.39%.

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.