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Here’s Why ClearBridge Investments Exited its WEC Energy Group (WEC) Position

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ClearBridge Investments, an investment management firm, published its “Dividend Strategy” third quarter 2021 investor letter – a copy of which can be downloaded here. The ClearBridge Dividend Strategy outperformed its S&P 500 Index benchmark during the third quarter. On an absolute basis, the Strategy had gains in six of 11 sectors in which it was invested for the quarter. The main contributors to Strategy performance were the financials and IT sectors. The materials and industrial sectors, meanwhile, were the main laggards. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

ClearBridge Investments Dividend Strategy, in its Q3 2021 investor letter, mentioned WEC Energy Group, Inc. (NYSE: WEC) and discussed its stance on the firm. WEC Energy Group, Inc. is a Milwaukee, Wisconsin-based energy company with a $30.3 billion market capitalization. WEC delivered a -0.74% return since the beginning of the year, while its 12-month returns are up by 9.55%. The stock closed at $96.35 per share on January 06, 2022.

Here is what ClearBridge Investments Dividend Strategy has to say about WEC Energy Group, Inc. in its Q3 2021 investor letter:

"In utilities we completed the exit of WEC Energy Group to fund our newer position in Sempra Energy. WEC is a solid, well-run utility but trades at a meaningful premium to the group despite similar long-term growth expectations."

Pixabay/Public Domain

Based on our calculations, WEC Energy Group, Inc. (NYSE: WEC) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. WEC was in 31 hedge fund portfolios at the end of the third quarter of 2021, compared to 27 funds in the previous quarter. WEC Energy Group, Inc. (NYSE: WEC) delivered an 8.49% return in the past 3 months.

You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q3 page.

Disclosure: None. This article is originally published at Insider Monkey.