Hsbc Holdings PLC Buys Shares of 14,624 MGE Energy Inc. $MGEE

Key Points

• HSBC Holdings bought 14,624 shares of MGE Energy during the second quarter, valued at approximately $1.19 million. Institutional investors collectively own 52.58% of the utility company.
• MGE Energy reported quarterly EPS of $0.89, exceeding analyst estimates of $0.77, although revenue of $161.19 million fell short of expectations. The stock recently opened at $76.48, with a market capitalization of $2.89 billion.
• The company increased its quarterly dividend to $0.5083 per share, representing an annualized dividend of $2.03 and a 2.7% yield. Analyst sentiment remains mixed, with an overall “Hold” rating and a consensus price target of $77.50.

Hsbc Holdings PLC purchased a new stake in MGE Energy Inc. (NASDAQ:MGEE - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 14,624 shares of the utilities provider's stock, valued at approximately $1,194,000.

Several other hedge funds have also recently modified their holdings of the business. AQR Capital Management LLC boosted its position in MGE Energy by 18.8% during the 1st quarter. AQR Capital Management LLC now owns 8,275 shares of the utilities provider's stock valued at $769,000 after acquiring an additional 1,312 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of MGE Energy by 4.6% during 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 buying an additional 954 shares during the last quarter. United Services Automobile Association bought a new stake in shares of MGE Energy in the 1st quarter valued at about $220,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of MGE Energy by 18.8% in 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 worth $8,051,000 after buying an additional 13,715 shares during the last quarter. Finally, Jane Street Group LLC grew its position in shares of MGE Energy by 718.5% in the 1st quarter. Jane Street Group LLC now owns 75,007 shares of the utilities provider's stock worth $6,973,000 after buying an additional 65,843 shares during the last quarter. Hedge funds and other institutional investors own 52.58% of the company's stock.

MGE Energy Stock Up 0.1%

MGEE stock opened at $76.48 on Friday. The firm has a 50 day moving average of $80.17 and a 200 day moving average of $78.54. The stock has a market capitalization of $2.89 billion, a PE ratio of 18.79 and a beta of 0.70. 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 52 week low of $72.16 and a 52 week high of $87.94.

MGE Energy (NASDAQ:MGEE - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The utilities provider reported $0.89 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.12. MGE Energy had a net margin of 19.45% and a return on equity of 11.10%. The business had revenue of $161.19 million during the quarter, compared to analysts' expectations of $166.37 million. Sell-side analysts forecast that MGE Energy Inc. will post 3.99 earnings per share for the current year.

MGE Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors 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 is Tuesday, September 1st. This represents a $2.03 dividend on an annualized basis and a yield of 2.7%. MGE Energy's dividend payout ratio (DPR) is 49.88%.

Analyst Upgrades and Downgrades

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

MGE Energy Profile

MGE Energy, Inc is a public utility holding company headquartered in Madison, Wisconsin. Its principal subsidiary, Madison Gas and Electric Company (MG&E), provides electric and natural gas service to residential, commercial and industrial customers in south-central Wisconsin.

The company's operations include generating, purchasing, transmitting and distributing electricity, as well as distributing natural gas. MGE Energy's generation portfolio includes renewable resources such as wind and solar, along with other generation and purchased-power arrangements.

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