Bahl & Gaynor Inc. Buys 376,960 Shares of WEC Energy Group, Inc. $WEC

Key Points

• Bahl & Gaynor Inc. increased its stake in WEC Energy Group by 40.0% in Q1, acquiring an additional 376,960 shares, now totaling 1,319,511 shares valued at approximately $143.8 million.
• WEC Energy Group recently reported an earnings per share (EPS) of $0.76 for the last quarter, exceeding analysts' estimates, with revenue growth of 13.4% year-over-year.
• The company has announced a quarterly dividend of $0.8925 per share, resulting in an annualized dividend yield of 3.3%, with a payout ratio of 68.39%.

Bahl & Gaynor Inc. lifted its stake in shares of WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 40.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,319,511 shares of the utilities provider's stock after purchasing an additional 376,960 shares during the period. Bahl & Gaynor Inc. owned 0.41% of WEC Energy Group worth $143,800,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. AlphaQuest LLC raised its stake in shares of WEC Energy Group by 27.6% during the 1st quarter. AlphaQuest LLC now owns 6,295 shares of the utilities provider's stock worth $686,000 after purchasing an additional 1,363 shares in the last quarter. Allstate Corp raised its stake in shares of WEC Energy Group by 105.1% during the 1st quarter. Allstate Corp now owns 19,722 shares of the utilities provider's stock worth $2,149,000 after purchasing an additional 10,108 shares in the last quarter. Tortoise Capital Advisors L.L.C. bought a new stake in shares of WEC Energy Group during the 1st quarter worth approximately $2,169,000. 1832 Asset Management L.P. raised its stake in shares of WEC Energy Group by 72.0% during the 1st quarter. 1832 Asset Management L.P. now owns 240,997 shares of the utilities provider's stock worth $26,264,000 after purchasing an additional 100,847 shares in the last quarter. Finally, Compound Planning Inc. raised its stake in shares of WEC Energy Group by 6.1% during the 1st quarter. Compound Planning Inc. now owns 5,281 shares of the utilities provider's stock worth $575,000 after purchasing an additional 304 shares in the last quarter. Institutional investors own 77.20% of the company's stock.

WEC Energy Group Stock Performance

WEC stock traded up $0.48 during trading hours on Wednesday, hitting $107.64. 1,867,522 shares of the stock were exchanged, compared to its average volume of 2,216,680. The company has a 50-day simple moving average of $107.00 and a two-hundred day simple moving average of $106.47. WEC Energy Group, Inc. has a 12 month low of $91.89 and a 12 month high of $111.90. The firm has a market capitalization of $34.65 billion, a P/E ratio of 20.62, a P/E/G ratio of 2.94 and a beta of 0.42. The company has a current ratio of 0.55, a quick ratio of 0.40 and a debt-to-equity ratio of 1.28.

WEC Energy Group (NYSE:WEC - Get Free Report) last announced its earnings results on Wednesday, July 30th. The utilities provider reported $0.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.71 by $0.05. WEC Energy Group had a net margin of 17.87% and a return on equity of 12.90%. The firm had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the prior year, the business posted $0.67 EPS. The business's revenue was up 13.4% compared to the same quarter last year. 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 fiscal year.

WEC Energy Group Cuts Dividend

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

Insider Activity

In other WEC Energy Group news, EVP Daniel Krueger sold 5,930 shares of the stock in a transaction that occurred 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 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Molly A. Mulroy sold 4,030 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $110.33, for a total value of $444,629.90. Following the completion of the transaction, the executive vice president owned 5,829 shares in the company, valued at $643,113.57. The trade was a 40.88% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,448 shares of company stock worth $7,581,132. Insiders own 0.50% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. 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. Scotiabank set a $115.00 price target on WEC Energy Group and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Wells Fargo & Company increased their price target 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. The Goldman Sachs Group cut WEC Energy Group from a "neutral" rating to a "sell" rating and dropped their price target for the company from $106.00 to $100.00 in a research note on Wednesday, June 25th. Finally, Wall Street Zen cut WEC Energy Group from a "hold" rating to a "sell" rating in a research note on Saturday, July 12th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $106.40.

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.