WEC Energy Group, Inc. $WEC Stock Holdings Trimmed by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in WEC Energy Group by 1.9%, owning 143,085 shares worth approximately $14.99 million after selling 2,728 shares.
• The company announced a quarterly dividend of $0.8925 to be paid on December 1st, yielding 3.1% annually, with an upcoming ex-dividend date of November 14th.
• WEC Energy Group's shares opened at $116.84, with a 12-month high of $118.10 and a low of $91.94, while analysts hold a consensus rating of "Hold" with a price target of $114.64.

Allspring Global Investments Holdings LLC lowered its position in shares of WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 1.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 143,085 shares of the utilities provider's stock after selling 2,728 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in WEC Energy Group were worth $14,988,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Nuveen LLC acquired a new stake in shares of WEC Energy Group during the 1st quarter valued at approximately $403,372,000. Charles Schwab Investment Management Inc. increased its stake in WEC Energy Group by 34.9% during the first 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. raised its holdings in shares of WEC Energy Group by 16.6% during the first quarter. JPMorgan Chase & Co. now owns 5,103,604 shares of the utilities provider's stock worth $556,191,000 after purchasing an additional 726,267 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in shares of WEC Energy Group by 1,529.3% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 709,209 shares of the utilities provider's stock worth $77,290,000 after buying an additional 665,681 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of WEC Energy Group by 20.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 2,519,401 shares of the utilities provider's stock valued at $274,564,000 after buying an additional 430,269 shares during the period. Institutional investors and hedge funds own 77.20% of the company's stock.

Insider Activity

In related news, VP Anthony Reese sold 4,177 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $110.30, for a total transaction of $460,723.10. Following the transaction, the vice president owned 1,757 shares in the company, valued at $193,797.10. This trade represents a 70.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Scott J. Lauber sold 9,231 shares of the company's stock in a transaction that occurred 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,448 shares of company stock worth $7,581,132 in the last 90 days. 0.50% of the stock is currently owned by corporate insiders.

WEC Energy Group Stock Performance

Shares of WEC stock opened at $116.84 on Friday. WEC Energy Group, Inc. has a 12-month low of $91.94 and a 12-month high of $118.10. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.55 and a quick ratio of 0.40. The firm has a market capitalization of $37.61 billion, a price-to-earnings ratio of 22.38, a price-to-earnings-growth ratio of 3.28 and a beta of 0.47. The business has a 50 day simple moving average of $110.54 and a 200 day simple moving average of $107.97.

WEC Energy Group (NYSE:WEC - Get Free Report) last announced its earnings results on Tuesday, September 2nd. The utilities provider reported $1.43 earnings per share for the quarter. WEC Energy Group had a return on equity of 12.90% and a net margin of 17.87%.The firm had revenue of $2.28 billion for the quarter. On average, equities research analysts anticipate that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

WEC Energy Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 14th will be given a $0.8925 dividend. This represents a $3.57 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Friday, November 14th. WEC Energy Group's dividend payout ratio is currently 68.39%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on WEC shares. TD Cowen started coverage on shares of WEC Energy Group in a research note on Thursday. They set a "hold" rating and a $125.00 price objective on the stock. LADENBURG THALM/SH SH raised WEC Energy Group from a "neutral" rating to a "buy" rating in a report on Monday, October 13th. The Goldman Sachs Group downgraded WEC Energy Group from a "neutral" rating to a "sell" rating and cut their price target for the stock from $106.00 to $100.00 in a report on Wednesday, June 25th. UBS Group upped their price objective on WEC Energy Group from $117.00 to $122.00 and gave the stock a "neutral" rating in a research note on Friday, October 10th. Finally, Scotiabank increased their target price on WEC Energy Group from $115.00 to $129.00 and gave the stock an "outperform" rating in a research report on Monday, October 6th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $114.64.

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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