Cetera Advisor Networks LLC Lowers Position in WEC Energy Group Inc (WEC)
Cetera Advisor Networks LLC reduced its position in WEC Energy Group Inc (NYSE:WEC) by 33.3% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 21,096 shares of the utilities provider’s stock after selling 10,533 shares during the period. Cetera Advisor Networks LLC’s holdings in WEC Energy Group were worth $1,326,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in WEC. Schwab Charles Investment Management Inc. grew its holdings in WEC Energy Group by 3.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,489,419 shares of the utilities provider’s stock valued at $91,421,000 after buying an additional 43,841 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in WEC Energy Group during the 2nd quarter valued at about $4,054,000. Teacher Retirement System of Texas purchased a new position in WEC Energy Group during the 2nd quarter valued at about $683,000. Sigma Planning Corp grew its holdings in WEC Energy Group by 3.7% during the 2nd quarter. Sigma Planning Corp now owns 3,766 shares of the utilities provider’s stock valued at $231,000 after buying an additional 134 shares in the last quarter. Finally, Conning Inc. grew its holdings in WEC Energy Group by 0.4% during the 2nd quarter. Conning Inc. now owns 18,498 shares of the utilities provider’s stock valued at $1,135,000 after buying an additional 74 shares in the last quarter. Institutional investors and hedge funds own 72.60% of the company’s stock.
A number of research analysts have weighed in on the company. Zacks Investment Research raised WEC Energy Group from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a report on Friday, October 27th. KeyCorp reaffirmed a “hold” rating on shares of WEC Energy Group in a report on Friday, October 20th. Credit Suisse Group assumed coverage on WEC Energy Group in a report on Thursday, December 7th. They set a “neutral” rating and a $70.00 target price for the company. Bank of America assumed coverage on WEC Energy Group in a report on Tuesday, October 24th. They set a “neutral” rating and a $67.00 target price for the company. Finally, BidaskClub raised WEC Energy Group from a “hold” rating to a “buy” rating in a report on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. WEC Energy Group presently has a consensus rating of “Hold” and an average target price of $66.00.
WEC Energy Group (NYSE:WEC) last issued its quarterly earnings data on Thursday, October 26th. The utilities provider reported $0.68 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.01. WEC Energy Group had a return on equity of 10.62% and a net margin of 12.79%. The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the firm earned $0.69 earnings per share. WEC Energy Group’s revenue was down 3.2% on a year-over-year basis. analysts anticipate that WEC Energy Group Inc will post 3.09 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Wednesday, February 14th will be issued a dividend of $0.5525 per share. This is a positive change from WEC Energy Group’s previous quarterly dividend of $0.52. The ex-dividend date is Tuesday, February 13th. This represents a $2.21 annualized dividend and a dividend yield of 3.25%. WEC Energy Group’s payout ratio is presently 68.42%.
In other WEC Energy Group news, VP Scott J. Lauber sold 1,240 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $70.00, for a total value of $86,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Gale E. Klappa sold 52,722 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $69.40, for a total value of $3,658,906.80. The disclosure for this sale can be found here. 0.97% of the stock is currently owned by insiders.
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About WEC Energy Group
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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