Balasa Dinverno & Foltz LLC Purchases New Holdings in WEC Energy Group, Inc. (WEC)
Balasa Dinverno & Foltz LLC purchased a new stake in WEC Energy Group, Inc. (NYSE:WEC) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 5,846 shares of the utilities provider’s stock, valued at approximately $367,000.
Several other institutional investors and hedge funds also recently made changes to their positions in WEC. OppenheimerFunds Inc. increased its holdings in shares of WEC Energy Group by 10.8% in the 1st quarter. OppenheimerFunds Inc. now owns 15,943 shares of the utilities provider’s stock valued at $967,000 after purchasing an additional 1,553 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of WEC Energy Group by 314.7% in the 1st quarter. Wellington Management Group LLP now owns 58,668 shares of the utilities provider’s stock valued at $3,557,000 after purchasing an additional 44,520 shares in the last quarter. FMR LLC increased its holdings in shares of WEC Energy Group by 0.6% in the 1st quarter. FMR LLC now owns 185,405 shares of the utilities provider’s stock valued at $11,241,000 after purchasing an additional 1,155 shares in the last quarter. Teachers Advisors LLC increased its holdings in shares of WEC Energy Group by 2.3% in the 1st quarter. Teachers Advisors LLC now owns 574,930 shares of the utilities provider’s stock valued at $34,858,000 after purchasing an additional 12,810 shares in the last quarter. Finally, Trustmark National Bank Trust Department purchased a new position in shares of WEC Energy Group in the 1st quarter valued at about $202,000. Institutional investors and hedge funds own 70.24% of the company’s stock.
A number of equities analysts have recently issued reports on WEC shares. Goldman Sachs Group, Inc. (The) reiterated a “sell” rating and issued a $58.00 price target (down previously from $59.00) on shares of WEC Energy Group in a report on Monday, June 26th. BidaskClub downgraded shares of WEC Energy Group from a “hold” rating to a “sell” rating in a report on Saturday, July 1st. Zacks Investment Research upgraded shares of WEC Energy Group from a “sell” rating to a “hold” rating in a report on Monday, August 28th. Finally, KeyCorp reiterated a “hold” rating on shares of WEC Energy Group in a report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. WEC Energy Group presently has a consensus rating of “Hold” and a consensus target price of $62.50.
In other WEC Energy Group news, Director Gale E. Klappa sold 100,500 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $64.42, for a total value of $6,474,210.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Scott J. Lauber sold 1,500 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $65.00, for a total transaction of $97,500.00. The disclosure for this sale can be found here. Insiders sold a total of 192,190 shares of company stock valued at $12,435,484 over the last three months. 0.97% of the stock is owned by corporate insiders.
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WEC Energy Group, Inc. (WEC) traded up 0.33% during trading on Friday, reaching $66.81. 1,578,026 shares of the company’s stock traded hands. WEC Energy Group, Inc. has a 12 month low of $53.66 and a 12 month high of $67.20. The company has a 50-day moving average of $64.91 and a 200 day moving average of $63.03. The stock has a market capitalization of $21.08 billion, a P/E ratio of 21.90 and a beta of 0.12.
WEC Energy Group (NYSE:WEC) last issued its quarterly earnings results on Wednesday, July 26th. The utilities provider reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.05. WEC Energy Group had a net margin of 12.72% and a return on equity of 10.75%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the company earned $0.57 EPS. WEC Energy Group’s revenue was up 1.8% on a year-over-year basis. On average, equities research analysts expect that WEC Energy Group, Inc. will post $3.10 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, November 14th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date is Monday, November 13th. WEC Energy Group’s payout ratio is 68.42%.
WEC Energy Group Profile
WEC Energy Group, Inc was a diversified holding company with natural gas and electric utility operations, an approximately 60% equity ownership interest in American Transmission Company LLC, and non-utility electric operations through its We Power business, as of December 31, 2016. Its segments include Wisconsin; Illinois; Other States; Electric Transmission; We Power, and Corporate and Other.
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