Ieq Capital LLC Lowers Stock Holdings in WEC Energy Group, Inc. (NYSE:WEC)

Posted by Defense World Staff on Apr 30th, 2023

Ieq Capital LLC lowered its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC – Get Rating) by 50.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,177 shares of the utilities provider’s stock after selling 5,277 shares during the quarter. Ieq Capital LLC’s holdings in WEC Energy Group were worth $485,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of WEC. Glassy Mountain Advisors Inc. purchased a new position in shares of WEC Energy Group in the fourth quarter valued at approximately $26,000. Asset Dedication LLC purchased a new position in shares of WEC Energy Group in the fourth quarter valued at approximately $27,000. Achmea Investment Management B.V. purchased a new position in shares of WEC Energy Group in the first quarter valued at approximately $27,000. Cowa LLC purchased a new position in shares of WEC Energy Group in the third quarter valued at approximately $30,000. Finally, Pinnacle Financial Partners Inc. lifted its position in shares of WEC Energy Group by 100.0% in the fourth quarter. Pinnacle Financial Partners Inc. now owns 328 shares of the utilities provider’s stock valued at $31,000 after acquiring an additional 164 shares in the last quarter. Hedge funds and other institutional investors own 74.05% of the company’s stock.

WEC Energy Group Price Performance

NYSE:WEC opened at $96.17 on Friday. WEC Energy Group, Inc. has a 52 week low of $80.82 and a 52 week high of $108.39. The company has a quick ratio of 0.52, a current ratio of 0.69 and a debt-to-equity ratio of 1.27. The company has a market capitalization of $30.33 billion, a P/E ratio of 21.56, a P/E/G ratio of 3.64 and a beta of 0.40. The stock’s fifty day moving average is $93.68 and its two-hundred day moving average is $93.43.

WEC Energy Group (NYSE:WEC – Get Rating) last posted its earnings results on Thursday, February 2nd. The utilities provider reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.05. WEC Energy Group had a return on equity of 12.24% and a net margin of 14.68%. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter in the previous year, the business earned $0.71 earnings per share. The company’s revenue for the quarter was up 16.2% on a year-over-year basis. Equities analysts expect that WEC Energy Group, Inc. will post 4.6 EPS for the current year.

WEC Energy Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Friday, May 12th will be issued a $0.78 dividend. The ex-dividend date is Thursday, May 11th. This represents a $3.12 annualized dividend and a dividend yield of 3.24%. WEC Energy Group’s dividend payout ratio is presently 69.96%.

Analysts Set New Price Targets

WEC has been the topic of several research reports. JPMorgan Chase & Co. raised their target price on WEC Energy Group from $99.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, April 19th. Wells Fargo & Company cut their price target on WEC Energy Group from $109.00 to $106.00 and set an “overweight” rating for the company in a report on Friday, February 3rd. Finally, StockNews.com began coverage on WEC Energy Group in a research note on Thursday, March 16th. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, WEC Energy Group presently has an average rating of “Hold” and a consensus target price of $99.40.

WEC Energy Group Company Profile

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WEC Energy Group, Inc is a holding company, which engages in the generation and distribution of electricity and natural gas. It operates through the following segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure and Corporate & Other. The Wisconsin segment refers to the electric and gas utility operations.