Mirae Asset Global Investments Co. Ltd. lifted its stake in WEC Energy Group, Inc. (NYSE:WEC – Get Rating) by 9.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 105,806 shares of the utilities provider’s stock after purchasing an additional 9,447 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in WEC Energy Group were worth $9,920,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Achmea Investment Management B.V. purchased a new position in WEC Energy Group during the 1st quarter valued at about $27,000. Glassy Mountain Advisors Inc. purchased a new stake in shares of WEC Energy Group during the fourth quarter worth about $26,000. Asset Dedication LLC purchased a new stake in shares of WEC Energy Group during the fourth quarter worth about $27,000. Richard W. Paul & Associates LLC purchased a new stake in shares of WEC Energy Group during the fourth quarter worth about $30,000. Finally, Pinnacle Financial Partners Inc. grew its holdings in shares of WEC Energy Group by 100.0% during the fourth quarter. Pinnacle Financial Partners Inc. now owns 328 shares of the utilities provider’s stock worth $31,000 after buying an additional 164 shares in the last quarter. 74.05% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at WEC Energy Group
In other WEC Energy Group news, Director Ulice Payne, Jr. sold 1,500 shares of WEC Energy Group stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $94.36, for a total transaction of $141,540.00. Following the transaction, the director now directly owns 21,503 shares of the company’s stock, valued at $2,029,023.08. The sale was disclosed in a filing with the SEC, which is available at this link. 0.34% of the stock is currently owned by corporate insiders.
WEC Energy Group Trading Up 0.6 %
WEC Energy Group (NYSE:WEC – Get Rating) last announced its quarterly earnings results on Monday, May 1st. The utilities provider reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.03. The firm had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.90 billion. WEC Energy Group had a net margin of 14.10% and a return on equity of 11.60%. WEC Energy Group’s revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.79 earnings per share. On average, analysts anticipate that WEC Energy Group, Inc. will post 4.6 EPS for the current year.
WEC Energy Group Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Friday, May 12th will be given a dividend of $0.78 per share. The ex-dividend date is Thursday, May 11th. This represents a $3.12 dividend on an annualized basis and a yield of 3.47%. WEC Energy Group’s dividend payout ratio (DPR) is 72.90%.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on WEC. Mizuho upgraded shares of WEC Energy Group from a “neutral” rating to a “buy” rating and set a $98.00 price target for the company in a report on Thursday. Bank of America lowered their price target on shares of WEC Energy Group from $106.00 to $103.00 in a report on Wednesday, May 3rd. 888 reiterated a “maintains” rating on shares of WEC Energy Group in a report on Wednesday, May 3rd. JPMorgan Chase & Co. lifted their price target on shares of WEC Energy Group from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, April 19th. Finally, Wells Fargo & Company lowered their target price on shares of WEC Energy Group from $109.00 to $106.00 and set an “overweight” rating for the company in a report on Friday, February 3rd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $100.10.
WEC Energy Group Company Profile
WEC Energy Group, Inc is a holding company, which engages in the generation and distribution of electricity and natural gas. It operates through the following segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure and Corporate & Other. The Wisconsin segment refers to the electric and gas utility operations.
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