WFA Asset Management Corp Sells 2,372 Shares of WEC Energy Group, Inc. $WEC

Key Points

• WFA Asset Management Corp significantly reduced its holdings in WEC Energy Group by 46.8%, selling 2,372 shares to hold a total of 2,693 shares worth approximately $281,000.
• Other institutional investors have increased their positions in WEC Energy Group, with notable increases including a 2,964.9% boost by Los Angeles Capital Management LLC.
• WEC Energy Group recently announced a quarterly dividend of $0.8925 per share, reflecting an annualized dividend yield of 3.1%.

WFA Asset Management Corp cut its holdings in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 46.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,693 shares of the utilities provider's stock after selling 2,372 shares during the period. WFA Asset Management Corp's holdings in WEC Energy Group were worth $281,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Horizon Investment Services LLC bought a new position in shares of WEC Energy Group in the 1st quarter worth about $379,000. Los Angeles Capital Management LLC increased its position in WEC Energy Group by 2,964.9% in 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 buying an additional 105,106 shares in the last quarter. AustralianSuper Pty Ltd bought a new stake in WEC Energy Group in the 1st quarter valued at about $10,333,000. DAVENPORT & Co LLC increased its position in WEC Energy Group by 55.0% in the 1st quarter. DAVENPORT & Co LLC now owns 35,710 shares of the utilities provider's stock valued at $3,892,000 after buying an additional 12,665 shares in the last quarter. Finally, OLD Republic International Corp increased its position in WEC Energy Group by 1.2% in the 1st quarter. OLD Republic International Corp now owns 336,279 shares of the utilities provider's stock valued at $36,648,000 after buying an additional 3,948 shares in the last quarter. 77.20% of the stock is owned by institutional investors.

WEC Energy Group Price Performance

WEC Energy Group stock opened at $116.11 on Thursday. WEC Energy Group, Inc. has a 12 month low of $91.94 and a 12 month high of $118.18. The company has a current ratio of 0.55, a quick ratio of 0.40 and a debt-to-equity ratio of 1.28. The business's 50 day simple moving average is $110.99 and its 200 day simple moving average is $108.17. The company has a market cap of $37.37 billion, a price-to-earnings ratio of 22.26, a PEG ratio of 3.29 and a beta of 0.47.

WEC Energy Group (NYSE:WEC - Get Free Report) last posted its quarterly earnings data on Tuesday, September 2nd. The utilities provider reported $1.43 EPS for the quarter. The business had revenue of $2.28 billion for the quarter. WEC Energy Group had a return on equity of 12.90% and a net margin of 17.87%. Sell-side analysts forecast 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. Shareholders of record on Friday, November 14th will be given a dividend of $0.8925 per share. The ex-dividend date is Friday, November 14th. This represents a $3.57 annualized dividend and a dividend yield of 3.1%. WEC Energy Group's dividend payout ratio is currently 68.39%.

Insider Activity

In other WEC Energy Group news, Director Gale E. Klappa sold 5,960 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $110.98, for a total transaction of $661,440.80. Following the sale, the director owned 274,969 shares in the company, valued at $30,516,059.62. This represents a 2.12% decrease in their ownership of the stock. The transaction 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 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 sale, the chief executive officer owned 56,443 shares in the company, 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. Over the last quarter, insiders have sold 68,448 shares of company stock valued at $7,581,132. 0.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently commented on WEC shares. TD Cowen started coverage on WEC Energy Group in a research report on Thursday, October 16th. They issued a "hold" rating and a $125.00 target price for the company. LADENBURG THALM/SH SH raised WEC Energy Group from a "neutral" rating to a "buy" rating in a research report on Monday, October 13th. Scotiabank boosted their price objective on WEC Energy Group from $115.00 to $129.00 and gave the stock an "outperform" rating in a report on Monday, October 6th. Barclays boosted their price objective on WEC Energy Group from $100.00 to $110.00 and gave the stock an "equal weight" rating in a report on Tuesday. Finally, BTIG Research raised WEC Energy Group to a "strong-buy" rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, WEC Energy Group has an average rating of "Hold" and a consensus target price of $118.83.

WEC Energy Group 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.

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