Parsons Capital Management Inc. RI Has $2,264,000 Holding in WEC Energy Group, Inc. (WEC)

Parsons Capital Management Inc. RI Has $2,264,000 Holding in WEC Energy Group, Inc. (WEC)

Parsons Capital Management Inc. RI lowered its stake in WEC Energy Group, Inc. (NYSE:WEC) by 4.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,817 shares of the company’s stock after selling 1,688 shares during the period. Parsons Capital Management Inc. RI’s holdings in WEC Energy Group were worth $2,264,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of WEC. BlackRock Fund Advisors raised its position in WEC Energy Group by 9.2% in the second quarter. BlackRock Fund Advisors now owns 10,164,382 shares of the company’s stock valued at $663,734,000 after buying an additional 858,317 shares in the last quarter. Neuberger Berman Group LLC boosted its stake in WEC Energy Group by 1.2% in the third quarter. Neuberger Berman Group LLC now owns 3,389,544 shares of the company’s stock valued at $202,966,000 after buying an additional 38,917 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in WEC Energy Group by 32.0% in the third quarter. UBS Asset Management Americas Inc. now owns 3,326,564 shares of the company’s stock valued at $199,195,000 after buying an additional 806,429 shares during the last quarter. BlackRock Group LTD boosted its stake in WEC Energy Group by 1.8% in the second quarter. BlackRock Group LTD now owns 2,877,254 shares of the company’s stock valued at $187,884,000 after buying an additional 51,500 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in WEC Energy Group by 0.4% in the second quarter. Legal & General Group Plc now owns 2,362,084 shares of the company’s stock valued at $154,210,000 after buying an additional 8,469 shares during the last quarter. Institutional investors and hedge funds own 69.47% of the company’s stock.

WEC Energy Group, Inc. (NYSE:WEC) traded down 1.71% during trading on Wednesday, hitting $58.04. The stock had a trading volume of 471,386 shares. The firm has a market cap of $18.32 billion, a price-to-earnings ratio of 19.92 and a beta of 0.04. WEC Energy Group, Inc. has a 1-year low of $53.66 and a 1-year high of $66.10. The firm’s 50 day moving average is $58.45 and its 200 day moving average is $59.38.

WEC Energy Group (NYSE:WEC) last issued its quarterly earnings results on Wednesday, February 1st. The company reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by $0.01. WEC Energy Group had a net margin of 12.58% and a return on equity of 10.76%. The business had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the prior year, the firm posted $0.63 EPS. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, analysts anticipate that WEC Energy Group, Inc. will post $2.94 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 1st. Stockholders of record on Tuesday, February 14th will be issued a dividend of $0.52 per share. This is an increase from WEC Energy Group’s previous quarterly dividend of $0.50. The ex-dividend date is Friday, February 10th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.52%. WEC Energy Group’s payout ratio is currently 68.04%.

WEC has been the topic of a number of recent research reports. Zacks Investment Research raised WEC Energy Group from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Wednesday, January 11th. Guggenheim assumed coverage on WEC Energy Group in a report on Thursday, November 3rd. They issued a “buy” rating and a $63.00 target price on the stock. Finally, KeyCorp reissued a “hold” rating on shares of WEC Energy Group in a report on Wednesday, November 9th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. WEC Energy Group has a consensus rating of “Buy” and a consensus target price of $62.50.

In related news, insider Allen L. Leverett sold 29,715 shares of WEC Energy Group stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $58.32, for a total transaction of $1,732,978.80. Following the completion of the sale, the insider now owns 78,247 shares of the company’s stock, valued at $4,563,365.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.81% of the company’s stock.

WEC Energy Group Company Profile

WEC Energy Group, Inc, formerly Wisconsin Energy Corporation, is a holding company, which has electric and natural gas utility operations. The Company’s segments are Wisconsin, Illinois, other states, electric transmission, We Power, and corporate and other. The Company’s Wisconsin segment includes the electric and natural gas utility, and non-utility operations of Wisconsin Electric Power Company (Wisconsin Electric), Wisconsin Gas LLC (Wisconsin Gas) and Wisconsin Public Service Corporation (WPS), including Wisconsin Electric’s electric and WPS’s electric and natural gas operations in the state of Michigan.

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