Veriti Management LLC grew its stake in shares of WEC Energy Group, Inc. (NYSE:WEC – Get Rating) by 58.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,338 shares of the utilities provider’s stock after acquiring an additional 3,797 shares during the period. Veriti Management LLC’s holdings in WEC Energy Group were worth $1,032,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the business. Lumature Wealth Partners LLC increased its holdings in shares of WEC Energy Group by 66.3% during the fourth quarter. Lumature Wealth Partners LLC now owns 316 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 126 shares during the period. Elmwood Wealth Management Inc. bought a new position in shares of WEC Energy Group during the fourth quarter worth approximately $36,000. Maryland Capital Advisors Inc. bought a new position in shares of WEC Energy Group during the fourth quarter worth approximately $38,000. Dark Forest Capital Management LP bought a new position in shares of WEC Energy Group during the third quarter worth approximately $39,000. Finally, Credit Agricole S A bought a new position in shares of WEC Energy Group during the fourth quarter worth approximately $40,000. Hedge funds and other institutional investors own 73.36% of the company’s stock.
WEC stock opened at $93.37 on Thursday. WEC Energy Group, Inc. has a 12-month low of $86.84 and a 12-month high of $108.39. The company has a quick ratio of 0.67, a current ratio of 0.79 and a debt-to-equity ratio of 1.18. The firm has a market cap of $29.45 billion, a price-to-earnings ratio of 21.76, a PEG ratio of 3.40 and a beta of 0.27. The company’s fifty day simple moving average is $101.37 and its 200 day simple moving average is $97.46.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 1st. Stockholders of record on Friday, May 13th were given a dividend of $0.7275 per share. This represents a $2.91 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend was Thursday, May 12th. WEC Energy Group’s payout ratio is presently 67.83%.
WEC has been the topic of a number of recent analyst reports. Barclays lifted their price objective on shares of WEC Energy Group from $107.00 to $108.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 15th. Bank of America raised shares of WEC Energy Group from a “neutral” rating to a “buy” rating and set a $109.00 price objective on the stock in a research note on Friday, May 13th. StockNews.com began coverage on shares of WEC Energy Group in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Credit Suisse Group began coverage on shares of WEC Energy Group in a research note on Monday, April 25th. They set a “neutral” rating and a $108.00 target price on the stock. Finally, Mizuho cut their price target on shares of WEC Energy Group from $107.00 to $93.00 and set a “neutral” rating on the stock in a report on Friday, June 17th. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $103.00.
In other WEC Energy Group news, EVP Robert M. Garvin sold 31,480 shares of the company’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $104.21, for a total value of $3,280,530.80. Following the completion of the sale, the executive vice president now directly owns 11,062 shares of the company’s stock, valued at approximately $1,152,771.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Anthony Reese sold 1,325 shares of the company’s stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $102.47, for a total transaction of $135,772.75. Following the completion of the sale, the vice president now directly owns 905 shares of the company’s stock, valued at $92,735.35. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,821 shares of company stock valued at $5,189,283. 0.34% of the stock is currently owned by insiders.
WEC Energy Group Profile (Get Rating)
WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable 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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