MGE Energy (NASDAQ:MGEE) Hits New 12-Month Low - What's Next?

Key Points

• MGE Energy's shares reached a new 12-month low of $81.57, with the last traded price at $81.91 and a significant trading volume of 13,543 shares.
• Analysts have downgraded MGE Energy's rating, with Wall Street Zen changing it from "buy" to "hold," and Morgan Stanley setting an "underweight" rating with a price target decrease to $75.00.
• The company recently increased its quarterly dividend from $0.45 to $0.475, resulting in an annualized dividend yield of 2.3%.

MGE Energy Inc. (NASDAQ:MGEE - Get Free Report) shares reached a new 52-week low on Thursday . The company traded as low as $81.57 and last traded at $81.91, with a volume of 13543 shares trading hands. The stock had previously closed at $83.06.

Analyst Upgrades and Downgrades

MGEE has been the subject of several research analyst reports. Wall Street Zen lowered MGE Energy from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Morgan Stanley reduced their price target on MGE Energy from $76.00 to $75.00 and set an "underweight" rating for the company in a research report on Thursday, September 25th. Finally, LADENBURG THALM/SH SH raised MGE Energy from a "sell" rating to a "neutral" rating and increased their price objective for the company from $69.00 to $83.00 in a research report on Thursday, September 11th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average target price of $79.00.

MGE Energy Price Performance

The firm has a market cap of $2.99 billion, a P/E ratio of 22.79 and a beta of 0.79. The business has a fifty day moving average of $84.62 and a 200 day moving average of $88.00. The company has a quick ratio of 1.20, a current ratio of 1.80 and a debt-to-equity ratio of 0.60.

MGE Energy (NASDAQ:MGEE - Get Free Report) last announced its earnings results on Wednesday, August 6th. The utilities provider reported $0.72 EPS 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 business had revenue of $159.45 million for the quarter. On average, sell-side analysts anticipate that MGE Energy Inc. will post 3.43 earnings per share for the current year.

MGE Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 1st were given a $0.475 dividend. This is a boost from MGE Energy's previous quarterly dividend of $0.45. The ex-dividend date was Friday, August 29th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 2.3%. MGE Energy's dividend payout ratio is presently 52.78%.

Insider Activity at MGE Energy

In related news, Director James G. Berbee bought 507 shares of MGE Energy stock in a transaction that occurred on Friday, August 15th. The shares were acquired at an average cost of $83.83 per share, for a total transaction of $42,501.81. Following the completion of the acquisition, the director directly owned 6,329 shares of the company's stock, valued at approximately $530,560.07. The trade was a 8.71% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 0.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MGE Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in MGE Energy by 5.4% during the first quarter. GAMMA Investing LLC now owns 4,908 shares of the utilities provider's stock worth $456,000 after purchasing an additional 251 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in MGE Energy by 45.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 8,220 shares of the utilities provider's stock worth $764,000 after acquiring an additional 2,560 shares in the last quarter. SG Americas Securities LLC acquired a new stake in MGE Energy in the first quarter worth $332,000. XTX Topco Ltd bought a new stake in MGE Energy in the first quarter valued at $306,000. Finally, Intech Investment Management LLC raised its holdings in shares of MGE Energy by 43.9% during the first quarter. Intech Investment Management LLC now owns 20,777 shares of the utilities provider's stock valued at $1,931,000 after purchasing an additional 6,341 shares during the period. Institutional investors and hedge funds own 52.58% 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.

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