Algert Global LLC purchased a new stake in shares of MGE Energy Inc. (NASDAQ:MGEE - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 33,810 shares of the utilities provider's stock, valued at approximately $2,757,000. Algert Global LLC owned about 0.09% of MGE Energy at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in MGE Energy during the 2nd quarter valued at about $496,897,000. Bank of New York Mellon Corp acquired a new stake in shares of MGE Energy during the second quarter worth about $27,087,000. Deprince Race & Zollo Inc. purchased a new position in shares of MGE Energy in the first quarter valued at approximately $21,418,000. Qube Research & Technologies Ltd grew its holdings in shares of MGE Energy by 167.5% in the third quarter. Qube Research & Technologies Ltd now owns 162,217 shares of the utilities provider's stock valued at $13,655,000 after purchasing an additional 101,586 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of MGE Energy by 718.5% in the first quarter. Jane Street Group LLC now owns 75,007 shares of the utilities provider's stock valued at $6,973,000 after purchasing an additional 65,843 shares in the last quarter. Hedge funds and other institutional investors own 52.58% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on MGEE shares. Weiss Ratings reiterated a "hold (c)" rating on shares of MGE Energy in a research note on Wednesday, August 5th. Morgan Stanley cut their target price on shares of MGE Energy from $76.00 to $74.00 and set an "underweight" rating on the stock in a research note on Friday, August 21st. Finally, LADENBURG THALM/SH SH upgraded shares of MGE Energy from a "neutral" rating to a "buy" rating and set a $81.00 price target for the company in a report on Monday, June 8th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, MGE Energy has a consensus rating of "Hold" and an average price target of $77.50.
Check Out Our Latest Report on MGE Energy
MGE Energy Stock Performance
Shares of MGEE opened at $78.15 on Friday. The stock has a 50 day moving average price of $80.77 and a 200 day moving average price of $78.80. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 19.20 and a beta of 0.71. MGE Energy Inc. has a 52-week low of $72.16 and a 52-week high of $87.94.
MGE Energy (NASDAQ:MGEE - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The utilities provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.77 by $0.12. The company had revenue of $161.19 million for the quarter, compared to analyst estimates of $166.37 million. MGE Energy had a net margin of 19.45% and a return on equity of 11.10%. Research analysts predict that MGE Energy Inc. will post 3.99 EPS for the current fiscal year.
MGE Energy Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a $0.5083 dividend. This represents a $2.03 dividend on an annualized basis and a yield of 2.6%. This is a boost from MGE Energy's previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Tuesday, September 1st. MGE Energy's dividend payout ratio is presently 46.68%.
MGE Energy Company Profile
(
Free Report)
MGE Energy, Inc is a public utility holding company headquartered in Madison, Wisconsin. Through its principal subsidiary, Madison Gas and Electric Company (MGE), the company provides regulated electric and natural gas distribution services to residential, commercial and industrial customers in south-central Wisconsin. MGE Energy's operations encompass the generation, transmission and distribution of electricity as well as the purchase and distribution of natural gas, with an emphasis on reliable service and system resilience.
Since reorganizing as a holding company in 2001, MGE Energy has expanded its portfolio to include nonregulated subsidiaries involved in renewable energy development, energy services and infrastructure support.
See Also
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