Resona Asset Management Co. Ltd. Makes New $11.61 Million Investment in WEC Energy Group, Inc. (NYSE:WEC)

Resona Asset Management Co. Ltd. purchased a new position in shares of WEC Energy Group, Inc. (NYSE:WEC) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 123,363 shares of the utilities provider’s stock, valued at approximately $11,611,000.

A number of other large investors also recently modified their holdings of the company. HighTower Advisors LLC boosted its stake in shares of WEC Energy Group by 13.0% during the third quarter. HighTower Advisors LLC now owns 100,517 shares of the utilities provider’s stock valued at $9,681,000 after purchasing an additional 11,593 shares in the last quarter. Integrated Wealth Concepts LLC raised its holdings in WEC Energy Group by 33.0% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 15,870 shares of the utilities provider’s stock valued at $1,526,000 after buying an additional 3,942 shares during the last quarter. Quantinno Capital Management LP boosted its position in WEC Energy Group by 37.6% during the 3rd quarter. Quantinno Capital Management LP now owns 19,473 shares of the utilities provider’s stock worth $1,873,000 after buying an additional 5,322 shares during the period. Kovitz Investment Group Partners LLC bought a new stake in WEC Energy Group during the 3rd quarter worth approximately $501,000. Finally, EP Wealth Advisors LLC increased its position in WEC Energy Group by 6.0% in the 3rd quarter. EP Wealth Advisors LLC now owns 6,060 shares of the utilities provider’s stock valued at $583,000 after acquiring an additional 343 shares during the period. 77.20% of the stock is currently owned by institutional investors.

WEC Energy Group Price Performance

WEC Energy Group stock opened at $104.37 on Monday. The stock has a market capitalization of $33.30 billion, a price-to-earnings ratio of 21.61, a PEG ratio of 2.60 and a beta of 0.44. WEC Energy Group, Inc. has a 52-week low of $77.47 and a 52-week high of $111.00. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.43 and a current ratio of 0.60. The stock’s 50 day moving average price is $104.53 and its two-hundred day moving average price is $99.38.

WEC Energy Group (NYSE:WEC) last issued its earnings results on Tuesday, February 4th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.06). WEC Energy Group had a return on equity of 12.39% and a net margin of 17.75%. The company had revenue of $2.28 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the prior year, the company earned $1.10 earnings per share. The firm’s revenue was up 3.0% compared to the same quarter last year. On average, equities analysts predict that WEC Energy Group, Inc. will post 5.23 earnings per share for the current year.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on WEC. Barclays upgraded shares of WEC Energy Group from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $89.00 to $93.00 in a report on Thursday, January 2nd. Scotiabank lifted their target price on WEC Energy Group from $103.00 to $110.00 and gave the stock a “sector outperform” rating in a report on Monday, December 9th. Bank of America raised WEC Energy Group from an “underperform” rating to a “neutral” rating and increased their price target for the company from $90.00 to $98.00 in a research note on Thursday, December 12th. Wells Fargo & Company lifted their price objective on WEC Energy Group from $112.00 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Finally, BMO Capital Markets increased their target price on shares of WEC Energy Group from $95.00 to $100.00 and gave the company a “market perform” rating in a research report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $101.88.

About WEC Energy Group

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.