Magellan Asset Management Ltd Acquires 772,372 Shares of WEC Energy Group, Inc. (NYSE:WEC)

Magellan Asset Management Ltd raised its holdings in WEC Energy Group, Inc. (NYSE:WEC) by 17.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,316,833 shares of the utilities provider’s stock after acquiring an additional 772,372 shares during the quarter. WEC Energy Group accounts for about 4.2% of Magellan Asset Management Ltd’s holdings, making the stock its 8th biggest position. Magellan Asset Management Ltd owned about 1.69% of WEC Energy Group worth $469,157,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Northwest Bank & Trust Co purchased a new stake in WEC Energy Group during the second quarter worth about $26,000. Dakota Community Bank & Trust NA purchased a new stake in shares of WEC Energy Group during the 2nd quarter worth approximately $27,000. Achmea Investment Management B.V. acquired a new stake in shares of WEC Energy Group in the 1st quarter worth approximately $27,000. First Manhattan Co. grew its holdings in shares of WEC Energy Group by 102.0% in the 4th quarter. First Manhattan Co. now owns 303 shares of the utilities provider’s stock worth $28,000 after acquiring an additional 153 shares during the period. Finally, Center for Financial Planning Inc. purchased a new position in WEC Energy Group in the 2nd quarter valued at approximately $33,000. 75.75% of the stock is currently owned by hedge funds and other institutional investors.

WEC Energy Group Trading Down 0.9 %

NYSE:WEC traded down $0.75 during mid-day trading on Tuesday, reaching $80.57. The company’s stock had a trading volume of 284,177 shares, compared to its average volume of 1,457,306. WEC Energy Group, Inc. has a twelve month low of $75.47 and a twelve month high of $101.11. The company’s fifty day simple moving average is $82.36 and its two-hundred day simple moving average is $86.37. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.60 and a quick ratio of 0.42. The stock has a market cap of $25.41 billion, a P/E ratio of 18.78, a P/E/G ratio of 3.11 and a beta of 0.43.

WEC Energy Group (NYSE:WEC) last released its earnings results on Tuesday, October 31st. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.09. WEC Energy Group had a net margin of 14.80% and a return on equity of 11.48%. The business had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period last year, the company earned $0.96 earnings per share. The company’s quarterly revenue was down 2.3% on a year-over-year basis. On average, equities analysts predict that WEC Energy Group, Inc. will post 4.61 EPS for the current year.

WEC Energy Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, November 14th will be given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date is Monday, November 13th. WEC Energy Group’s dividend payout ratio (DPR) is presently 72.06%.

Wall Street Analyst Weigh In

Several analysts have weighed in on WEC shares. Royal Bank of Canada initiated coverage on WEC Energy Group in a report on Wednesday, September 27th. They issued a “sector perform” rating and a $95.00 target price on the stock. StockNews.com raised shares of WEC Energy Group from a “sell” rating to a “hold” rating in a research note on Wednesday, November 1st. Barclays cut their target price on shares of WEC Energy Group from $83.00 to $81.00 and set an “underweight” rating for the company in a research report on Tuesday, October 24th. LADENBURG THALM/SH SH began coverage on shares of WEC Energy Group in a research report on Monday, September 11th. They issued a “neutral” rating and a $85.00 price target on the stock. Finally, JPMorgan Chase & Co. lifted their price objective on WEC Energy Group from $98.00 to $99.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 16th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $90.17.

WEC Energy Group Company Profile

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.