Cerro Pacific Wealth Advisors LLC Increases Position in WEC Energy Group, Inc. $WEC

Cerro Pacific Wealth Advisors LLC lifted its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC) by 43.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,582 shares of the utilities provider’s stock after acquiring an additional 2,002 shares during the quarter. Cerro Pacific Wealth Advisors LLC’s holdings in WEC Energy Group were worth $686,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Horizon Investment Services LLC purchased a new stake in shares of WEC Energy Group during the first quarter worth about $379,000. Los Angeles Capital Management LLC increased its position in shares of WEC Energy Group by 2,964.9% during the first quarter. Los Angeles Capital Management LLC now owns 108,651 shares of the utilities provider’s stock worth $11,841,000 after acquiring an additional 105,106 shares during the last quarter. AustralianSuper Pty Ltd purchased a new stake in shares of WEC Energy Group during the first quarter worth about $10,333,000. Sowell Financial Services LLC purchased a new stake in shares of WEC Energy Group during the first quarter worth about $325,000. Finally, CWA Asset Management Group LLC increased its position in shares of WEC Energy Group by 5.6% during the first quarter. CWA Asset Management Group LLC now owns 2,947 shares of the utilities provider’s stock worth $321,000 after acquiring an additional 157 shares during the last quarter. 77.20% of the stock is owned by hedge funds and other institutional investors.

WEC Energy Group Stock Performance

Shares of WEC stock opened at $115.07 on Friday. The company has a quick ratio of 0.40, a current ratio of 0.55 and a debt-to-equity ratio of 1.28. The business has a 50 day moving average of $109.95 and a two-hundred day moving average of $107.67. WEC Energy Group, Inc. has a 52 week low of $91.94 and a 52 week high of $115.90. The company has a market cap of $37.04 billion, a P/E ratio of 22.04, a PEG ratio of 3.16 and a beta of 0.47.

WEC Energy Group (NYSE:WEC) last issued its earnings results on Tuesday, September 2nd. The utilities provider reported $1.43 EPS for the quarter. WEC Energy Group had a return on equity of 12.90% and a net margin of 17.87%.The company had revenue of $2.28 billion during the quarter. As a group, analysts anticipate that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

WEC Energy Group Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Thursday, August 14th were paid a $0.8925 dividend. This represents a $3.57 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Thursday, August 14th. WEC Energy Group’s payout ratio is presently 68.39%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on WEC. The Goldman Sachs Group lowered WEC Energy Group from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $106.00 to $100.00 in a report on Wednesday, June 25th. Weiss Ratings reissued a “buy (b-)” rating on shares of WEC Energy Group in a report on Wednesday. Scotiabank boosted their price objective on WEC Energy Group from $115.00 to $129.00 and gave the company an “outperform” rating in a report on Monday, October 6th. UBS Group boosted their price objective on WEC Energy Group from $117.00 to $122.00 and gave the company a “neutral” rating in a report on Friday. Finally, Citigroup began coverage on WEC Energy Group in a report on Friday, October 3rd. They issued a “buy” rating and a $131.00 price objective for the company. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $112.20.

Insider Buying and Selling

In other news, EVP Daniel Krueger sold 5,930 shares of the business’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $111.14, for a total transaction of $659,060.20. Following the completion of the transaction, the executive vice president directly owned 6,606 shares in the company, valued at approximately $734,190.84. The trade was a 47.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Scott J. Lauber sold 9,231 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $110.88, for a total value of $1,023,533.28. Following the transaction, the chief executive officer owned 56,443 shares of the company’s stock, valued at approximately $6,258,399.84. This represents a 14.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,448 shares of company stock valued at $7,581,132 over the last 90 days. 0.50% of the stock is owned by corporate insiders.

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.