Envestnet Asset Management Inc. Decreases Holdings in WEC Energy Group, Inc. (NYSE:WEC)

Envestnet Asset Management Inc. decreased its stake in WEC Energy Group, Inc. (NYSE:WEC) by 31.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 326,313 shares of the utilities provider’s stock after selling 147,900 shares during the period. Envestnet Asset Management Inc. owned 0.10% of WEC Energy Group worth $30,931,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Achmea Investment Management B.V. purchased a new stake in shares of WEC Energy Group during the 1st quarter worth $27,000. First Manhattan Co. increased its stake in WEC Energy Group by 102.0% during the 4th quarter. First Manhattan Co. now owns 303 shares of the utilities provider’s stock worth $28,000 after buying an additional 153 shares during the period. Richard W. Paul & Associates LLC acquired a new stake in shares of WEC Energy Group in the 4th quarter valued at about $30,000. Laurel Wealth Advisors LLC bought a new stake in shares of WEC Energy Group in the 1st quarter valued at approximately $40,000. Finally, GW&K Investment Management LLC bought a new stake in shares of WEC Energy Group during the 1st quarter valued at about $43,000. Institutional investors and hedge funds own 75.75% of the company’s stock.

WEC Energy Group Price Performance

NYSE:WEC opened at $85.43 on Wednesday. WEC Energy Group, Inc. has a 52 week low of $80.82 and a 52 week high of $107.60. The stock’s 50-day moving average price is $88.39 and its 200-day moving average price is $90.98. The company has a quick ratio of 0.45, a current ratio of 0.60 and a debt-to-equity ratio of 1.30. The stock has a market capitalization of $26.95 billion, a PE ratio of 19.91, a price-to-earnings-growth ratio of 3.22 and a beta of 0.40.

WEC Energy Group (NYSE:WEC) last announced its earnings results on Tuesday, August 1st. The utilities provider reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.07. The business had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $2.05 billion. WEC Energy Group had a net margin of 14.57% and a return on equity of 11.48%. During the same period in the previous year, the company posted $0.91 EPS. The company’s quarterly revenue was down 14.0% on a year-over-year basis. As a group, equities analysts expect that WEC Energy Group, Inc. will post 4.61 EPS for the current fiscal year.

WEC Energy Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Monday, August 14th will be issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date is Friday, August 11th. WEC Energy Group’s dividend payout ratio is presently 72.73%.

Wall Street Analyst Weigh In

Several research analysts have commented on WEC shares. Bank of America decreased their target price on shares of WEC Energy Group from $106.00 to $103.00 in a report on Wednesday, May 3rd. 888 reaffirmed a “reiterates” rating on shares of WEC Energy Group in a research report on Friday, June 30th. Guggenheim reduced their price objective on WEC Energy Group from $99.00 to $94.00 in a research report on Friday, July 7th. Barclays started coverage on shares of WEC Energy Group in a research note on Wednesday, August 23rd. They set an “underweight” rating and a $83.00 price target for the company. Finally, KeyCorp decreased their price objective on shares of WEC Energy Group from $103.00 to $102.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $96.82.

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. The company operates through six segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other.