Spinnaker Trust Lowers stake in WEC Energy Group Inc (WEC)

WEC Energy Group Inc (WEC) : Spinnaker Trust reduced its stake in WEC Energy Group Inc by 30.65% during the most recent quarter end. The investment management company now holds a total of 13,575 shares of WEC Energy Group Inc which is valued at $864,728 after selling 6,000 shares in WEC Energy Group Inc , the firm said in a disclosure report filed with the SEC on Aug 1, 2016.WEC Energy Group Inc makes up approximately 0.12% of Spinnaker Trust’s portfolio.

Other Hedge Funds, Including , Agf Investments added WEC to its portfolio by purchasing 97 company shares during the most recent quarter which is valued at $6,179. Cibc World Markets added WEC to its portfolio by purchasing 48,639 company shares during the most recent quarter which is valued at $3,180,504. WEC Energy Group Inc makes up approx 0.01% of Cibc World Markets’s portfolio.Crestpoint Capital Management reduced its stake in WEC by selling 100 shares or 0.79% in the most recent quarter. The Hedge Fund company now holds 12,600 shares of WEC which is valued at $809,550. WEC Energy Group Inc makes up approx 0.42% of Crestpoint Capital Management’s portfolio.Gwm Advisors boosted its stake in WEC in the latest quarter, The investment management firm added 11,591 additional shares and now holds a total of 66,540 shares of WEC Energy Group Inc which is valued at $4,275,195. WEC Energy Group Inc makes up approx 1.75% of Gwm Advisors’s portfolio.Somerset Trust Co boosted its stake in WEC in the latest quarter, The investment management firm added 385 additional shares and now holds a total of 10,328 shares of WEC Energy Group Inc which is valued at $663,677. WEC Energy Group Inc makes up approx 0.40% of Somerset Trust Co’s portfolio.

WEC Energy Group Inc opened for trading at $63.67 and hit $64.24 on the upside on Thursday, eventually ending the session at $63.85, with a gain of 0.24% or 0.15 points. The heightened volatility saw the trading volume jump to 10,89,539 shares. Company has a market cap of $20,154 M.

On the company’s financial health, WEC Energy Group Inc reported $0.57 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.55. The company had revenue of $1602.00 million for the quarter, compared to analysts expectations of $2063.35 million. The company’s revenue was up 61.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.58 EPS.

Investors should note that on Jul 21, 2016, WEC Energy Group Inc announced a cash dividend of $0.4950. The company’s management has announced Aug 10, 2016 as the ex-dividend date and fixed the record date on Aug 12, 2016. The payable date has been fixed on Sep 1, 2016.

Many Wall Street Analysts have commented on WEC Energy Group Inc. Company shares were Upgraded by UBS on May 9, 2016 to ” Neutral”, Firm has raised the Price Target to $ 58 from a previous price target of $53 .

WEC Energy GroupInc. formerly Wisconsin Energy Corporation is a holding company. The Company operates through two segments: utility energy segment and non-utility energy segment. Its utility energy segment consists of Wisconsin Electric and Wisconsin Gas operating together under the trade name of We Energies. Its non-utility energy segment consists of We Power which owns and leases to Wisconsin Electric generation plants constructed as part of its Power the Future (PTF) strategy. Its other non-utility operations consist of the operations of its subsidiaries Wispark LLC and Bostco LLC. Its principal utilities include Wisconsin Public Service Peoples Gas North Shore Gas Michigan Gas Utilities and Minnesota Energy Resources among others. Its primary subsidiaries are Wisconsin Electric Power Company (Wisconsin Electric) Wisconsin Gas LLC (Wisconsin Gas) W.E. Power LLC (We Power) Integrys Energy Group Inc. and Integrys Holding Inc. among others.

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