Nuveen LLC Invests $20.91 Million in MGE Energy Inc. $MGEE

Key Points

• Nuveen LLC acquired a new position in MGE Energy Inc., purchasing 224,938 shares valued at approximately $20.91 million, representing 0.62% ownership as of its latest SEC filing.
• MGE Energy recently increased its quarterly dividend from $0.45 to $0.475 per share, reflecting a dividend yield of 2.2% for stockholders of record on September 1st.
• Wall Street analysts have downgraded MGE Energy, with a consensus rating of "Sell" and an average price target of $74.00 following various rating changes by several research firms.

Nuveen LLC bought a new stake in MGE Energy Inc. (NASDAQ:MGEE - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 224,938 shares of the utilities provider's stock, valued at approximately $20,910,000. Nuveen LLC owned approximately 0.62% of MGE Energy at the end of the most recent quarter.

A number of other large investors have also modified their holdings of MGEE. Sterling Capital Management LLC raised its stake in shares of MGE Energy by 656.2% in the fourth quarter. Sterling Capital Management LLC now owns 673 shares of the utilities provider's stock valued at $63,000 after purchasing an additional 584 shares in the last quarter. Focus Partners Wealth acquired a new position in shares of MGE Energy in the fourth quarter valued at $116,000. MJT & Associates Financial Advisory Group Inc. acquired a new position in shares of MGE Energy in the first quarter valued at $139,000. Benjamin Edwards Inc. acquired a new position in shares of MGE Energy in the fourth quarter valued at $200,000. Finally, Twinbeech Capital LP acquired a new position in shares of MGE Energy in the fourth quarter valued at $209,000. 52.58% of the stock is currently owned by institutional investors and hedge funds.

MGE Energy Price Performance

NASDAQ:MGEE traded down $1.51 during trading hours on Monday, reaching $86.23. The company had a trading volume of 206,365 shares, compared to its average volume of 140,027. The stock has a 50-day moving average of $86.58 and a two-hundred day moving average of $89.22. MGE Energy Inc. has a one year low of $82.21 and a one year high of $109.22. The firm has a market capitalization of $3.15 billion, a PE ratio of 23.95 and a beta of 0.76. The company has a quick ratio of 1.20, a current ratio of 1.80 and a debt-to-equity ratio of 0.60.

MGE Energy (NASDAQ:MGEE - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The utilities provider reported $0.72 earnings per share for the quarter, missing analysts' consensus estimates of $0.73 by ($0.01). MGE Energy had a net margin of 18.24% and a return on equity of 10.58%. The company had revenue of $159.45 million during the quarter. Analysts forecast that MGE Energy Inc. will post 3.43 earnings per share for the current year.

MGE Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be issued a dividend of $0.475 per share. The ex-dividend date is Friday, August 29th. This is a boost from MGE Energy's previous quarterly dividend of $0.45. This represents a $1.90 annualized dividend and a dividend yield of 2.2%. MGE Energy's dividend payout ratio (DPR) is currently 50.00%.

Analyst Upgrades and Downgrades

MGEE has been the subject of a number of recent research reports. Morgan Stanley cut their target price on MGE Energy from $75.00 to $74.00 and set an "underweight" rating for the company in a research note on Thursday, May 22nd. LADENBURG THALM/SH SH upgraded MGE Energy to a "strong sell" rating in a research note on Friday, May 9th. Finally, Wall Street Zen cut MGE Energy from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Two analysts have rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of "Sell" and an average target price of $74.00.

Insider Activity at MGE Energy

In other MGE Energy news, Director James G. Berbee bought 507 shares of the firm's stock in a transaction dated Friday, August 15th. The shares were bought at an average price of $83.83 per share, for a total transaction of $42,501.81. Following the completion of the acquisition, the director owned 6,329 shares of the company's stock, valued at approximately $530,560.07. This trade represents a 8.71% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.19% of the company's stock.

MGE Energy Profile

MGE Energy, Inc, through its subsidiaries, operates as a public utility holding company primarily in the United States. It operates through Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other segments. The company generates, purchases, and distributes electricity and natural gas in Wisconsin and Iowa; owns and leases electric generating capacity; and plans, constructs, operates, maintains, and expands transmission facilities to provide transmission power services.