Penobscot Investment Management Company Inc. Reduces Holdings in WEC Energy Group, Inc. (NYSE:WEC)

Penobscot Investment Management Company Inc. trimmed its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC) by 1.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,609 shares of the utilities provider’s stock after selling 523 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in WEC Energy Group were worth $2,502,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wellington Management Group LLP increased its stake in shares of WEC Energy Group by 17,270.5% in the 3rd quarter. Wellington Management Group LLP now owns 4,718,179 shares of the utilities provider’s stock worth $453,794,000 after purchasing an additional 4,691,017 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in WEC Energy Group in the fourth quarter worth about $188,879,000. JPMorgan Chase & Co. raised its stake in shares of WEC Energy Group by 17.0% in the third quarter. JPMorgan Chase & Co. now owns 4,806,360 shares of the utilities provider’s stock worth $462,276,000 after buying an additional 699,177 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of WEC Energy Group by 57.7% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,900,238 shares of the utilities provider’s stock valued at $182,765,000 after buying an additional 695,317 shares in the last quarter. Finally, Benjamin Edwards Inc. grew its stake in shares of WEC Energy Group by 897.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 568,629 shares of the utilities provider’s stock valued at $54,694,000 after acquiring an additional 511,618 shares during the period. 77.20% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at WEC Energy Group

In other WEC Energy Group news, Director Ulice Payne, Jr. sold 1,150 shares of WEC Energy Group stock in a transaction on Monday, February 24th. The shares were sold at an average price of $104.17, for a total transaction of $119,795.50. Following the completion of the transaction, the director now directly owns 21,951 shares of the company’s stock, valued at $2,286,635.67. The trade was a 4.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gale E. Klappa sold 25,000 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $108.62, for a total transaction of $2,715,500.00. Following the completion of the sale, the director now directly owns 274,955 shares in the company, valued at approximately $29,865,612.10. This represents a 8.33 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

WEC has been the topic of a number of recent analyst reports. Barclays upgraded shares of WEC Energy Group from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $89.00 to $93.00 in a research note on Thursday, January 2nd. KeyCorp lifted their target price on shares of WEC Energy Group from $108.00 to $109.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Scotiabank increased their price target on WEC Energy Group from $103.00 to $110.00 and gave the stock a “sector outperform” rating in a research note on Monday, December 9th. Wells Fargo & Company boosted their price objective on WEC Energy Group from $112.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Finally, BMO Capital Markets increased their target price on WEC Energy Group from $95.00 to $100.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $101.88.

WEC Energy Group Price Performance

WEC Energy Group stock opened at $104.32 on Wednesday. WEC Energy Group, Inc. has a 52-week low of $77.47 and a 52-week high of $110.19. The company has a quick ratio of 0.43, a current ratio of 0.60 and a debt-to-equity ratio of 1.37. The firm’s fifty day moving average is $103.06 and its 200 day moving average is $98.70. The company has a market cap of $32.95 billion, a price-to-earnings ratio of 21.60, a PEG ratio of 2.60 and a beta of 0.45.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Tuesday, February 4th. The utilities provider reported $1.43 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.06). WEC Energy Group had a net margin of 17.75% and a return on equity of 12.39%. The business had revenue of $2.28 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the previous year, the business posted $1.10 EPS. The firm’s revenue was up 3.0% on a year-over-year basis. Sell-side analysts forecast that WEC Energy Group, Inc. will post 5.23 EPS for the current fiscal year.

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.