Bank of New York Mellon Corp Takes $27.09 Million Position in MGE Energy Inc. $MGEE

Key Points

• Bank of New York Mellon acquired 332,193 shares of MGE Energy worth approximately $27.1 million, representing about 0.90% of the utility company. Institutional investors collectively own 52.58% of the stock.
• Analyst sentiment remains mixed, with one Buy, one Hold and one Sell rating; the consensus is Hold with an average price target of $77.50. MGE Energy recently beat quarterly EPS estimates, reporting $0.89 versus the $0.77 consensus.
• MGE Energy raised its quarterly dividend to $0.5083 per share, equivalent to an annualized $2.03 dividend and a 2.6% yield. Shares opened at $78.15, while the stock’s 52-week range is $72.16 to $87.94.

Bank of New York Mellon Corp purchased a new stake in shares of MGE Energy Inc. (NASDAQ:MGEE - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 332,193 shares of the utilities provider's stock, valued at approximately $27,087,000. Bank of New York Mellon Corp owned approximately 0.90% of MGE Energy at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. AQR Capital Management LLC lifted its position in shares of MGE Energy by 18.8% during the first quarter. AQR Capital Management LLC now owns 8,275 shares of the utilities provider's stock worth $769,000 after acquiring an additional 1,312 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of MGE Energy by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,707 shares of the utilities provider's stock valued at $2,018,000 after purchasing an additional 954 shares in the last quarter. United Services Automobile Association purchased a new position in shares of MGE Energy in the first quarter valued at $220,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of MGE Energy by 18.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 86,608 shares of the utilities provider's stock valued at $8,051,000 after purchasing an additional 13,715 shares during the period. Finally, Jane Street Group LLC raised its stake in shares of MGE Energy by 718.5% during the 1st 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 during the period. 52.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MGEE has been the subject of several analyst reports. LADENBURG THALM/SH SH upgraded MGE Energy from a "neutral" rating to a "buy" rating and set a $81.00 target price for the company in a research note on Monday, June 8th. Morgan Stanley decreased their price target on MGE Energy from $76.00 to $74.00 and set an "underweight" rating on the stock in a research report on Friday, August 21st. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of MGE Energy in a report on Wednesday, August 5th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $77.50.

MGE Energy Trading Down 0.3%

NASDAQ MGEE opened at $78.15 on Friday. 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 stock's 50-day simple moving average is $80.77 and its two-hundred day simple moving average is $78.80. MGE Energy Inc. has a twelve month low of $72.16 and a twelve month high of $87.94. 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 (NASDAQ:MGEE - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $161.19 million for the quarter, compared to analyst estimates of $166.37 million. MGE Energy had a return on equity of 11.10% and a net margin of 19.45%. Research analysts forecast that MGE Energy Inc. will post 3.99 EPS for the current fiscal year.

MGE Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.5083 dividend. This is a positive change from MGE Energy's previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.03 dividend on an annualized basis and a dividend yield of 2.6%. MGE Energy's dividend payout ratio is currently 46.68%.

MGE Energy Company Profile

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.

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