Principal Financial Group Inc. lowered its stake in WEC Energy Group Inc (NYSE:WEC) by 2.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,224,894 shares of the utilities provider’s stock after selling 64,213 shares during the period. Principal Financial Group Inc. owned approximately 0.71% of WEC Energy Group worth $175,945,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in WEC. Blue Sky Asset Management LLC purchased a new position in WEC Energy Group during the 1st quarter valued at about $25,000. Essex Investment Management Co. LLC purchased a new position in WEC Energy Group during the 4th quarter valued at about $30,000. ERTS Wealth Advisors LLC purchased a new position in WEC Energy Group during the 4th quarter valued at about $30,000. Arbor Wealth Management LLC purchased a new position in WEC Energy Group during the 4th quarter valued at about $32,000. Finally, Oregon Public Employees Retirement Fund increased its holdings in WEC Energy Group by 6,740.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,359,757 shares of the utilities provider’s stock valued at $34,000 after purchasing an additional 2,325,262 shares during the period. Hedge funds and other institutional investors own 74.91% of the company’s stock.
A number of brokerages recently issued reports on WEC. Goldman Sachs Group downgraded WEC Energy Group from a “neutral” rating to a “sell” rating and reduced their price target for the company from $71.00 to $70.00 in a report on Monday, April 8th. Zacks Investment Research upgraded WEC Energy Group from a “sell” rating to a “hold” rating in a report on Tuesday, March 26th. Argus upped their target price on WEC Energy Group to $85.00 and gave the stock a “buy” rating in a report on Wednesday, March 13th. Wolfe Research set a $77.00 target price on WEC Energy Group and gave the stock a “sell” rating in a report on Friday, April 26th. Finally, KeyCorp began coverage on WEC Energy Group in a report on Tuesday, June 4th. They set a “sector weight” rating on the stock. Three analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. WEC Energy Group currently has a consensus rating of “Hold” and an average price target of $75.15.
Shares of WEC traded up $0.29 during mid-day trading on Friday, reaching $83.37. The company had a trading volume of 2,678,390 shares, compared to its average volume of 1,681,545. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.69 and a quick ratio of 0.58. The stock’s 50-day moving average is $82.30. WEC Energy Group Inc has a 52 week low of $63.19 and a 52 week high of $85.70. The stock has a market capitalization of $26.21 billion, a P/E ratio of 24.96, a price-to-earnings-growth ratio of 4.04 and a beta of 0.13.
WEC Energy Group (NYSE:WEC) last issued its quarterly earnings results on Thursday, April 25th. The utilities provider reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.08. The firm had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.41 billion. WEC Energy Group had a return on equity of 11.06% and a net margin of 14.03%. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.23 EPS. On average, research analysts anticipate that WEC Energy Group Inc will post 3.51 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Tuesday, May 14th were given a $0.59 dividend. The ex-dividend date was Monday, May 13th. This represents a $2.36 annualized dividend and a yield of 2.83%. WEC Energy Group’s dividend payout ratio (DPR) is presently 70.66%.
About WEC Energy Group
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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