Magellan Asset Management Ltd Buys Shares of 29,683 MGE Energy Inc. $MGEE

Magellan Asset Management Ltd purchased a new position in MGE Energy Inc. (NASDAQ:MGEE) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 29,683 shares of the utilities provider’s stock, valued at approximately $2,420,000.

Other hedge funds also recently modified their holdings of the company. Speece Thorson Capital Group Inc. raised its position in shares of MGE Energy by 44.3% during the fourth quarter. Speece Thorson Capital Group Inc. now owns 195,596 shares of the utilities provider’s stock valued at $15,339,000 after buying an additional 60,037 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in MGE Energy by 369.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 40,409 shares of the utilities provider’s stock valued at $3,169,000 after acquiring an additional 31,795 shares during the period. Sei Investments Co. lifted its position in shares of MGE Energy by 193.5% in the 1st quarter. Sei Investments Co. now owns 32,857 shares of the utilities provider’s stock worth $2,540,000 after acquiring an additional 21,663 shares during the period. Renaissance Technologies LLC grew its holdings in shares of MGE Energy by 46.0% during the 1st quarter. Renaissance Technologies LLC now owns 67,600 shares of the utilities provider’s stock worth $5,225,000 after purchasing an additional 21,300 shares in the last quarter. Finally, Fifth Third Bancorp increased its position in shares of MGE Energy by 27,266.2% during the first quarter. Fifth Third Bancorp now owns 20,251 shares of the utilities provider’s stock valued at $1,565,000 after purchasing an additional 20,177 shares during the period. 52.58% of the stock is owned by institutional investors.

MGE Energy Stock Performance

MGE Energy stock opened at $78.66 on Monday. The firm has a market capitalization of $2.97 billion, a P/E ratio of 19.33 and a beta of 0.71. The stock has a fifty day moving average price of $80.51 and a two-hundred day moving average price of $78.83. MGE Energy Inc. has a 52-week low of $72.16 and a 52-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) last issued its earnings results on Wednesday, August 5th. The utilities provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.77 by $0.12. The company had revenue of $161.19 million for the quarter, compared to the consensus estimate of $166.37 million. MGE Energy had a net margin of 19.45% and a return on equity of 11.10%. As a group, analysts anticipate that MGE Energy Inc. will post 3.99 EPS for the current fiscal year.

MGE Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.5083 dividend. This represents a $2.03 dividend on an annualized basis and a dividend yield of 2.6%. This is a boost from MGE Energy’s previous quarterly dividend of $0.47. The ex-dividend date is Tuesday, September 1st. MGE Energy’s dividend payout ratio is 46.68%.

Analyst Ratings Changes

Several brokerages recently commented on MGEE. LADENBURG THALM/SH SH raised MGE Energy from a “neutral” rating to a “buy” rating and set a $81.00 target price for the company in a research report on Monday, June 8th. Morgan Stanley dropped their price target on shares of MGE Energy from $76.00 to $74.00 and set an “underweight” rating for the company in a research report on Friday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of MGE Energy in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, MGE Energy has a consensus rating of “Hold” and a consensus target price of $77.50.

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.