Freestone Grove Partners LP Makes New Investment in MGE Energy Inc. $MGEE

Key Points

• Freestone Grove Partners LP acquired 29,855 shares of MGE Energy, valued at approximately $2.43 million, giving it a 0.08% stake. Institutional investors collectively own 52.58% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $77.50; targets range from $74 to $81.
• MGE Energy reported quarterly EPS of $0.89, beating estimates of $0.77, and raised its quarterly dividend to $0.5083 per share, equivalent to an annualized yield of about 2.6%.

Freestone Grove Partners LP bought a new stake in MGE Energy Inc. (NASDAQ:MGEE - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 29,855 shares of the utilities provider's stock, valued at approximately $2,434,000. Freestone Grove Partners LP owned about 0.08% of MGE Energy as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Hantz Financial Services Inc. increased its holdings in shares of MGE Energy by 63.8% in the 4th quarter. Hantz Financial Services Inc. now owns 416 shares of the utilities provider's stock worth $33,000 after acquiring an additional 162 shares during the period. Advisory Services Network LLC bought a new stake in MGE Energy in the 3rd quarter valued at about $40,000. Avalon Trust Co acquired a new position in MGE Energy during the 2nd quarter valued at about $49,000. Parallel Advisors LLC boosted its stake in MGE Energy by 28.6% during the 3rd quarter. Parallel Advisors LLC now owns 714 shares of the utilities provider's stock valued at $60,000 after purchasing an additional 159 shares during the period. Finally, Versant Capital Management Inc grew its position in MGE Energy by 60.3% in the 2nd quarter. Versant Capital Management Inc now owns 744 shares of the utilities provider's stock worth $61,000 after purchasing an additional 280 shares during the last quarter. Institutional investors and hedge funds own 52.58% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on MGEE. LADENBURG THALM/SH SH upgraded shares of MGE Energy from a "neutral" rating to a "buy" rating and set a $81.00 price target on the stock in a research note on Monday, June 8th. Weiss Ratings reiterated a "hold (c)" rating on shares of MGE Energy in a research report on Wednesday, August 5th. Finally, Morgan Stanley decreased their price objective on MGE Energy from $76.00 to $74.00 and set an "underweight" rating for the company in a report on Friday, August 21st. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, MGE Energy presently has a consensus rating of "Hold" and an average target price of $77.50.

MGE Energy Stock Performance

MGEE stock opened at $78.15 on Friday. The company has a 50-day simple moving average of $80.77 and a 200 day simple moving average of $78.80. The company has a market capitalization of $2.95 billion, a P/E ratio of 19.20 and a beta of 0.71. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.61. MGE Energy Inc. has a fifty-two week low of $72.16 and a fifty-two week high of $87.94.

MGE Energy (NASDAQ:MGEE - Get Free Report) last released its 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 firm had revenue of $161.19 million for the quarter, compared to analysts' expectations of $166.37 million. MGE Energy had a net margin of 19.45% and a return on equity of 11.10%. Sell-side analysts predict that MGE Energy Inc. will post 3.99 earnings per share for the current fiscal year.

MGE Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.5083 per share. This is a boost from MGE Energy's previous quarterly dividend of $0.47. This represents a $2.03 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, September 1st. MGE Energy's dividend payout ratio (DPR) is 46.68%.

MGE Energy 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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