Assetmark Inc. Raises Stake in WEC Energy Group, Inc. (NYSE:WEC)

Assetmark Inc. grew its holdings in WEC Energy Group, Inc. (NYSE:WEC) by 26.5% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 34,998 shares of the utilities provider’s stock after buying an additional 7,335 shares during the period. Assetmark Inc.’s holdings in WEC Energy Group were worth $3,366,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Global X Japan Co. Ltd. lifted its position in WEC Energy Group by 58.1% during the 2nd quarter. Global X Japan Co. Ltd. now owns 321 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 118 shares during the period. Olistico Wealth LLC purchased a new position in WEC Energy Group in the 2nd quarter valued at $29,000. William B. Walkup & Associates Inc. acquired a new position in WEC Energy Group in the 2nd quarter valued at $31,000. Triad Wealth Partners LLC purchased a new position in WEC Energy Group during the 2nd quarter worth $36,000. Finally, ESL Trust Services LLC acquired a new stake in shares of WEC Energy Group in the 1st quarter worth $37,000. Hedge funds and other institutional investors own 77.20% of the company’s stock.

WEC Energy Group Stock Performance

NYSE WEC opened at $97.85 on Wednesday. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $30.96 billion, a PE ratio of 23.92, a price-to-earnings-growth ratio of 2.51 and a beta of 0.44. The business’s 50-day moving average price is $95.98 and its 200 day moving average price is $87.92. WEC Energy Group, Inc. has a twelve month low of $75.13 and a twelve month high of $100.31.

WEC Energy Group (NYSE:WEC) last released its earnings results on Thursday, October 31st. The utilities provider reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.12. WEC Energy Group had a net margin of 15.14% and a return on equity of 11.72%. The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same period last year, the company earned $1.00 earnings per share. The company’s quarterly revenue was down 4.8% on a year-over-year basis. On average, research analysts predict that WEC Energy Group, Inc. will post 4.87 earnings per share for the current year.

WEC Energy Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Thursday, November 14th will be paid a $0.835 dividend. This represents a $3.34 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Thursday, November 14th. WEC Energy Group’s dividend payout ratio is currently 81.66%.

Insider Transactions at WEC Energy Group

In related news, VP William J. Guc sold 6,000 shares of WEC Energy Group stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $92.99, for a total transaction of $557,940.00. Following the transaction, the vice president now owns 7,702 shares in the company, valued at approximately $716,208.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other WEC Energy Group news, VP William J. Guc sold 6,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $92.99, for a total transaction of $557,940.00. Following the transaction, the vice president now owns 7,702 shares in the company, valued at $716,208.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Mary Beth Straka sold 3,240 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $93.04, for a total value of $301,449.60. Following the completion of the sale, the vice president now owns 3,662 shares of the company’s stock, valued at approximately $340,712.48. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

WEC has been the subject of a number of recent analyst reports. Bank of America raised their price objective on shares of WEC Energy Group from $88.00 to $90.00 and gave the company an “underperform” rating in a research report on Thursday, August 29th. BMO Capital Markets lifted their price target on WEC Energy Group from $91.00 to $93.00 and gave the company a “market perform” rating in a research note on Friday, August 23rd. Jefferies Financial Group initiated coverage on WEC Energy Group in a research report on Thursday, September 19th. They issued a “hold” rating and a $102.00 price objective for the company. Barclays boosted their target price on shares of WEC Energy Group from $86.00 to $89.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Finally, Scotiabank increased their price target on shares of WEC Energy Group from $90.00 to $103.00 and gave the company a “sector outperform” rating in a report on Tuesday, August 20th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $94.45.

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