Kovitz Investment Group Partners LLC Takes Position in 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 bought a new position in MGE Energy Inc. (NASDAQ:MGEE - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 5,591 shares of the utilities provider's stock, valued at approximately $520,000.

Several other large investors have also recently made changes to their positions in the stock. Public Sector Pension Investment Board raised its position in shares of MGE Energy by 27.2% in the 1st quarter. Public Sector Pension Investment Board now owns 114,776 shares of the utilities provider's stock worth $10,670,000 after acquiring an additional 24,577 shares in the last quarter. Nuveen LLC bought a new position in shares of MGE Energy in the 1st quarter worth $20,910,000. Virtu Financial LLC bought a new position in shares of MGE Energy in the 1st quarter worth $538,000. Entropy Technologies LP bought a new position in shares of MGE Energy in the 1st quarter worth $232,000. Finally, Invesco Ltd. raised its position in shares of MGE Energy by 49.4% in the 1st quarter. Invesco Ltd. now owns 208,936 shares of the utilities provider's stock worth $19,423,000 after acquiring an additional 69,084 shares in the last quarter. 52.58% of the stock is owned by institutional investors.

MGE Energy Stock Up 1.4%

NASDAQ:MGEE traded up $1.19 during mid-day trading on Tuesday, hitting $87.42. 144,027 shares of the company's stock traded hands, compared to its average volume of 139,705. The company has a fifty day moving average of $86.57 and a 200 day moving average of $89.21. MGE Energy Inc. has a twelve month low of $82.21 and a twelve month high of $109.22. The company has a market capitalization of $3.19 billion, a P/E ratio of 24.28 and a beta of 0.76. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.80.

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

MGE Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be issued a $0.475 dividend. This is a boost from MGE Energy's previous quarterly dividend of $0.45. This represents a $1.90 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, August 29th. MGE Energy's dividend payout ratio is currently 50.00%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Wall Street Zen lowered MGE Energy from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Morgan Stanley reissued an "underweight" rating on shares of MGE Energy in a research report on Thursday, August 21st. Finally, LADENBURG THALM/SH SH raised MGE Energy to a "strong sell" rating in a research report on Friday, May 9th. Two analysts have rated the stock with a Sell rating, According to MarketBeat.com, MGE Energy has a consensus rating of "Sell" and a consensus target price of $74.00.

Insider Buying and Selling at MGE Energy

In other news, Director James G. Berbee acquired 507 shares of the business's stock in a transaction dated Friday, August 15th. The shares were acquired at an average cost of $83.83 per share, with a total value of $42,501.81. Following the completion of the acquisition, the director owned 6,329 shares of the company's stock, valued at approximately $530,560.07. This trade represents a 8.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.19% of the company's stock.

About MGE Energy

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.