Penobscot Investment Management Company Inc. Has $2.75 Million Stock Holdings in WEC Energy Group, Inc. (NYSE:WEC)

Penobscot Investment Management Company Inc. lessened its position in WEC Energy Group, Inc. (NYSE:WEC) by 8.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 32,669 shares of the utilities provider’s stock after selling 2,911 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in WEC Energy Group were worth $2,750,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Tennessee Valley Asset Management Partners acquired a new stake in WEC Energy Group in the 4th quarter valued at approximately $26,000. Valued Wealth Advisors LLC acquired a new position in shares of WEC Energy Group during the 4th quarter worth approximately $28,000. Fortitude Family Office LLC acquired a new position in shares of WEC Energy Group during the 4th quarter worth approximately $33,000. Authentikos Wealth Advisory LLC acquired a new position in shares of WEC Energy Group during the 3rd quarter worth approximately $38,000. Finally, Bruce G. Allen Investments LLC acquired a new position in shares of WEC Energy Group during the 4th quarter worth approximately $40,000. Institutional investors and hedge funds own 77.20% of the company’s stock.

Insider Transactions at WEC Energy Group

In other news, Chairman Gale E. Klappa sold 37,180 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $78.69, for a total transaction of $2,925,694.20. Following the completion of the transaction, the chairman now owns 274,782 shares of the company’s stock, valued at approximately $21,622,595.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Scott J. Lauber sold 2,830 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $78.89, for a total transaction of $223,258.70. Following the completion of the transaction, the chief executive officer now owns 43,125 shares of the company’s stock, valued at approximately $3,402,131.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Gale E. Klappa sold 37,180 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $78.69, for a total value of $2,925,694.20. Following the completion of the transaction, the chairman now directly owns 274,782 shares of the company’s stock, valued at approximately $21,622,595.58. The disclosure for this sale can be found here. 0.44% of the stock is owned by insiders.

WEC Energy Group Stock Performance

WEC traded down $0.04 during trading on Tuesday, hitting $82.76. The stock had a trading volume of 678,233 shares, compared to its average volume of 2,110,477. The company has a 50 day moving average price of $80.34 and a 200-day moving average price of $81.42. The firm has a market cap of $26.10 billion, a price-to-earnings ratio of 19.62, a P/E/G ratio of 2.82 and a beta of 0.40. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.55 and a quick ratio of 0.40. WEC Energy Group, Inc. has a one year low of $75.13 and a one year high of $97.34.

WEC Energy Group (NYSE:WEC) last released its earnings results on Thursday, February 1st. The utilities provider reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.82 billion. WEC Energy Group had a return on equity of 12.17% and a net margin of 14.98%. The company’s revenue was down 13.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.80 EPS. As a group, research analysts predict that WEC Energy Group, Inc. will post 4.87 EPS for the current year.

WEC Energy Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Tuesday, May 14th will be given a dividend of $0.835 per share. The ex-dividend date of this dividend is Monday, May 13th. This represents a $3.34 dividend on an annualized basis and a dividend yield of 4.04%. WEC Energy Group’s payout ratio is 79.15%.

Wall Street Analysts Forecast Growth

WEC has been the topic of several recent analyst reports. The Goldman Sachs Group initiated coverage on WEC Energy Group in a research report on Wednesday, April 10th. They set a “neutral” rating and a $88.00 price target on the stock. Royal Bank of Canada lowered their price target on WEC Energy Group from $95.00 to $90.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 8th. Scotiabank reduced their target price on WEC Energy Group from $96.00 to $90.00 and set a “sector outperform” rating for the company in a research note on Monday, April 22nd. KeyCorp lifted their target price on WEC Energy Group from $95.00 to $96.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Finally, Barclays reduced their target price on WEC Energy Group from $79.00 to $75.00 and set an “underweight” rating for the company in a research note on Thursday, February 8th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $86.64.

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.