MGE Energy (NASDAQ:MGEE) Sets New 1-Year Low - Here's What Happened

Key Points

• MGE Energy reached a new 52-week low of $82.48 during trading, down from its previous close of $83.65.
• Recent analyst updates include a downgrade by Wall Street Zen from "buy" to "hold" and a price target reduction by Morgan Stanley from $75.00 to $74.00.
• The company declared a quarterly dividend of $0.45, with an annualized payout of $1.80 and a yield of 2.1%.

MGE Energy Inc. (NASDAQ:MGEE - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $82.82 and last traded at $82.48, with a volume of 43399 shares changing hands. The stock had previously closed at $83.65.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. LADENBURG THALM/SH SH upgraded MGE Energy to a "strong sell" rating in a report on Friday, May 9th. Morgan Stanley reduced their price target on MGE Energy from $75.00 to $74.00 and set an "underweight" rating on the stock in a report on Thursday, May 22nd. Finally, Wall Street Zen downgraded MGE Energy from a "buy" rating to a "hold" rating in a report on Saturday, July 26th.

MGE Energy Stock Performance

The company has a 50-day simple moving average of $88.26 and a two-hundred day simple moving average of $89.91. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.49 and a current ratio of 2.07. The firm has a market capitalization of $3.09 billion, a P/E ratio of 23.91 and a beta of 0.76.

MGE Energy (NASDAQ:MGEE - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The utilities provider reported $1.14 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.16. MGE Energy had a return on equity of 10.58% and a net margin of 18.22%. The business had revenue of $218.97 million for the quarter, compared to analysts' expectations of $202.42 million. As a group, equities analysts forecast that MGE Energy Inc. will post 3.43 EPS for the current year.

MGE Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 15th. Investors of record on Sunday, June 1st were given a $0.45 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $1.80 annualized dividend and a yield of 2.1%. MGE Energy's dividend payout ratio is 50.85%.

Institutional Investors Weigh In On MGE Energy

A number of hedge funds have recently added to or reduced their stakes in MGEE. Guggenheim Capital LLC bought a new position in shares of MGE Energy in the 4th quarter valued at about $232,000. GAMMA Investing LLC lifted its holdings in shares of MGE Energy by 5.4% in the 1st quarter. GAMMA Investing LLC now owns 4,908 shares of the utilities provider's stock valued at $456,000 after acquiring an additional 251 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of MGE Energy by 45.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,220 shares of the utilities provider's stock valued at $764,000 after acquiring an additional 2,560 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of MGE Energy by 7.0% in the 4th quarter. Bank of America Corp DE now owns 77,943 shares of the utilities provider's stock valued at $7,324,000 after acquiring an additional 5,123 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of MGE Energy in the 1st quarter valued at about $332,000. 52.58% of the stock is currently owned by hedge funds and other institutional investors.

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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