Texas Permanent School Fund Corp Trims Holdings in WEC Energy Group, Inc. (NYSE:WEC)

Texas Permanent School Fund Corp reduced its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC) by 20.0% in the second quarter, HoldingsChannel reports. The fund owned 52,144 shares of the utilities provider’s stock after selling 13,059 shares during the period. Texas Permanent School Fund Corp’s holdings in WEC Energy Group were worth $4,091,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. Confluence Investment Management LLC purchased a new position in shares of WEC Energy Group during the first quarter valued at approximately $127,945,000. Clearbridge Investments LLC raised its stake in WEC Energy Group by 763.5% during the fourth quarter. Clearbridge Investments LLC now owns 1,332,587 shares of the utilities provider’s stock valued at $112,164,000 after buying an additional 1,178,270 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in WEC Energy Group by 93.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 1,665,038 shares of the utilities provider’s stock worth $140,146,000 after acquiring an additional 803,718 shares in the last quarter. Earnest Partners LLC grew its stake in shares of WEC Energy Group by 36.0% in the first quarter. Earnest Partners LLC now owns 1,748,141 shares of the utilities provider’s stock worth $143,557,000 after acquiring an additional 462,646 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of WEC Energy Group during the first quarter valued at $23,297,000. Institutional investors own 77.20% of the company’s stock.

Insider Activity

In related news, VP Joshua M. Erickson sold 350 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $89.75, for a total value of $31,412.50. Following the transaction, the vice president now directly owns 2,377 shares of the company’s stock, valued at approximately $213,335.75. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other WEC Energy Group news, VP William J. Guc sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $92.99, for a total value of $557,940.00. Following the completion of the transaction, the vice president now directly owns 7,702 shares in the company, valued at $716,208.98. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Joshua M. Erickson sold 350 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $89.75, for a total transaction of $31,412.50. Following the completion of the sale, the vice president now directly owns 2,377 shares of the company’s stock, valued at $213,335.75. The disclosure for this sale can be found here. Insiders sold a total of 11,702 shares of company stock valued at $1,078,058 in the last 90 days. Company insiders own 0.34% of the company’s stock.

WEC Energy Group Stock Up 0.9 %

WEC stock opened at $95.84 on Friday. The company has a market cap of $30.27 billion, a price-to-earnings ratio of 20.93, a P/E/G ratio of 2.45 and a beta of 0.44. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.54 and a current ratio of 0.74. The business’s 50-day moving average is $88.15 and its two-hundred day moving average is $83.33. WEC Energy Group, Inc. has a fifty-two week low of $75.13 and a fifty-two week high of $96.15.

WEC Energy Group (NYSE:WEC) last issued its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.87 billion. WEC Energy Group had a net margin of 15.85% and a return on equity of 12.26%. The business’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.92 EPS. As a group, analysts forecast that WEC Energy Group, Inc. will post 4.88 earnings per share for the current year.

WEC Energy Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Wednesday, August 14th were paid a dividend of $0.835 per share. This represents a $3.34 annualized dividend and a dividend yield of 3.48%. The ex-dividend date was Wednesday, August 14th. WEC Energy Group’s dividend payout ratio is presently 72.93%.

Analyst Ratings Changes

WEC has been the topic of a number of analyst reports. Wells Fargo & Company upped their price target on shares of WEC Energy Group from $98.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Scotiabank increased their price target on shares of WEC Energy Group from $90.00 to $103.00 and gave the company a “sector outperform” rating in a report on Tuesday, August 20th. StockNews.com lowered shares of WEC Energy Group from a “hold” rating to a “sell” rating in a report on Friday, August 9th. BMO Capital Markets increased their target price on WEC Energy Group from $91.00 to $93.00 and gave the company a “market perform” rating in a research note on Friday, August 23rd. Finally, Bank of America boosted their price target on WEC Energy Group from $88.00 to $90.00 and gave the stock an “underperform” rating in a research note on Thursday, August 29th. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $90.17.

WEC Energy Group 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.