Federated Hermes Inc. Grows Stake in WEC Energy Group, Inc. (NYSE:WEC)

Federated Hermes Inc. significantly boosted its investment in WEC Energy Group, Inc. (NYSE:WEC) by 63.3% during the second quarter. According to its most recent disclosure with the Securities and Exchange Commission (SEC), the firm acquired an additional 9,590 shares, bringing its total holdings to 24,734 shares. At the end of this reporting period, Federated Hermes Inc.’s stake in WEC Energy Group was valued at $1,941,000.

Several other hedge funds also made strategic moves, either purchasing or selling shares of WEC Energy Group. Northwest Bank & Trust Co, for example, acquired a new position in the fourth quarter valued at approximately $25,000. Similarly, Opal Wealth Advisors LLC entered the market with a new position in the first quarter worth around $25,000. Meanwhile, Global X Japan Co. Ltd. boosted its stake by 58.1% during the second quarter and now holds 321 shares valued at $25,000. Other new entries include Olistico Wealth LLC’s stake in the second quarter valued at about $29,000 and YHB Investment Advisors Inc.’s first-quarter investment worth approximately $32,000. Currently, hedge funds and institutional investors collectively own 77.20% of the company’s stock.

Insider Transactions

In related news, Vice President Joshua M. Erickson sold 350 shares of WEC Energy Group stock on August 5th. The shares were sold at an average price of $89.75, resulting in a total transaction of $31,412.50. Following this sale, Erickson now owns 2,377 shares valued at approximately $213,335.75. Additionally, Director Ulice Payne, Jr. sold 750 shares on August 8th at an average price of $88.45, totaling $66,337.50. Payne now holds 21,876 shares valued at roughly $1,934,932.20. Over the last ninety days, insiders have sold 11,702 shares valued at $1,078,058, and insiders currently own 0.34% of the company’s stock.

WEC Energy Group Stock Performance

The stock opened at $94.72 on Friday, with market capitalization hitting $29.91 billion. It has a price-to-earnings (PE) ratio of 20.68, a PEG ratio of 2.47, and a beta of 0.44. The stock’s 50-day moving average stands at $89.76, while the 200-day moving average is $83.92. WEC Energy Group’s metrics include a current ratio of 0.74, a quick ratio of 0.54, and a debt-to-equity ratio of 1.37. Its stock has touched a 12-month low of $75.13 and a 12-month high of $96.65.

WEC Energy Group most recently announced its quarterly earnings results on July 31st. It reported earnings per share (EPS) of $0.67 for the quarter, surpassing the consensus estimate of $0.63 by $0.04. The utilities provider achieved a net margin of 15.85% and a return on equity of 12.26%. Quarterly revenue stood at $1.77 billion, falling short of analysts’ expectations of $1.87 billion and marking a 3.2% year-over-year decline. For the current fiscal year, research analysts anticipate that WEC Energy Group will post an EPS of 4.88.

Dividend Announcement

The company recently declared a quarterly dividend of $0.835 per share, which was paid on September 1st. Investors who were recorded by August 14th received this dividend. The annualized dividend totals $3.34 per share, reflecting a yield of 3.53%. At present, WEC Energy Group’s dividend payout ratio stands at 72.93%.

Analyst Opinions and Ratings

WEC Energy Group has been the subject of numerous research reports recently. Jefferies Financial Group initiated coverage and assigned a “hold” rating with a price objective of $102.00. BMO Capital Markets adjusted its target price from $91.00 to $93.00, assigning a “market perform” rating. Conversely, StockNews.com downgraded the stock from a “hold” to a “sell” rating. Bank of America raised its target price from $88.00 to $90.00, suggesting an “underperform” rating, while Wells Fargo & Company upped its price target to $103.00, issuing an “overweight” rating. Overall, WEC Energy Group has an average rating of “Hold” and an average target price of $91.31 according to analysts.

About WEC Energy Group

WEC Energy Group, Inc. provides regulated natural gas, electricity, and renewable energy services across the United States through its subsidiaries. The company operates in various segments, including Wisconsin, Illinois, Other States, Electric Transmission, and Non-Utility Energy Infrastructure segments.

Stay tuned for more updates and analyses on WEC Energy Group and other significant developments in the renewable energy sector.