Sigma Planning Corp Grows Stock Position in WEC Energy Group, Inc. (NYSE:WEC)

Posted by Defense World Staff on Aug 12th, 2023

Sigma Planning Corp lifted its stake in shares of WEC Energy Group, Inc. (NYSE:WEC – Free Report) by 6.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,532 shares of the utilities provider’s stock after purchasing an additional 393 shares during the quarter. Sigma Planning Corp’s holdings in WEC Energy Group were worth $619,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of WEC. Achmea Investment Management B.V. acquired a new stake in WEC Energy Group in the first quarter valued at $27,000. First Manhattan Co. grew its holdings in WEC Energy Group by 102.0% in the fourth quarter. First Manhattan Co. now owns 303 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 153 shares during the last quarter. Richard W. Paul & Associates LLC acquired a new stake in WEC Energy Group in the fourth quarter valued at $30,000. Pinnacle Financial Partners Inc. grew its holdings in 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 purchasing an additional 164 shares during the last quarter. Finally, Bellwether Advisors LLC acquired a new stake in WEC Energy Group in the fourth quarter valued at $48,000. Hedge funds and other institutional investors own 74.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on WEC shares. JPMorgan Chase & Co. increased their price objective on WEC Energy Group from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, April 19th. Mizuho reaffirmed a “buy” rating and set a $98.00 price objective on shares of WEC Energy Group in a research note on Friday, June 30th. KeyCorp decreased their price objective on WEC Energy Group from $103.00 to $102.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 19th. StockNews.com lowered WEC Energy Group from a “hold” rating to a “sell” rating in a research note on Thursday. Finally, Bank of America decreased their price objective on WEC Energy Group from $106.00 to $103.00 in a research note on Wednesday, May 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, WEC Energy Group currently has an average rating of “Hold” and a consensus target price of $98.80.

Check Out Our Latest Analysis on WEC

WEC Energy Group Stock Performance

WEC Energy Group stock opened at $86.77 on Friday. The stock’s 50-day moving average is $89.56 and its 200-day moving average is $91.72. The company has a market cap of $27.37 billion, a price-to-earnings ratio of 20.23, a price-to-earnings-growth ratio of 3.29 and a beta of 0.40. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.60 and a quick ratio of 0.45. WEC Energy Group, Inc. has a 12 month low of $80.82 and a 12 month high of $108.20.

WEC Energy Group (NYSE:WEC – Get Free Report) last released its quarterly earnings data on Tuesday, August 1st. The utilities provider reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. The company had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $2.05 billion. WEC Energy Group had a return on equity of 11.48% and a net margin of 14.57%. The company’s quarterly revenue was down 14.0% compared to the same quarter last year. During the same period last year, the business posted $0.91 EPS. Equities analysts anticipate that WEC Energy Group, Inc. will post 4.6 earnings per share for the current year.

WEC Energy Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 14th will be issued a dividend of $0.78 per share. The ex-dividend date of this dividend is Friday, August 11th. This represents a $3.12 annualized dividend and a dividend yield of 3.60%. WEC Energy Group’s payout ratio is currently 72.73%.

WEC Energy Group Company Profile

(Free Report)

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.