Spirepoint Private Client LLC Makes New Investment in WEC Energy Group, Inc. (NYSE:WEC)

Spirepoint Private Client LLC bought a new position in shares of WEC Energy Group, Inc. (NYSE:WEC) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,740 shares of the utilities provider’s stock, valued at approximately $225,000.

Several other hedge funds have also modified their holdings of WEC. Northern Trust Corp boosted its position in WEC Energy Group by 2.9% in the 4th quarter. Northern Trust Corp now owns 4,071,148 shares of the utilities provider’s stock valued at $342,669,000 after buying an additional 116,219 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in WEC Energy Group by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,777,770 shares of the utilities provider’s stock valued at $149,635,000 after acquiring an additional 51,540 shares during the last quarter. Envestnet Asset Management Inc. increased its position in WEC Energy Group by 93.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 1,665,038 shares of the utilities provider’s stock worth $140,146,000 after purchasing an additional 803,718 shares during the period. Confluence Investment Management LLC bought a new stake in WEC Energy Group during the 1st quarter worth about $127,945,000. Finally, Goldman Sachs Group Inc. lifted its position in WEC Energy Group by 15.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,520,644 shares of the utilities provider’s stock valued at $127,993,000 after purchasing an additional 199,288 shares during the period. 77.20% of the stock is owned by institutional investors.

WEC Energy Group Stock Down 0.6 %

Shares of NYSE WEC traded down $0.50 during mid-day trading on Friday, hitting $81.55. The company had a trading volume of 1,536,910 shares, compared to its average volume of 1,685,126. The company has a current ratio of 0.55, a quick ratio of 0.42 and a debt-to-equity ratio of 1.24. The firm has a 50-day simple moving average of $80.27 and a two-hundred day simple moving average of $80.62. The company has a market capitalization of $25.76 billion, a PE ratio of 17.81, a price-to-earnings-growth ratio of 2.11 and a beta of 0.41. WEC Energy Group, Inc. has a one year low of $75.13 and a one year high of $93.37.

WEC Energy Group (NYSE:WEC) last posted its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.97 earnings per share for the quarter, beating analysts’ consensus estimates of $1.90 by $0.07. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.92 billion. WEC Energy Group had a return on equity of 13.01% and a net margin of 16.67%. The business’s revenue was down 7.2% compared to the same quarter last year. During the same period last year, the company earned $1.61 earnings per share. On average, equities analysts expect that WEC Energy Group, Inc. will post 4.88 EPS for the current year.

WEC Energy Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Wednesday, August 14th will be paid a $0.835 dividend. This represents a $3.34 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date of this dividend is Wednesday, August 14th. WEC Energy Group’s dividend payout ratio is currently 72.93%.

Analyst Ratings Changes

Several equities research analysts have recently commented on WEC shares. BMO Capital Markets lifted their price target on shares of WEC Energy Group from $89.00 to $90.00 and gave the stock a “market perform” rating in a research report on Thursday, May 2nd. KeyCorp upped their target price on shares of WEC Energy Group from $95.00 to $96.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. StockNews.com upgraded WEC Energy Group from a “sell” rating to a “hold” rating in a research report on Thursday, May 9th. The Goldman Sachs Group initiated coverage on WEC Energy Group in a report on Wednesday, April 10th. They issued a “neutral” rating and a $88.00 price objective for the company. Finally, Scotiabank reduced their target price on WEC Energy Group from $96.00 to $90.00 and set a “sector outperform” rating on the stock in a report on Monday, April 22nd. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, WEC Energy Group presently has an average rating of “Hold” and an average price target of $85.92.

WEC Energy Group 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. It operates through Wisconsin, Illinois, Other States, Electric Transmission, and Non-Utility Energy Infrastructure segments.