WEC Energy Group, Inc. (NYSE:WEC) Holdings Cut by Magellan Asset Management Ltd

Magellan Asset Management Ltd reduced its holdings in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 28.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,663,354 shares of the utilities provider's stock after selling 648,423 shares during the quarter. WEC Energy Group comprises 1.7% of Magellan Asset Management Ltd's investment portfolio, making the stock its 28th biggest holding. Magellan Asset Management Ltd owned 0.53% of WEC Energy Group worth $156,422,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of WEC. Annex Advisory Services LLC boosted its position in shares of WEC Energy Group by 6.5% during the 4th quarter. Annex Advisory Services LLC now owns 110,644 shares of the utilities provider's stock worth $10,405,000 after purchasing an additional 6,785 shares in the last quarter. Matrix Trust Co purchased a new position in WEC Energy Group in the fourth quarter valued at about $1,538,000. Motley Fool Wealth Management LLC boosted its stake in shares of WEC Energy Group by 51.0% during the 3rd quarter. Motley Fool Wealth Management LLC now owns 29,978 shares of the utilities provider's stock worth $2,883,000 after acquiring an additional 10,126 shares in the last quarter. Gateway Investment Advisers LLC increased its stake in WEC Energy Group by 20.9% in the 4th quarter. Gateway Investment Advisers LLC now owns 453,945 shares of the utilities provider's stock valued at $42,689,000 after purchasing an additional 78,580 shares in the last quarter. Finally, PFW Advisors LLC acquired a new stake in WEC Energy Group in the fourth quarter valued at $1,073,000. 77.20% of the stock is currently owned by hedge funds and other institutional investors.

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WEC Energy Group Stock Up 2.0 %

WEC traded up $2.03 during trading hours on Tuesday, reaching $105.24. 689,146 shares of the stock traded hands, compared to its average volume of 2,115,726. WEC Energy Group, Inc. has a fifty-two week low of $77.47 and a fifty-two week high of $111.00. The company has a market cap of $33.58 billion, a price-to-earnings ratio of 21.81, a PEG ratio of 2.60 and a beta of 0.44. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.60 and a quick ratio of 0.43. The firm's fifty day simple moving average is $104.58 and its two-hundred day simple moving average is $99.44.

WEC Energy Group (NYSE:WEC - Get Free Report) last announced its earnings results on Tuesday, February 4th. The utilities provider reported $1.43 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.06). WEC Energy Group had a net margin of 17.75% and a return on equity of 12.39%. The business had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the prior year, the business earned $1.10 earnings per share. The firm's revenue was up 3.0% on a year-over-year basis. As a group, analysts forecast that WEC Energy Group, Inc. will post 5.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Ulice Payne, Jr. sold 1,150 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $104.17, for a total transaction of $119,795.50. Following the transaction, the director now owns 21,951 shares of the company's stock, valued at approximately $2,286,635.67. This trade represents a 4.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gale E. Klappa sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $108.62, for a total value of $2,715,500.00. Following the sale, the director now owns 274,955 shares in the company, valued at $29,865,612.10. The trade was a 8.33 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on WEC. JPMorgan Chase & Co. raised WEC Energy Group from an "underweight" rating to a "neutral" rating and lifted their price target for the stock from $106.00 to $108.00 in a research note on Tuesday. StockNews.com cut shares of WEC Energy Group from a "hold" rating to a "sell" rating in a research note on Thursday, February 6th. Bank of America upgraded WEC Energy Group from an "underperform" rating to a "neutral" rating and increased their target price for the company from $90.00 to $98.00 in a report on Thursday, December 12th. BMO Capital Markets lifted their price objective on WEC Energy Group from $95.00 to $100.00 and gave the stock a "market perform" rating in a research report on Wednesday, February 5th. Finally, Scotiabank upped their target price on shares of WEC Energy Group from $103.00 to $110.00 and gave the company a "sector outperform" rating in a report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, WEC Energy Group currently has an average rating of "Hold" and an average price target of $102.56.

WEC Energy Group Company 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.