Kovitz Investment Group Partners LLC Purchases Shares of 5,591 MGE Energy Inc. $MGEE

Key Points

• Kovitz Investment Group Partners LLC has acquired a new stake in MGE Energy Inc., purchasing 5,591 shares valued at approximately $520,000.
• MGE Energy has increased its quarterly dividend to $0.475, reflecting a 2.2% yield, up from the previous $0.45.
• Recent analyses indicate a mixed outlook for MGE Energy, with some brokerages downgrading their ratings, resulting in an average “Sell” rating and a consensus price target of $74.00.

Kovitz Investment Group Partners LLC purchased a new position in shares of MGE Energy Inc. (NASDAQ:MGEE - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 5,591 shares of the utilities provider's stock, valued at approximately $520,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wells Fargo & Company MN raised its holdings in shares of MGE Energy by 26.8% in the fourth quarter. Wells Fargo & Company MN now owns 28,661 shares of the utilities provider's stock valued at $2,693,000 after buying an additional 6,053 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of MGE Energy in the fourth quarter valued at about $781,000. Sterling Capital Management LLC raised its holdings in shares of MGE Energy by 656.2% in the fourth quarter. Sterling Capital Management LLC now owns 673 shares of the utilities provider's stock valued at $63,000 after buying an additional 584 shares during the last quarter. Barclays PLC raised its holdings in shares of MGE Energy by 61.3% in the fourth quarter. Barclays PLC now owns 100,520 shares of the utilities provider's stock valued at $9,445,000 after buying an additional 38,212 shares during the last quarter. Finally, Guggenheim Capital LLC purchased a new stake in shares of MGE Energy in the fourth quarter valued at about $232,000. 52.58% of the stock is owned by hedge funds and other institutional investors.

MGE Energy Price Performance

MGEE traded down $1.1050 on Monday, hitting $86.6350. 60,858 shares of the company were exchanged, compared to its average volume of 147,004. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.80. The business's fifty day moving average is $86.63 and its 200 day moving average is $89.25. MGE Energy Inc. has a fifty-two week low of $82.21 and a fifty-two week high of $109.22. The firm has a market capitalization of $3.17 billion, a P/E ratio of 24.06 and a beta of 0.76.

MGE Energy (NASDAQ:MGEE - Get Free Report) last issued its earnings results on Wednesday, August 6th. The utilities provider reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.01). MGE Energy had a return on equity of 10.58% and a net margin of 18.24%.The company had revenue of $159.45 million for the quarter. As a group, sell-side analysts anticipate that MGE Energy Inc. will post 3.43 EPS for the current year.

MGE Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be given a dividend of $0.475 per share. The ex-dividend date is Friday, August 29th. This is an increase from MGE Energy's previous quarterly dividend of $0.45. This represents a $1.90 annualized dividend and a yield of 2.2%. MGE Energy's dividend payout ratio (DPR) is currently 50.00%.

Insiders Place Their Bets

In related news, Director James G. Berbee bought 507 shares of the stock in a transaction on Friday, August 15th. The shares were bought at an average cost of $83.83 per share, for a total transaction of $42,501.81. Following the completion of the transaction, the director owned 6,329 shares of the company's stock, valued at $530,560.07. This represents a 8.71% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. LADENBURG THALM/SH SH raised shares of MGE Energy to a "strong sell" rating in a report on Friday, May 9th. Wall Street Zen cut shares of MGE Energy from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Morgan Stanley lowered their target price on shares of MGE Energy from $75.00 to $74.00 and set an "underweight" rating on the stock in a report on Thursday, May 22nd. Two research analysts have rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Sell" and an average target price of $74.00.

MGE Energy Profile

MGE Energy, Inc, through its subsidiaries, operates as a public utility holding company primarily in the United States. It operates through Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other segments. The company generates, purchases, and distributes electricity and natural gas in Wisconsin and Iowa; owns and leases electric generating capacity; and plans, constructs, operates, maintains, and expands transmission facilities to provide transmission power services.