JPMorgan Chase & Co. Increases Stake in MGE Energy Inc. $MGEE

Key Points

• JPMorgan Chase & Co. increased its stake in MGE Energy by 49.1% in Q3, buying 27,899 shares to hold 84,700 shares worth about $7.13 million (roughly 0.23% ownership).
• MGE Energy has a market cap of $2.85 billion and a P/E of 20.97, reported Q earnings of $0.64 per share (in line with estimates), and pays a quarterly dividend of $0.475 (annualized $1.90, 2.4% yield) with a payout ratio around 51%.
• Analyst sentiment is muted—two Hold ratings and one Sell produce a MarketBeat consensus of "Reduce" with a $78 price target, while Morgan Stanley lowered its price objective to $73 and maintains an underweight rating.

JPMorgan Chase & Co. increased its stake in MGE Energy Inc. (NASDAQ:MGEE - Free Report) by 49.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,700 shares of the utilities provider's stock after purchasing an additional 27,899 shares during the period. JPMorgan Chase & Co. owned 0.23% of MGE Energy worth $7,130,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of MGEE. Advisory Services Network LLC purchased a new position in shares of MGE Energy in the third quarter worth $40,000. Steward Partners Investment Advisory LLC grew its holdings in shares of MGE Energy by 107.3% during the second quarter. Steward Partners Investment Advisory LLC now owns 485 shares of the utilities provider's stock valued at $43,000 after buying an additional 251 shares during the last quarter. Parallel Advisors LLC increased its position in shares of MGE Energy by 28.6% in the 3rd quarter. Parallel Advisors LLC now owns 714 shares of the utilities provider's stock valued at $60,000 after acquiring an additional 159 shares during the period. Smartleaf Asset Management LLC increased its position in shares of MGE Energy by 19.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,326 shares of the utilities provider's stock valued at $117,000 after acquiring an additional 213 shares during the period. Finally, iSAM Funds UK Ltd purchased a new position in MGE Energy in the 3rd quarter worth $119,000. Institutional investors and hedge funds own 52.58% of the company's stock.

MGE Energy Stock Up 2.4%

MGEE stock opened at $78.02 on Tuesday. The company has a market capitalization of $2.85 billion, a P/E ratio of 20.97 and a beta of 0.81. MGE Energy Inc. has a 12 month low of $72.17 and a 12 month high of $94.21. The firm's fifty day simple moving average is $78.86 and its 200-day simple moving average is $80.84. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.77 and a quick ratio of 0.55.

MGE Energy (NASDAQ:MGEE - Get Free Report) last issued its earnings results on Tuesday, February 24th. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.64. MGE Energy had a net margin of 18.27% and a return on equity of 10.60%. The firm had revenue of $189.55 million during the quarter. As a group, equities research analysts forecast that MGE Energy Inc. will post 3.43 earnings per share for the current year.

MGE Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, March 15th. Shareholders of record on Sunday, March 1st were paid a dividend of $0.475 per share. The ex-dividend date was Friday, February 27th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 2.4%. MGE Energy's dividend payout ratio (DPR) is presently 51.08%.

Analyst Ratings Changes

A number of analysts have commented on the company. Wall Street Zen raised MGE Energy from a "sell" rating to a "hold" rating in a research report on Sunday, March 8th. Morgan Stanley reduced their price objective on MGE Energy from $74.00 to $73.00 and set an "underweight" rating for the company in a research note on Monday, February 2nd. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of MGE Energy in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, MGE Energy currently has a consensus rating of "Reduce" and a consensus price target of $78.00.

Insider Activity

In related news, Director James G. Berbee acquired 373 shares of the firm's stock in a transaction dated Wednesday, March 11th. The stock was acquired at an average price of $77.74 per share, with a total value of $28,997.02. Following the acquisition, the director directly owned 9,362 shares in the company, valued at $727,801.88. This represents a 4.15% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.19% of the stock is currently owned by company insiders.

About MGE Energy

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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