Point72 Asia Hong Kong Ltd bought a new stake in WEC Energy Group Inc (NYSE:WEC) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,187 shares of the utilities provider’s stock, valued at approximately $451,000.
Other large investors have also bought and sold shares of the company. Cambridge Investment Research Advisors Inc. grew its stake in WEC Energy Group by 5.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 45,016 shares of the utilities provider’s stock valued at $2,822,000 after acquiring an additional 2,294 shares during the period. Well Done LLC acquired a new position in WEC Energy Group in the first quarter valued at about $144,000. BlackRock Inc. boosted its position in shares of WEC Energy Group by 2.1% during the fourth quarter. BlackRock Inc. now owns 26,807,670 shares of the utilities provider’s stock worth $1,780,834,000 after buying an additional 560,644 shares during the period. UBS Asset Management Americas Inc. boosted its position in shares of WEC Energy Group by 7.3% during the fourth quarter. UBS Asset Management Americas Inc. now owns 2,959,532 shares of the utilities provider’s stock worth $196,602,000 after buying an additional 201,585 shares during the period. Finally, MayTech Global Investments LLC acquired a new position in shares of WEC Energy Group during the fourth quarter worth about $1,256,000. 73.14% of the stock is owned by hedge funds and other institutional investors.
In other WEC Energy Group news, Director Ulice Payne, Jr. sold 1,600 shares of the firm’s stock in a transaction on Friday, May 4th. The stock was sold at an average price of $64.45, for a total transaction of $103,120.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.94% of the stock is owned by company insiders.
WEC Energy Group (NYSE:WEC) last announced its earnings results on Tuesday, May 1st. The utilities provider reported $1.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.06. WEC Energy Group had a return on equity of 11.01% and a net margin of 16.23%. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.33 billion. During the same quarter last year, the company earned $1.12 earnings per share. The firm’s quarterly revenue was down .8% compared to the same quarter last year. equities research analysts predict that WEC Energy Group Inc will post 3.3 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 1st. Shareholders of record on Monday, May 14th were paid a dividend of $0.5525 per share. The ex-dividend date of this dividend was Friday, May 11th. This represents a $2.21 dividend on an annualized basis and a yield of 3.74%. WEC Energy Group’s dividend payout ratio (DPR) is presently 70.38%.
Several research analysts have recently weighed in on WEC shares. Credit Suisse Group reaffirmed a “neutral” rating and set a $63.00 price objective (down from $65.00) on shares of WEC Energy Group in a research report on Friday, February 23rd. Guggenheim reaffirmed a “buy” rating and set a $66.00 price objective on shares of WEC Energy Group in a research report on Friday, February 23rd. Zacks Investment Research cut WEC Energy Group from a “hold” rating to a “sell” rating in a research report on Saturday, April 7th. Citigroup began coverage on WEC Energy Group in a research report on Friday, April 13th. They set a “neutral” rating and a $61.00 price target for the company. Finally, Bank of America raised WEC Energy Group from a “neutral” rating to a “buy” rating in a research report on Wednesday, May 23rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. WEC Energy Group currently has a consensus rating of “Hold” and an average price target of $66.13.
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.
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