Quantbot Technologies LP significantly increased its stake in WEC Energy Group, Inc. (NYSE: WEC) by an astonishing 4,150.5% during the second quarter of the year. This dramatic rise was disclosed in the firm’s recent 13F filing with the Securities and Exchange Commission. As a result, Quantbot now holds 23,250 shares of the utilities provider’s stock, reflecting an additional purchase of 22,703 shares during the reporting period, valued at approximately $2.4 million.
Multiple other institutional investors have also adjusted their holdings in WEC Energy Group. Virtus Advisers LLC acquired a new position worth around $91,000 in the second quarter. Similarly, Trustmark Bank Trust Department made a new investment valued at approximately $257,000. Lido Advisors LLC increased its stake by 4.3%, now owning 23,465 shares worth about $2.45 million after adding 959 shares during the quarter. Stablepoint Partners LLC also raised its position by 5.6%, owning 12,555 shares valued at $1.31 million. Additionally, the New York State Common Retirement Fund lifted its stake by 0.8%, now holding 132,025 shares worth approximately $13.76 million. Collectively, institutional investors and hedge funds control 77.20% of WEC Energy Group’s stock.
Current Stock Performance
As of the latest trading session, shares of WEC Energy Group opened at $105.69. The company maintains a market capitalization of $34.38 billion and reports a price-to-earnings ratio of 19.98. Additionally, it has a price-to-earnings-growth ratio of 2.69 and a beta of 0.56. Over the past year, the stock has fluctuated between a low of $91.94 and a high of $118.18. Financial metrics indicate a debt-to-equity ratio of 1.29, a current ratio of 0.50, and a quick ratio of 0.33. The stock’s 50-day moving average stands at $112.90, while the 200-day moving average is $109.21.
Dividend Announcement
WEC Energy Group also announced an upcoming quarterly dividend, set to be paid on March 1, 2024. Stockholders of record on February 13, 2024, will receive a dividend of $0.9525 per share. This dividend represents an annualized payout of $3.81, equating to a yield of 3.6%, a notable increase from the previous quarterly dividend of $0.89. The company has a payout ratio of 67.49%, indicating a commitment to returning value to its shareholders.
Analyst Ratings and Future Outlook
Recent analyses from equities research firms have provided insights into WEC Energy Group’s stock performance. TD Cowen initiated coverage on October 16, 2023, assigning a “hold” rating with a price target of $125.00. Similarly, Mizuho set a target price of $125.00 in its report on October 27, 2023. Citigroup issued a “buy” rating along with a $131.00 price target on October 3, 2023. In contrast, LADENBURG THALM/SH SH upgraded WEC Energy Group from a “neutral” rating to a “buy” on October 13, 2023, while Wells Fargo & Company initiated coverage with an “overweight” rating and a target of $124.00 on October 27, 2023.
Currently, two analysts rate the stock as a Strong Buy, five as Buy, eight as Hold, and one as Sell. According to data from MarketBeat.com, WEC Energy Group holds a consensus rating of “Moderate Buy” with a consensus price target of $120.21.
WEC Energy Group, Inc., through its various subsidiaries, provides regulated natural gas, electricity, and renewable energy services across the United States, operating through segments including Wisconsin, Illinois, and others. The company’s recent financial maneuvers and favorable analyst ratings indicate a strong position within the utilities sector, making it a noteworthy entity for investors.
