Korea Investment CORP Sells 1,681 Shares of WEC Energy Group, Inc. (WEC)
Korea Investment CORP reduced its stake in WEC Energy Group, Inc. (NYSE:WEC) by 1.4% during the second quarter, Holdings Channel reports. The fund owned 121,329 shares of the utilities provider’s stock after selling 1,681 shares during the period. Korea Investment CORP’s holdings in WEC Energy Group were worth $7,447,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. BlackRock Inc. increased its position in WEC Energy Group by 3,275.9% in the first quarter. BlackRock Inc. now owns 25,838,999 shares of the utilities provider’s stock valued at $1,566,618,000 after buying an additional 25,073,593 shares during the last quarter. Vanguard Group Inc. increased its position in WEC Energy Group by 3.5% in the first quarter. Vanguard Group Inc. now owns 32,167,258 shares of the utilities provider’s stock valued at $1,950,302,000 after buying an additional 1,085,646 shares during the last quarter. Renaissance Technologies LLC increased its position in WEC Energy Group by 70.1% in the first quarter. Renaissance Technologies LLC now owns 1,514,902 shares of the utilities provider’s stock valued at $91,849,000 after buying an additional 624,400 shares during the last quarter. Magellan Asset Management Ltd increased its position in WEC Energy Group by 78.7% in the first quarter. Magellan Asset Management Ltd now owns 1,381,464 shares of the utilities provider’s stock valued at $84,000,000 after buying an additional 608,560 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in WEC Energy Group by 216.0% in the first quarter. Canada Pension Plan Investment Board now owns 663,005 shares of the utilities provider’s stock valued at $40,198,000 after buying an additional 453,179 shares during the last quarter. Hedge funds and other institutional investors own 70.72% of the company’s stock.
WEC Energy Group, Inc. (WEC) opened at 64.47 on Thursday. The stock has a 50 day moving average of $62.49 and a 200-day moving average of $60.92. WEC Energy Group, Inc. has a 52-week low of $53.66 and a 52-week high of $64.90. The company has a market capitalization of $20.35 billion, a price-to-earnings ratio of 21.14 and a beta of 0.11.
WEC Energy Group (NYSE:WEC) last released its earnings results on Wednesday, July 26th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.05. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.58 billion. WEC Energy Group had a net margin of 12.72% and a return on equity of 10.75%. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 EPS. On average, equities research analysts anticipate that WEC Energy Group, Inc. will post $3.11 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 14th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.23%. The ex-dividend date is Thursday, August 10th. WEC Energy Group’s dividend payout ratio is 68.42%.
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Several equities analysts have recently weighed in on WEC shares. Goldman Sachs Group, Inc. (The) reiterated a “sell” rating and issued a $58.00 target price (down previously from $59.00) on shares of WEC Energy Group in a research note on Monday, June 26th. Zacks Investment Research upgraded shares of WEC Energy Group from a “sell” rating to a “hold” rating in a research note on Thursday, June 22nd. Barclays PLC reiterated an “equal weight” rating and issued a $68.00 target price (up previously from $61.00) on shares of WEC Energy Group in a research note on Sunday, April 23rd. Wolfe Research reiterated a “peer perform” rating on shares of WEC Energy Group in a research note on Monday, April 24th. Finally, BidaskClub downgraded shares of WEC Energy Group from a “hold” rating to a “sell” rating in a research note on Saturday, July 1st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. WEC Energy Group presently has a consensus rating of “Hold” and a consensus price target of $62.86.
In related news, VP Susan H. Martin sold 15,470 shares of the stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $62.50, for a total value of $966,875.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.97% of the company’s stock.
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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