State of Alaska Department of Revenue grew its position in WEC Energy Group, Inc. (NYSE:WEC – Get Rating) by 2.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 45,312 shares of the utilities provider’s stock after purchasing an additional 955 shares during the period. State of Alaska Department of Revenue’s holdings in WEC Energy Group were worth $4,560,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in WEC Energy Group by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 39,535,251 shares of the utilities provider’s stock worth $3,946,014,000 after purchasing an additional 604,000 shares during the last quarter. BlackRock Inc. increased its position in WEC Energy Group by 26.0% in the 4th quarter. BlackRock Inc. now owns 33,040,366 shares of the utilities provider’s stock worth $3,207,228,000 after purchasing an additional 6,810,208 shares during the last quarter. State Street Corp increased its holdings in shares of WEC Energy Group by 7.2% during the 1st quarter. State Street Corp now owns 18,466,413 shares of the utilities provider’s stock valued at $1,843,133,000 after acquiring an additional 1,232,877 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of WEC Energy Group by 2.3% during the 1st quarter. Bank of America Corp DE now owns 5,636,213 shares of the utilities provider’s stock valued at $562,551,000 after acquiring an additional 128,313 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its holdings in shares of WEC Energy Group by 56.3% during the 4th quarter. Nuveen Asset Management LLC now owns 5,250,516 shares of the utilities provider’s stock valued at $509,668,000 after acquiring an additional 1,890,747 shares during the last quarter. 75.03% of the stock is owned by institutional investors and hedge funds.
WEC Energy Group Price Performance
Shares of WEC stock opened at $100.96 on Wednesday. The stock has a 50 day moving average of $103.37 and a two-hundred day moving average of $101.24. The company has a current ratio of 0.69, a quick ratio of 0.54 and a debt-to-equity ratio of 1.18. WEC Energy Group, Inc. has a 12 month low of $86.84 and a 12 month high of $108.39. The company has a market capitalization of $31.85 billion, a P/E ratio of 23.32, a P/E/G ratio of 3.83 and a beta of 0.28.
WEC Energy Group Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 12th were given a $0.7275 dividend. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $2.91 dividend on an annualized basis and a dividend yield of 2.88%. WEC Energy Group’s dividend payout ratio is currently 67.21%.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on WEC. Wells Fargo & Company increased their price objective on WEC Energy Group from $111.00 to $114.00 and gave the company an “overweight” rating in a report on Wednesday, August 3rd. Mizuho lowered their price objective on WEC Energy Group from $107.00 to $93.00 and set a “neutral” rating on the stock in a report on Friday, June 17th. Barclays lowered their price objective on WEC Energy Group from $108.00 to $104.00 and set an “equal weight” rating on the stock in a report on Monday, July 18th. Finally, Credit Suisse Group lowered WEC Energy Group from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $108.00 to $98.00 in a report on Wednesday, July 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $102.33.
Insiders Place Their Bets
In related news, EVP William Mastoris sold 4,690 shares of the firm’s stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $105.04, for a total transaction of $492,637.60. Following the completion of the transaction, the executive vice president now owns 2,506 shares in the company, valued at approximately $263,230.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.34% of the company’s stock.
About WEC Energy Group
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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