Public Employees Retirement System of Ohio Buys Shares of 21,816 MGE Energy Inc. $MGEE

Key Points

• Public Employees Retirement System of Ohio purchased 21,816 MGE Energy shares worth approximately $1.78 million, giving it a 0.06% stake. Institutional investors collectively own 52.58% of the utility.
• MGE Energy reported quarterly EPS of $0.89, beating the $0.77 consensus estimate, although revenue of $161.19 million fell short of expectations.
• The company raised its quarterly dividend to $0.5083 per share, equivalent to an annualized dividend of $2.03 and a 2.6% yield. Analysts maintain a consensus “Hold” rating with a $77.50 average price target.

Public Employees Retirement System of Ohio bought a new position in shares of MGE Energy Inc. (NASDAQ:MGEE - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 21,816 shares of the utilities provider's stock, valued at approximately $1,779,000. Public Employees Retirement System of Ohio owned 0.06% of MGE Energy at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of MGEE. Hantz Financial Services Inc. boosted its stake in shares of MGE Energy by 63.8% in the fourth quarter. Hantz Financial Services Inc. now owns 416 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 162 shares during the period. Advisory Services Network LLC acquired a new position in shares of MGE Energy during the third quarter worth $40,000. Avalon Trust Co acquired a new position in shares of MGE Energy during the 2nd quarter worth about $49,000. Parallel Advisors LLC increased its stake in MGE Energy by 28.6% in the third quarter. Parallel Advisors LLC now owns 714 shares of the utilities provider's stock valued at $60,000 after purchasing an additional 159 shares during the last quarter. Finally, Versant Capital Management Inc grew its position in shares of MGE Energy by 60.3% in the 2nd quarter. Versant Capital Management Inc now owns 744 shares of the utilities provider's stock valued at $61,000 after buying an additional 280 shares during the last quarter. 52.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Weiss Ratings restated a "hold (c)" rating on shares of MGE Energy in a research note on Wednesday, August 5th. LADENBURG THALM/SH SH upgraded shares of MGE Energy from a "neutral" rating to a "buy" rating and set a $81.00 price target on the stock in a research note on Monday, June 8th. Finally, 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 research report on Friday, August 21st. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, MGE Energy has an average rating of "Hold" and an average price target of $77.50.

MGE Energy Stock Performance

Shares of MGEE opened at $77.37 on Monday. The company's 50 day simple moving average is $80.70 and its 200 day simple moving average is $78.66. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 1.14. MGE Energy Inc. has a 1 year low of $72.16 and a 1 year high of $87.94. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of 19.01 and a beta of 0.70.

MGE Energy (NASDAQ:MGEE - Get Free Report) last announced its quarterly earnings results 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. MGE Energy had a net margin of 19.45% and a return on equity of 11.10%. The firm had revenue of $161.19 million for the quarter, compared to analysts' expectations of $166.37 million. On average, sell-side analysts predict that MGE Energy Inc. will post 3.99 EPS for the current year.

MGE Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued 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 dividend yield of 2.6%. MGE Energy's dividend payout ratio (DPR) is presently 49.88%.

MGE Energy Company Profile

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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