Pioneer Investment Management Inc. Sells 1,900 Shares of WEC Energy Group, Inc. (WEC)
Pioneer Investment Management Inc. cut its stake in shares of WEC Energy Group, Inc. (NYSE:WEC) by 0.4% during the second quarter, Holdings Channel reports. The institutional investor owned 496,110 shares of the utilities provider’s stock after selling 1,900 shares during the period. Pioneer Investment Management Inc.’s holdings in WEC Energy Group were worth $30,451,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in WEC. Oakworth Capital Inc. increased its stake in WEC Energy Group by 8.8% in the second quarter. Oakworth Capital Inc. now owns 1,632 shares of the utilities provider’s stock valued at $100,000 after buying an additional 132 shares in the last quarter. Trust Co. of Vermont increased its stake in WEC Energy Group by 12.1% in the first quarter. Trust Co. of Vermont now owns 1,737 shares of the utilities provider’s stock valued at $106,000 after buying an additional 187 shares in the last quarter. Delphi Private Advisors LLC increased its stake in WEC Energy Group by 182.3% in the second quarter. Delphi Private Advisors LLC now owns 1,976 shares of the utilities provider’s stock valued at $120,000 after buying an additional 1,276 shares in the last quarter. Country Trust Bank increased its stake in WEC Energy Group by 5.7% in the second quarter. Country Trust Bank now owns 2,066 shares of the utilities provider’s stock valued at $127,000 after buying an additional 112 shares in the last quarter. Finally, Financial Architects Inc increased its stake in WEC Energy Group by 7.4% in the second quarter. Financial Architects Inc now owns 2,324 shares of the utilities provider’s stock valued at $142,000 after buying an additional 161 shares in the last quarter. 70.72% of the stock is currently owned by hedge funds and other institutional investors.
Shares of WEC Energy Group, Inc. (NYSE:WEC) opened at 64.47 on Thursday. The company has a 50 day moving average price of $62.49 and a 200-day moving average price of $60.92. WEC Energy Group, Inc. has a 52-week low of $53.66 and a 52-week high of $64.90. The firm has a market cap of $20.35 billion, a P/E ratio of 21.14 and a beta of 0.11.
WEC Energy Group (NYSE:WEC) last posted its earnings results on Wednesday, July 26th. The utilities provider reported $0.63 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the prior year, the business posted $0.57 EPS. The firm’s revenue was up 1.8% compared to the same quarter last year. On average, analysts expect that WEC Energy Group, Inc. will post $3.11 earnings per share for the current fiscal year.
The firm 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. The ex-dividend date is Thursday, August 10th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.23%. WEC Energy Group’s dividend payout ratio is presently 68.42%.
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Several research firms have issued reports on WEC. Zacks Investment Research downgraded WEC Energy Group from a “hold” rating to a “sell” rating in a research note on Monday, April 17th. Ladenburg Thalmann Financial Services lifted their price target on WEC Energy Group from $62.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, June 9th. BidaskClub downgraded WEC Energy Group from a “hold” rating to a “sell” rating in a research note on Saturday, July 1st. Barclays PLC reissued an “equal weight” rating and issued a $68.00 price target (up previously from $61.00) on shares of WEC Energy Group in a research note on Sunday, April 23rd. Finally, Wolfe Research reissued a “peer perform” rating on shares of WEC Energy Group in a research note on Monday, April 24th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $62.86.
In related news, VP Susan H. Martin sold 15,470 shares of the company’s stock in a transaction dated 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 SEC, which is available at 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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