Alpha Paradigm Partners LLC purchased a new stake in WEC Energy Group, Inc. (NYSE:WEC) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 3,005 shares of the utilities provider’s stock, valued at approximately $267,000.
A number of other hedge funds also recently modified their holdings of the stock. Magellan Asset Management Ltd increased its position in WEC Energy Group by 7.8% in the 1st quarter. Magellan Asset Management Ltd now owns 24,268,328 shares of the utilities provider’s stock valued at $2,271,273,000 after acquiring an additional 1,759,666 shares during the period. Geode Capital Management LLC increased its position in WEC Energy Group by 5.1% in the 2nd quarter. Geode Capital Management LLC now owns 5,849,284 shares of the utilities provider’s stock valued at $519,167,000 after acquiring an additional 283,500 shares during the period. JPMorgan Chase & Co. boosted its holdings in WEC Energy Group by 3.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,092,524 shares of the utilities provider’s stock valued at $364,031,000 after purchasing an additional 149,719 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in WEC Energy Group by 4.2% in the 1st quarter. Ameriprise Financial Inc. now owns 3,418,014 shares of the utilities provider’s stock valued at $319,886,000 after purchasing an additional 137,445 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in WEC Energy Group by 168.2% in the 1st quarter. Nuveen Asset Management LLC now owns 3,289,589 shares of the utilities provider’s stock valued at $307,872,000 after purchasing an additional 2,063,031 shares in the last quarter. Hedge funds and other institutional investors own 72.87% of the company’s stock.
Shares of NYSE:WEC opened at $88.98 on Thursday. The business’s 50 day simple moving average is $93.12 and its 200-day simple moving average is $93.64. The firm has a market capitalization of $28.07 billion, a price-to-earnings ratio of 21.81, a price-to-earnings-growth ratio of 3.74 and a beta of 0.18. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.68 and a quick ratio of 0.54. WEC Energy Group, Inc. has a 12 month low of $80.55 and a 12 month high of $106.85.
In related news, VP Joshua M. Erickson sold 1,555 shares of WEC Energy Group stock in a transaction that occurred on Wednesday, August 11th. The stock was sold at an average price of $96.48, for a total transaction of $150,026.40. Following the completion of the transaction, the vice president now directly owns 3,618 shares in the company, valued at approximately $349,064.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by insiders.
WEC has been the topic of a number of analyst reports. Mizuho lifted their price objective on WEC Energy Group from $94.00 to $95.00 and gave the company a “neutral” rating in a report on Thursday, August 26th. Argus lifted their price objective on WEC Energy Group from $100.00 to $104.00 and gave the company a “buy” rating in a report on Wednesday, September 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $96.67.
WEC Energy Group Company Profile
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.
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