NEXT Financial Group Inc lifted its stake in WEC Energy Group Inc (NYSE:WEC) by 588.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,735 shares of the utilities provider’s stock after acquiring an additional 4,047 shares during the quarter. NEXT Financial Group Inc’s holdings in WEC Energy Group were worth $395,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of WEC. FMR LLC lifted its holdings in shares of WEC Energy Group by 275.1% in the 4th quarter. FMR LLC now owns 2,807,699 shares of the utilities provider’s stock worth $194,462,000 after acquiring an additional 2,059,213 shares during the last quarter. Scout Investments Inc. lifted its holdings in shares of WEC Energy Group by 84.9% in the 2nd quarter. Scout Investments Inc. now owns 1,692,263 shares of the utilities provider’s stock worth $141,084,000 after acquiring an additional 777,086 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of WEC Energy Group by 44.5% in the 1st quarter. Janus Henderson Group PLC now owns 1,635,780 shares of the utilities provider’s stock worth $129,358,000 after acquiring an additional 504,048 shares during the last quarter. Nordea Investment Management AB lifted its holdings in shares of WEC Energy Group by 2,550.1% in the 4th quarter. Nordea Investment Management AB now owns 431,513 shares of the utilities provider’s stock worth $29,886,000 after acquiring an additional 415,230 shares during the last quarter. Finally, Magellan Asset Management Ltd lifted its holdings in shares of WEC Energy Group by 43.0% in the 1st quarter. Magellan Asset Management Ltd now owns 1,225,712 shares of the utilities provider’s stock worth $96,929,000 after acquiring an additional 368,357 shares during the last quarter. Hedge funds and other institutional investors own 75.27% of the company’s stock.
Shares of NYSE WEC traded down $0.34 during mid-day trading on Tuesday, reaching $85.94. The company had a trading volume of 156,748 shares, compared to its average volume of 1,547,150. The company has a current ratio of 0.69, a quick ratio of 0.58 and a debt-to-equity ratio of 1.02. The stock has a 50 day simple moving average of $84.52. The stock has a market cap of $27.22 billion, a PE ratio of 25.71, a P/E/G ratio of 4.19 and a beta of 0.13. WEC Energy Group Inc has a 52-week low of $63.27 and a 52-week high of $87.91.
WEC Energy Group (NYSE:WEC) last posted its earnings results on Thursday, April 25th. The utilities provider reported $1.33 EPS for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.08. The firm had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.41 billion. WEC Energy Group had a net margin of 14.03% and a return on equity of 11.06%. The company’s revenue was up 4.0% on a year-over-year basis. During the same period last year, the firm posted $1.23 EPS. Research analysts predict that WEC Energy Group Inc will post 3.5 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Wednesday, August 14th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 2.75%. The ex-dividend date of this dividend is Tuesday, August 13th. WEC Energy Group’s dividend payout ratio (DPR) is presently 70.66%.
Several equities research analysts recently weighed in on WEC shares. Scotiabank downgraded shares of WEC Energy Group from an “outperform” rating to a “sector perform” rating and upped their target price for the stock from $76.00 to $78.00 in a research note on Wednesday, May 8th. KeyCorp started coverage on shares of Southern in a research note on Tuesday, June 4th. They set a “sector weight” rating on the stock. Wolfe Research set a $205.00 target price on shares of Raytheon and gave the stock a “buy” rating in a research note on Friday, April 26th. Bank of America upped their target price on shares of CarMax from $95.00 to $112.00 in a research note on Monday, June 24th. Finally, Goldman Sachs Group reaffirmed a “neutral” rating and set a $393.00 target price on shares of Boeing in a research note on Monday, April 8th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $75.15.
In other news, VP William J. Guc sold 4,481 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $78.10, for a total value of $349,966.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Allen L. Leverett sold 100,000 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $82.49, for a total transaction of $8,249,000.00. Following the completion of the transaction, the director now owns 131,281 shares of the company’s stock, valued at approximately $10,829,369.69. The disclosure for this sale can be found here. Insiders sold a total of 471,457 shares of company stock valued at $38,588,620 in the last 90 days. Company insiders own 0.75% of the company’s stock.
WEC Energy Group Profile
WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, 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.
Further Reading: What are municipal bonds?
Want to see what other hedge funds are holding WEC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for WEC Energy Group Inc (NYSE:WEC).
Receive News & Ratings for WEC Energy Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WEC Energy Group and related companies with MarketBeat.com's FREE daily email newsletter.