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WEC Energy Group, Inc.'s (NYSE:WEC) VP and Deputy General Counsel Joshua M. Erickson has sold a total of 350 shares of the company's common stock at a price of $89.75 per share, according to a recent filing with the Securities and Exchange Commission. The transaction, which took place on August 5, 2024, amounted to over $31,000.
This sale has adjusted Erickson's direct holdings in the company to 2,377 shares of common stock. Additionally, the filing noted indirect ownership of 5,998.9386 shares through WEC Energy Group's Employee Retirement Savings Plan (ERSP). These shares are part of a retirement savings plan where the number of shares attributable to each participant can vary with the stock price. The information regarding the ERSP shares is based on a plan statement dated as of July 31, 2024.
WEC Energy Group, headquartered in Milwaukee, Wisconsin, operates in the electric and other services combined sector. The company, formerly known as Wisconsin Energy Corp (NYSE:WEC), has a long-standing presence in the industry and is incorporated in the state of Wisconsin.
The executive's transaction was made public on August 7, 2024, with the signature of Joshua M. Erickson confirming the accuracy of the report. Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects.
In other recent news, WEC Energy Group has announced plans to sell up to $1.5 billion of its common stock through a significant equity distribution agreement with financial institutions including Barclays Capital Inc., BofA Securities, Inc., and J.P. Morgan Securities LLC. Alongside this, the company has the option to engage in forward stock purchase transactions with these institutions. In their recent second-quarter earnings report, WEC Energy reported an earnings per share (EPS) of $0.67, surpassing both BMO Capital's and consensus estimates, despite a year-over-year decline of $0.25 per share.
BMO Capital Markets has adjusted its price target for WEC Energy several times, initially reducing it to $87 from $90, then raising it to $91 following the earnings beat while maintaining a Market Perform rating. The company's management confirmed its full-year 2024 guidance, projecting an EPS range of $4.80 to $4.90, and reiterated its commitment to a long-term EPS growth rate of 6.5% to 7.0% and a dividend payout ratio of 65% to 70%.
On the operational front, WEC Energy is making significant strides in its capital plan, including large-scale renewable energy projects and expansion in natural gas generation. The company also plans to issue up to $200 million in common equity in 2024 and approximately $500 million annually post-2024. These recent developments highlight WEC Energy's commitment to financial discipline and operating efficiency.
InvestingPro Insights
Amid the news of insider transactions at WEC Energy Group, Inc., it's essential to look at the company's financial health and performance metrics to get a broader picture. According to InvestingPro data, WEC Energy Group currently boasts a market capitalization of $28.08 billion, with a P/E ratio standing at 20.54, indicating investors' valuation of the company relative to its earnings. The company has demonstrated a solid commitment to shareholder returns, with a notable dividend yield of 3.78% as of the latest data, and has impressively raised its dividend for 20 consecutive years, showcasing its financial stability and reliability as an income-generating investment.
InvestingPro Tips indicate that WEC Energy Group has maintained dividend payments for over half a century, which is a testament to its long-term financial sustainability. Additionally, three analysts have revised their earnings upwards for the upcoming period, suggesting a positive outlook on the company's future earnings potential. This could be a reassuring sign for investors considering the recent insider sale.
For those interested in a deeper dive into WEC Energy Group's financials and performance, there are more InvestingPro Tips available, providing valuable insights for a comprehensive investment decision. For more detailed analysis and additional tips, investors can refer to the InvestingPro platform, which currently lists a total of 9 additional tips for WEC Energy Group.
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