Magellan Asset Management Ltd bought a new stake in shares of MGE Energy Inc. (NASDAQ:MGEE - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 29,683 shares of the utilities provider's stock, valued at approximately $2,420,000. Magellan Asset Management Ltd owned 0.08% of MGE Energy as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new stake in MGE Energy in the 2nd quarter worth about $496,897,000. Geode Capital Management LLC lifted its position in shares of MGE Energy by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 921,952 shares of the utilities provider's stock worth $72,315,000 after purchasing an additional 3,692 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of MGE Energy during the second quarter worth approximately $27,087,000. Deprince Race & Zollo Inc. purchased a new position in MGE Energy during the first quarter valued at approximately $21,418,000. Finally, Invesco Ltd. grew its position in MGE Energy by 14.3% during the second quarter. Invesco Ltd. now owns 238,747 shares of the utilities provider's stock valued at $21,115,000 after purchasing an additional 29,811 shares in the last quarter. Institutional investors and hedge funds own 52.58% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on MGEE. Morgan Stanley cut 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. LADENBURG THALM/SH SH raised MGE Energy from a "neutral" rating to a "buy" rating and set a $81.00 target price on the stock in a research report on Monday, June 8th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of MGE Energy in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, MGE Energy presently has an average rating of "Hold" and a consensus price target of $77.50.
Check Out Our Latest Stock Report on MGE Energy
MGE Energy Price Performance
NASDAQ MGEE opened at $78.66 on Monday. The firm has a market cap of $2.97 billion, a P/E ratio of 19.33 and a beta of 0.71. The stock's 50-day moving average is $80.51 and its two-hundred day moving average is $78.83. MGE Energy Inc. has a fifty-two week low of $72.16 and a fifty-two week high of $88.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.14 and a quick ratio of 0.79.
MGE Energy (NASDAQ:MGEE - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The utilities provider reported $0.89 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.12. The business had revenue of $161.19 million for the quarter, compared to the consensus estimate of $166.37 million. MGE Energy had a return on equity of 11.10% and a net margin of 19.45%. On average, analysts anticipate that MGE Energy Inc. will post 3.99 earnings per share for the current fiscal year.
MGE Energy Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.5083 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $2.03 annualized dividend and a dividend yield of 2.6%. This is an increase from MGE Energy's previous quarterly dividend of $0.47. MGE Energy's payout ratio is currently 46.68%.
MGE Energy Profile
(
Free Report)
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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