Meyer Handelman Co. Sells 3,908 Shares of WEC Energy Group, Inc. (NYSE:WEC)

Meyer Handelman Co. lessened its stake in WEC Energy Group, Inc. (NYSE:WECGet Rating) by 11.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 30,790 shares of the utilities provider’s stock after selling 3,908 shares during the period. Meyer Handelman Co.’s holdings in WEC Energy Group were worth $3,099,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in WEC. Ledyard National Bank raised its stake in shares of WEC Energy Group by 1.2% in the first quarter. Ledyard National Bank now owns 8,619 shares of the utilities provider’s stock valued at $860,000 after acquiring an additional 100 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of WEC Energy Group by 0.5% in the first quarter. Louisiana State Employees Retirement System now owns 19,900 shares of the utilities provider’s stock valued at $2,097,000 after acquiring an additional 100 shares during the last quarter. Accel Wealth Management raised its stake in shares of WEC Energy Group by 17.2% in the first quarter. Accel Wealth Management now owns 682 shares of the utilities provider’s stock valued at $69,000 after acquiring an additional 100 shares during the last quarter. Valmark Advisers Inc. raised its stake in shares of WEC Energy Group by 1.0% in the first quarter. Valmark Advisers Inc. now owns 10,588 shares of the utilities provider’s stock valued at $1,057,000 after acquiring an additional 102 shares during the last quarter. Finally, AGF Investments LLC raised its stake in shares of WEC Energy Group by 1.1% in the first quarter. AGF Investments LLC now owns 9,796 shares of the utilities provider’s stock valued at $978,000 after acquiring an additional 103 shares during the last quarter. Institutional investors own 75.03% of the company’s stock.

WEC Energy Group Price Performance

WEC Energy Group stock traded down $1.31 during mid-day trading on Friday, reaching $98.84. The company had a trading volume of 15,803 shares, compared to its average volume of 1,210,656. The company has a market cap of $31.18 billion, a P/E ratio of 23.13, a P/E/G ratio of 3.74 and a beta of 0.28. The business has a fifty day simple moving average of $103.38 and a 200 day simple moving average of $101.27. The company has a current ratio of 0.69, a quick ratio of 0.54 and a debt-to-equity ratio of 1.18. WEC Energy Group, Inc. has a fifty-two week low of $86.84 and a fifty-two week high of $108.39.

WEC Energy Group (NYSE:WECGet Rating) last announced its earnings results on Tuesday, August 2nd. The utilities provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. WEC Energy Group had a net margin of 15.23% and a return on equity of 12.15%. The business had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter last year, the firm earned $0.87 earnings per share. WEC Energy Group’s quarterly revenue was up 26.9% on a year-over-year basis. On average, equities research analysts predict that WEC Energy Group, Inc. will post 4.39 earnings per share for the current year.

WEC Energy Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 12th were given a dividend of $0.7275 per share. This represents a $2.91 annualized dividend and a dividend yield of 2.94%. The ex-dividend date of this dividend was Thursday, August 11th. WEC Energy Group’s payout ratio is presently 67.21%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on WEC shares. Barclays lowered their price target on shares of WEC Energy Group from $108.00 to $104.00 and set an “equal weight” rating for the company in a report on Monday, July 18th. Credit Suisse Group lowered shares of WEC Energy Group from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $108.00 to $98.00 in a report on Wednesday, July 20th. Wells Fargo & Company raised their price target on shares of WEC Energy Group from $111.00 to $114.00 and gave the company an “overweight” rating in a report on Wednesday, August 3rd. Finally, Mizuho lowered their target price on shares of WEC Energy Group from $107.00 to $93.00 and set a “neutral” rating for the company in a report on Friday, June 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, WEC Energy Group currently has a consensus rating of “Hold” and a consensus price target of $102.33.

Insider Transactions at WEC Energy Group

In other news, EVP William Mastoris sold 4,690 shares of the business’s stock in a transaction dated Friday, August 12th. The shares were sold at an average price of $105.04, for a total transaction of $492,637.60. Following the completion of the sale, the executive vice president now directly owns 2,506 shares of the company’s stock, valued at $263,230.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.34% of the stock is currently owned by insiders.

WEC Energy Group Company Profile

(Get Rating)

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States. The company operates through six segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other.

See Also

Institutional Ownership by Quarter for WEC Energy Group (NYSE:WEC)

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