Allspring Global Investments Holdings LLC Sells 3,193 Shares of WEC Energy Group, Inc. (NYSE:WEC)

Allspring Global Investments Holdings LLC cut its position in shares of WEC Energy Group, Inc. (NYSE:WEC) by 1.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 178,301 shares of the utilities provider’s stock after selling 3,193 shares during the period. Allspring Global Investments Holdings LLC’s holdings in WEC Energy Group were worth $15,008,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in WEC Energy Group by 1.0% in the 1st quarter. Geode Capital Management LLC now owns 6,805,548 shares of the utilities provider’s stock worth $643,696,000 after buying an additional 69,710 shares during the period. Deutsche Bank AG raised its stake in shares of WEC Energy Group by 3.0% during the third quarter. Deutsche Bank AG now owns 5,495,925 shares of the utilities provider’s stock valued at $442,697,000 after acquiring an additional 158,652 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of WEC Energy Group by 3.4% during the third quarter. JPMorgan Chase & Co. now owns 4,295,729 shares of the utilities provider’s stock valued at $346,021,000 after acquiring an additional 142,412 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of WEC Energy Group by 3.8% in the third quarter. Invesco Ltd. now owns 4,216,264 shares of the utilities provider’s stock valued at $339,620,000 after purchasing an additional 155,437 shares during the period. Finally, Morgan Stanley grew its stake in WEC Energy Group by 1.4% in the third quarter. Morgan Stanley now owns 3,354,181 shares of the utilities provider’s stock worth $270,179,000 after purchasing an additional 44,797 shares in the last quarter. 77.20% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. cut WEC Energy Group from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $90.00 to $84.00 in a report on Friday, February 2nd. KeyCorp increased their target price on shares of WEC Energy Group from $94.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday, January 4th. Royal Bank of Canada cut their target price on shares of WEC Energy Group from $95.00 to $90.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 8th. StockNews.com cut shares of WEC Energy Group from a “hold” rating to a “sell” rating in a research report on Saturday, January 13th. Finally, Bank of America reissued an “underperform” rating and set a $78.00 price objective (down from $84.00) on shares of WEC Energy Group in a report on Thursday, January 4th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, WEC Energy Group presently has an average rating of “Hold” and an average target price of $86.31.

Insiders Place Their Bets

In related news, Chairman Gale E. Klappa sold 37,180 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $78.69, for a total value of $2,925,694.20. Following the transaction, the chairman now directly owns 274,782 shares of the company’s stock, valued at approximately $21,622,595.58. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Chairman Gale E. Klappa sold 37,180 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $78.69, for a total value of $2,925,694.20. Following the sale, the chairman now owns 274,782 shares in the company, valued at $21,622,595.58. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Scott J. Lauber sold 2,830 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $78.89, for a total transaction of $223,258.70. Following the transaction, the chief executive officer now directly owns 43,125 shares of the company’s stock, valued at $3,402,131.25. The disclosure for this sale can be found here. Corporate insiders own 0.44% of the company’s stock.

WEC Energy Group Trading Down 0.1 %

Shares of NYSE:WEC opened at $78.89 on Tuesday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.55 and a quick ratio of 0.40. The firm has a market capitalization of $24.88 billion, a P/E ratio of 18.69, a P/E/G ratio of 2.75 and a beta of 0.40. The business’s 50-day moving average is $79.62 and its 200 day moving average is $81.35. WEC Energy Group, Inc. has a 1 year low of $75.13 and a 1 year high of $98.80.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings data on Thursday, February 1st. The utilities provider reported $1.10 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.82 billion. WEC Energy Group had a net margin of 14.98% and a return on equity of 12.17%. WEC Energy Group’s revenue was down 13.3% on a year-over-year basis. During the same period last year, the firm posted $0.80 EPS. On average, research analysts predict that WEC Energy Group, Inc. will post 4.88 earnings per share for the current fiscal year.

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.