Sunday, June 26, 2022

Insider Selling: Garvin Robert M, WEC Energy Group Inc. [WEC] Exec Vice President – Ext Affs divested 31,480 shares

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. WEC Energy Group Inc. shares valued at $3,280,484 were sold by Garvin Robert M on Jun 03. At $104.21 per share, Garvin Robert M sold 31,480 shares. The insider’s holdings dropped to 11,062 shares worth approximately $1.03 million following the completion of this transaction.


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Also, Matthews Charles R sold 10,666 shares, netting a total of over 1,116,006 in proceeds. Following the sale of shares at $104.63 each, the insider now holds 2,146 shares.

Before that, PAYNE ULICE JR had sold 750 shares from its account. In a trade valued at $78,904, the Director traded WEC Energy Group Inc. shares for $105.21 each. Upon closing the transaction, the insider’s holdings decreased to 750 shares, worth approximately $2.08 million.

As published in a research note from BofA Securities on May 13, 2022, WEC Energy Group Inc. [WEC] has been rated up from a Neutral to a Buy and the price target has been revised to $109. This represents a 14.34% premium over Wednesday’s closing price. Analysts at Credit Suisse started covering the stock with ‘”a Neutral”‘ outlook in a report released in late April. As of January 24, 2022, Wolfe Research has decreased its “Peer perform” rating to a “an Underperform” for WEC. Earlier on January 13, 2022, Goldman upgraded its rating. Their new recommendation was “a Neutral” for WEC stock which previously was a “a Sell”.

Analyzing WEC’s Price Performance

On Wednesday, WEC Energy Group Inc. [NYSE: WEC] rose 1.60% to $93.37. The stock’s lowest price that day was $91.575, but it reached a high of $94.29 in the same session. During the last five days, there has been a surge of approximately 1.43%. Over the course of the year, WEC Energy Group Inc. shares have dropped approximately -3.81%. Shares of the company reached a 52-week high of $108.39 on 05/24/22 and a 52-week low of $87.14 on 02/24/22. A 50-day SMA is recorded $101.59, while a 200-day SMA reached $95.25. Nevertheless, trading volume fell to 2.06 million shares from 1.75 million shares the previous day.

Support And Resistance Levels for WEC Energy Group Inc. (WEC)

According to the 24-hour chart, there is a support level at 91.87, which, if violated, would cause prices to drop to 90.36. In the upper region, resistance lies at 94.58. The next price resistance is at 95.79. RSI (Relative Strength Index) is 35.02 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -5.77, which suggests the price will decrease in the coming days. Percent R is at 74.76%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is WEC Energy Group Inc. subject to short interest?

Stocks of WEC Energy Group Inc. saw a sharp rise in short interest on Apr 28, 2022 jumping by 0.66 million shares to 2.9 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2022 was 2.24 million shares. A jump of 22.76% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.21 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.21.

Which companies own the most shares of WEC Energy Group Inc. (WEC)?

According to The Vanguard Group, Inc. filings, the company currently owns 38,160,463 shares, which is about 12.10% of the total WEC shares outstanding. The investor’s shares have appreciated by 624,335 from its previous 13-F filing of 37536128.0 shares. With the completion of the buy, BlackRock Fund Advisors’s stake is now worth $2,314,350,938. SSgA Funds Management, Inc. acquire a 7.15% interest valued at $1.94 billion while Magellan Asset Management Ltd. sold a -8,038,871 stake. A total of 618,009 shares of WEC Energy Group Inc. were sold by Wells Fargo Clearing Services LLC during the quarter, and -21,755 were sold by Geode Capital Management LLC. In its current portfolio, DWS Investment GmbH holds 5,011,943 shares valued at $526.6 million.

In terms of WEC Energy Group Inc. share price expectations, FactSet research, analysts set an average price target of $106.31 in the next 12 months, up nearly 17.52% from the previous closing price of $91.90. Analysts anticipate WEC Energy Group Inc. stock to reach $117.00 by 2022, with the lowest price target being $93.00. In spite of this, 16 analysts ranked WEC Energy Group Inc. stock as a Hold at the end of 2022. On November 30, 2021, BMO Capital Markets assigned a price target of “a Market perform” to the stock and initiated coverage with a $92.

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