Alpha Paradigm Partners LLC Purchases New Holdings in WEC Energy Group, Inc. (NYSE:WEC)

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.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Tuesday, August 3rd. The utilities provider reported $0.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.79 by $0.08. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.60 billion. WEC Energy Group had a return on equity of 12.00% and a net margin of 16.26%. The company’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.76 EPS. On average, equities analysts anticipate that WEC Energy Group, Inc. will post 4.05 earnings per share for the current year.

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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Institutional Ownership by Quarter for WEC Energy Group (NYSE:WEC)

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