Magellan Asset Management Ltd Decreases Stake in MGE Energy Inc. $MGEE

Magellan Asset Management Ltd decreased its holdings in shares of MGE Energy Inc. (NASDAQ:MGEE) by 5.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,613 shares of the utilities provider’s stock after selling 1,126 shares during the quarter. Magellan Asset Management Ltd’s holdings in MGE Energy were worth $1,911,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MGEE. Hilltop National Bank purchased a new stake in MGE Energy during the 2nd quarter valued at about $41,000. Private Trust Co. NA purchased a new stake in shares of MGE Energy in the second quarter valued at approximately $45,000. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of MGE Energy by 47.3% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 526 shares of the utilities provider’s stock valued at $47,000 after purchasing an additional 169 shares during the last quarter. eCIO Inc. purchased a new position in MGE Energy during the first quarter worth approximately $53,000. Finally, MJT & Associates Financial Advisory Group Inc. purchased a new position in MGE Energy during the first quarter worth approximately $139,000. 52.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. LADENBURG THALM/SH SH upgraded MGE Energy from a “sell” rating to a “neutral” rating and upped their target price for the company from $69.00 to $83.00 in a report on Thursday, September 11th. Wall Street Zen lowered shares of MGE Energy from a “buy” rating to a “hold” rating in a report on Saturday, July 26th. Morgan Stanley restated an “underweight” rating on shares of MGE Energy in a research report on Wednesday, October 22nd. Finally, Weiss Ratings lowered shares of MGE Energy from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $79.00.

MGE Energy Trading Down 0.2%

NASDAQ MGEE opened at $83.37 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.80 and a quick ratio of 1.20. The stock has a market capitalization of $3.05 billion, a P/E ratio of 23.16 and a beta of 0.81. The firm’s 50-day moving average is $84.20 and its two-hundred day moving average is $86.78. MGE Energy Inc. has a 12 month low of $81.13 and a 12 month high of $109.22.

MGE Energy (NASDAQ:MGEE) last issued its quarterly earnings data on Wednesday, November 5th. The utilities provider reported $1.22 EPS for the quarter, topping the consensus estimate of $1.19 by $0.03. MGE Energy had a net margin of 18.24% and a return on equity of 10.58%. The firm had revenue of $175.68 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be paid a $0.475 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.90 dividend on an annualized basis and a dividend yield of 2.3%. MGE Energy’s payout ratio is presently 52.78%.

Insider Activity

In other news, Director James G. Berbee acquired 507 shares of the business’s stock in a transaction that occurred on Friday, August 15th. The shares were purchased at an average price of $83.83 per share, for a total transaction of $42,501.81. Following the acquisition, the director owned 6,329 shares of the company’s stock, valued at $530,560.07. This represents a 8.71% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.19% of the company’s stock.

MGE Energy Company Profile

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.