Parsons Capital Management Inc. RI Sells 4,536 Shares of WEC Energy Group, Inc. (NYSE:WEC)

Parsons Capital Management Inc. RI decreased its position in shares of WEC Energy Group, Inc. (NYSE:WEC) by 23.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,684 shares of the utilities provider’s stock after selling 4,536 shares during the period. Parsons Capital Management Inc. RI’s holdings in WEC Energy Group were worth $1,152,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of WEC. Northwest Bank & Trust Co bought a new stake in WEC Energy Group in the 4th quarter valued at about $25,000. Opal Wealth Advisors LLC bought a new position in shares of WEC Energy Group during the first quarter worth approximately $25,000. Tennessee Valley Asset Management Partners bought a new position in shares of WEC Energy Group during the fourth quarter worth approximately $26,000. Olistico Wealth LLC bought a new position in shares of WEC Energy Group during the second quarter worth approximately $29,000. Finally, First United Bank & Trust bought a new position in shares of WEC Energy Group during the fourth quarter worth approximately $30,000. Institutional investors and hedge funds own 77.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. BMO Capital Markets raised their target price on shares of WEC Energy Group from $87.00 to $91.00 and gave the stock a “market perform” rating in a report on Thursday, August 1st. Wells Fargo & Company raised their target price on shares of WEC Energy Group from $93.00 to $98.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. KeyCorp reduced their price target on shares of WEC Energy Group from $96.00 to $95.00 and set an “overweight” rating on the stock in a research report on Monday, July 22nd. Barclays increased their price target on shares of WEC Energy Group from $80.00 to $86.00 and gave the stock an “underweight” rating in a research report on Tuesday, August 6th. Finally, StockNews.com cut WEC Energy Group from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, WEC Energy Group has a consensus rating of “Hold” and a consensus price target of $87.31.

Insiders Place Their Bets

In other WEC Energy Group news, Director Ulice Payne, Jr. sold 750 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $88.45, for a total transaction of $66,337.50. Following the transaction, the director now owns 21,876 shares in the company, valued at approximately $1,934,932.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Ulice Payne, Jr. sold 750 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $88.45, for a total value of $66,337.50. Following the completion of the sale, the director now directly owns 21,876 shares of the company’s stock, valued at approximately $1,934,932.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Joshua M. Erickson sold 350 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $89.75, for a total value of $31,412.50. Following the completion of the transaction, the vice president now owns 2,377 shares in the company, valued at $213,335.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,462 shares of company stock valued at $218,668. Insiders own 0.34% of the company’s stock.

WEC Energy Group Trading Up 0.6 %

Shares of WEC opened at $90.71 on Tuesday. WEC Energy Group, Inc. has a twelve month low of $75.13 and a twelve month high of $92.23. The company has a quick ratio of 0.54, a current ratio of 0.74 and a debt-to-equity ratio of 1.37. The stock has a market cap of $28.67 billion, a PE ratio of 19.68, a P/E/G ratio of 2.31 and a beta of 0.41. The business’s 50-day moving average price is $82.39 and its 200-day moving average price is $81.32.

WEC Energy Group (NYSE:WEC) last issued its quarterly earnings results on Wednesday, July 31st. The utilities provider reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.04. WEC Energy Group had a net margin of 15.85% and a return on equity of 12.26%. The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same period last year, the business earned $0.92 earnings per share. The business’s quarterly revenue was down 3.2% on a year-over-year basis. On average, equities analysts forecast that WEC Energy Group, Inc. will post 4.88 EPS for the current fiscal year.

WEC Energy Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Wednesday, August 14th will be issued a dividend of $0.835 per share. The ex-dividend date is Wednesday, August 14th. This represents a $3.34 annualized dividend and a dividend yield of 3.68%. WEC Energy Group’s payout ratio is presently 72.93%.

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